BVI reclaims award for best offshore financial services

The BVI has captured the Capital Finance International (CFL.co) 2021 award for Best Offshore Financial Services in recognition of the crucial role it plays in the global economy.

This is second consecutive year the territory has copped the award; having also won it in 2020.

Chief Executive Officer of BVI Finance Elise Donovan said the award is an indication of the resilience of the territory’s financial services sector, especially during this uncertain period for global economies.

“This award is received at this time signifies that the BVI financial services industry is resilient, robust, well-built and world-class. It goes without saying that the entire world is experiencing major shifts that have affected not only our business but our humanity. The BVI is poised to and has responded to these shifts with the expertise, skill and efficiency we are known for globally. This win is also the perfect start to our 20th-anniversary celebrations this year,” Donovan said.

“BVI Finance is honoured to accept the award on behalf of all our industry practitioners, our regulators, the BVI Financial Services Commission, the Financial Investigation Agency, the International Tax Authority, and our policymakers, the Government of the Virgin Islands, who all work together to ensure our financial services continue to meet and exceed global standards of excellence,” the BVI Finance CEO added.

The judges’ report praised the BVI’s financial centre for assisting the connection of global markets and stimulating capital flow. The CFL.co reports also highlighted the continued digital engagement with key stakeholders through continued and regular presence on the global conference and trade show circuit also deserved commendations.

“[BVI] adjusted to complications and moved forward with technical innovation – and managed to achieve strong yearly results, with business up by 40 per cent. In some areas, it was the highest growth rate seen over the past three years,” the CFL.co judge’s report added.

The territory was also described as a jurisdiction that boasts an innovative and internationally recognised regulatory regime with a business-friendly operation environment. The Virgin Islands policy on no taxes on capital gains or withholdings also played a role in its praise by the judges of the award.

Last year, the Virgin Islands government had reported an increase in the growth of the financial sector. There was a marked increase in company incorporations and registration of limited partnerships and revenue from Financial Services surpassed the initial 2021 estimate