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British virgin islands

The British Virgin Islands (BVI), located 60 miles east of Puerto Rico are some of the most beautiful islands in the Caribbean. The BVI is an English-speaking Dependent Territory of the United Kingdom, and has been a British colony since 1672.


With a stable self-governed political structure, and an internal legislation based on the legal system of common law, this territory enjoys a high degree of stability. The local currency is the US Dollar, and there are no exchange controls. The population of 22,000 is of mixed European and Caribbean origin. There is an international airport at Road Town; connections are mostly to Puerto Rico.


The BVI Financial Services industry has been growing rapidly in recent years, and is the main element of its economy. The BVI is one of the world's largest centres for the incorporation of companies; particularly international business companies (IBCs), which were introduced by the government in 1984. Such companies are allowed to operate completely tax-free as long as they do not conduct any business locally in the BVI, which makes them a very attractive vehicle for the international business owners looking to collect profits in a tax-friendly environment. Turnstone makes use of such IBC for international corporate/business/financial structuring purposes.


The BVI also offers other financial services, particularly in the areas of banking, insurance, trusts, and mutual funds.


The Government is responsive to the needs of business, and its legislation is mostly flexible and straightforward.

Facts and figures

Location
Caribbean. east of Puerto Rico

Land Area
153 sq km

Capital
Road Town

Population
23,098 (July 2006 est.)

Languages
English (official)

Currency
US Dollar (USD)

Type of Government Parliamentary Democracy

Legal System
English Law

DOCUMENTATION
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