BVI has one of the most developed and progressive economies among the islands of the Caribbean. The success of BVI economy can be put down to its thieving tourism industry and its offshore financial services. BVI is a group of islands, five main islands which are inhabited and fifty smaller islands all of which are not inhabited. The British Virgin Islands remain part of British overseas territory with Queen being represented by a Governor. The capital of the British Virgin Islands is Road Town which is situated in the island of Tortola. English is the main language spoken in the BVI.
The official currency of the BVI is the United States dollar (USD). There are many banks operating in the BVI and whilst the commercial banks are allowed to offer services to residents the offshore banks are only allowed to offer services to non residents of the BVI.
BVI tourism industry is the major contributor to the economy of the islands, contributing 45% of the BVI earned revenue. BVI tourist arrivals are among the highest in the Caribbean, with the majority of visitors coming from the United States. Cruise ship visitors contribute to the visitor figures in the British Virgin Islands. The islands in the BVI have many attractions including beaches, fishing, nature hikes and other great activities. The BVI are well known for white sand beaches which are not well populated. Visitors to the islands can enjoy water sports, sun bathing, fishing and other activities on the beaches. At nights the beaches come alive, as the bars which line the beaches provide music and other types of entertainment.
BVI is a top destination for Caribbean honeymoons and weddings.
In the 80’s the government in the BVI came up with the brilliant idea to start offering offshore services to non residents. The BVI offshore companies, similar to Seychelles company, act was endorsed (this has since been replaced by the BVI Business companies ACT) and the country began offering offshore companies incorporation. Today the BVI is one of the best offshore jurisdictions for incorporating exempt companies. The BVI has incorporated more than 700,000 offshore companies to date and the financial sector makes a significant contribution to BVI economy. BVI also offers offshore banking. BVI offshore companies pay no local taxes on profits earned outside of the BVI jurisdiction.
The BVI biggest trading partner is the United States (US Virgin Islands and Puerto Rico) from which the country imports. The country’s infertile soil impeded agriculture and most of the food consumed has to be imported. The biggest agricultural produce in BVI is livestock and fish is also exported.
The British Virgin Islands economy remains the top in the Caribbean and the authorities in the islands have put in place many measures and programs which will ensure that the economic environment remains stable.