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BVI Seeks To Tap HNWI Market In China

by Mike Godfrey, Lowtax.net, Washington
05 June, 2015

The British Virgin Islands has highlighted its efforts to enter the Chinese financial services market at the fifth annual China Offshore Summit.

The Summit attracted over 250 financial practitioners over two days and focused on wealth management and corporate structures.

Reporting following the event, the BVI Government said its presence served as a platform for representatives to tell investors and practitioners of recent developments in the BVI and to create awareness of the territory.

The China Offshore Summit was launched in 2010 and was for the first time held in Shenzhen this year, in recognition of the city's fast developing and innovative industries, centered on hi-tech and advanced manufacturing.

It was highlighted that the BVI has seen increasing business from China, particularly from its expanding base of high-net-worth individuals who are particularly interested in the territory's international wealth management offerings.

The territory's representative office in the Asia-Pacific region, set up in September 2013, BVI House Asia, sponsored the ninth panel discussion during the summit on "Wealth Planning for China's First Generation HNWIs."

Director of BVI House Asia, Elise Donovan, said: "HNWIs are looking for customized services for management of family wealth and business succession and the BVI has developed sophisticated and flexible tools to meet these demands with our various trusts."

Chief Operating Officer of BVI House Asia, Heather Tang said: "It was good to participate in the China Offshore Summit again; we were thrilled to receive numerous affirmations from the market about the creditability of BVI financial structures. The exchanges and dialogues with the practitioners in China are very valuable in helping us to connect with Chinese clients."

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