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BVI Welcomes International Recognition For Financial Center

by Mike Godfrey, Lowtax.net, Washington
17 October, 2014

The Premier of the British Virgin Islands, Orlando Smith, has welcomed recent recognition for the territory from two new independent surveys about offshore financial centers.

The BVI achieved the highest rating among offshore centers in the Global Financial Centers Index (GFCI 16) and was top for the fifth year running in the Offshore 2020 report, a survey of 300 senior industry stakeholders that seeks to gauge the "importance" of each offshore territory to the world economy.

Smith said: "These surveys are testament to the hard work and commitment in maintaining the BVI's position as a leading financial center in a fast changing global landscape. We have raised the bar in terms of regulatory and compliance standards, whilst continuously looking to improve our financial services proposition. There is no doubt that we face challenges, but we are committed to meeting these challenges head-on to ensure the future and continued success of the BVI as the world's preeminent offshore financial center."

He added: "I am particularly pleased to see more acceptance of the important role the BVI plays in facilitating global investment and stimulating economic growth. Just take a look at what we have achieved in China, where for 25 years the BVI has been a catalyst for China's growth."

"It is also reassuring to see the acknowledgment that Asia will be a major growth driver in the future of offshore finance centers and that the BVI remains a key part of that growth. We have diversified our offering to cater for a wider audience and for changing client needs across this region – particularly around asset protection and estate planning – and also strengthened our geographical footprint with the opening of our BVI Asia office. I am confident that the future looks bright for the BVI, but we will not rest on our laurels."

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