The BVI: Still the number one offshore jurisdiction.
The British Virgin Islands (BVI) has retained its position as the number one offshore jurisdiction. That is according to the Vistra 2030 Report, "Preparing for a New Era of Globalisation," The annual report was based on the responses of over 600 industry professionals and endorses the position the jurisdiction has held since the first report was released in 2010.
As well as being the leading offshore jurisdiction the BVI also remains in the top five in the table of onshore and offshore jurisdictions. It seems that with all that is happening globally clients want an established, well-regulated, proven and reliable jurisdiction for their business.
2024 will see our BVI office celebrating its 30th anniversary with the last few years probably being the most volatile with a devastating hurricane, global pandemic, the effects of the Ukraine war, and the general challenges in the global economy. These factors, together with the ever-changing regulatory landscape, could have had a negative impact on jurisdictions like the BVI. However, the report suggests the opposite and highlights the optimism that industry has for global growth over the next year.
As well as traditional trading businesses, asset protection, funds, and M&A the BVI has seen an increased interest in blockchain and digital asset related business. This is certainly the case for ILS and it seems to be a theme across the industry with 50% of respondents anticipating a significant increase in demand in the sector in the coming year.
We have had to adapt our business to meet our clients demands. Every entity established is now done so on a bespoke basis, there is no one-size fits all solution. The BVI as a jurisdiction and its financial services industry has adapted to the changing regulatory and economic climate and the needs of its clients; it seems there will remain a place for international finance centres such as the BVI for many years to come.