BVI FSC set to open office in Panama

The BVI Financial Services Commission (FSC) has announced plans to open a representative office in Panama City, marking a strategic push to deepen its presence in the Latin American market.

The FSC is the autonomous regulatory authority responsible for the regulation, supervision, and inspection of all financial services in and from within the BVI. The new outpost will be the Commission’s second overseas office, following the establishment of its Asia Representative Office in Hong Kong in April 2014. Managing Director and CEO Kenneth Baker said the move follows two years of “extensive market research” into the feasibility of establishing a presence in Latin America.

“We engaged service providers and other stakeholders that share a close affinity with both BVI financial services and Latin American jurisdictions,” Baker explained. The process included interviews and meetings with regional officials.

While several established economic centres were considered, Baker said Panama ultimately emerged as the recommended hub. He pointed to its “geographic connection to the BVI and to the rest of LatAm,” as well as its reputation as the “logistical hub of the Americas.”

He also cited “operational flexibility” and “international recognition as a regional business hub,” among the deciding factors.

“With over 75 percent of surveyed service providers pointing to Panama as their first recommended choice,” Baker added, “that made the decision much easier.”

The FSC said the planned office will enhance its reach and impact on existing users of BVI financial services in Latin America, while also creating opportunities for growth. Service providers have already highlighted the potential for “value-added services” and “expedited service” as key benefits of having a physical presence in the region.

Director of Policy Development and External Relations Cherno Jallow, KC, underscored the strategic importance of the region.

“Latin America is only second to Asia in the number of persons that use BVI corporate vehicles and financial services,” Jallow said. “It holds an extremely important customer base for us.” He described the move as deliberate and grounded in a proven strategy aimed at sustaining customer satisfaction.

Similar to the FSC’s Hong Kong office, the Commission will appoint a director and recruit regional staff for the Panama-based operation. The establishment of the Latin American office is expected to commence and be completed during 2026. The Commission said the decision reflects the flexibility of the territory’s financial services sector and its commitment to maintaining the BVI’s reputation as a forward-thinking and reputable jurisdiction for global financial services.