The British Virgin Islands has reaffirmed its place as a ‘top financial centre’ in terms of regulation and taxation, according to the City of London's Global Financial Centres Indexes.
The British Virgin Islands maintains its place at 29th this year with an increased rating of 10 to 584. The BVI has also been placed among the world’s most stable finance centres, just behind jurisdictions such as Zurich, Hong Kong and the Isle of Man.
The report notes: “Offshore and niche centres continue to grow in importance…The regulatory environment (which includes taxation) is still seen as the single most important factor in a centre’s competitiveness.” The report cites speed of decision-making and a coherent regulatory regime as increasingly important reasons why relatively small financial centres are very competitive.
In a press release released by BVI earlier this month, the BVI Financial Services Commission said: “In these challenging times, it is good to know that practitioners across the world continue to view the BVI as a leading global finance centre”.
He added: “as the global index shows, the BVI’s good regulation continues to enhance our reputation among professionals. We are committed to doing what is needed to meet international standards, concerns and expectations while remaining competitive.”
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