Tax Haven British Virgin Islands

About Tax Haven British Virgin Islands

The British Virgin Islands is one of the worlds leading offshore incorporation jurisdictions. BVI has approximately 400,000 active companies, over 10 times its population of 30,000. BVI companies pay no income tax, capital gains tax, or estate tax. The International Business Companies Act of 1984 created the modern BVI offshore industry. BVI companies are widely used in international trade, investment, and unfortunately money laundering. The owner of the leaked Panama Papers database found that over half the entities were incorporated in the BVI. The UK has pressured BVI to increase transparency, including public beneficial ownership registries. BVI has resisted, arguing that confidentiality is important for legitimate business. Political instability in BVI, including corruption scandals, has raised questions about governance.