BVI Ranked as World’s Leading Offshore Centre in Two New Independent Report

• BVI is highest rated offshore centre in the 16th Global Financial Centres Index

• BVI is top jurisdiction for fifth year running in 2014 ‘Offshore 2020’ report

October 13, 2014, Hong Kong – The British Virgin Islands (BVI) has come out on top in two new independent surveys of offshore financial centres. The BVI achieved the highest rating of offshore centres in the Global Financial Centres Index (GFCI 16), the sixteenth bi-annual survey of over 3,500 international financial services professionals across the world. Separately, the BVI has been ranked as the most important offshore jurisdiction for the fifth year running in the ‘Offshore 2020’ report - a survey of 300 senior industry stakeholders representing more than 35 countries.

Commenting on the results of the two surveys, Dr. the Honourable D. Orlando Smith, OBE, Premier and Minister of Finance of the British Virgin Islands, said: “These surveys are testament to the hard work and commitment in maintaining the BVI’s position as a leading financial centre in a fast-changing global landscape. We have raised the bar in terms of regulatory and compliance standards, whilst continuously looking to improve our financial services proposition. There is no doubt that we face challenges, but we are committed to meeting these challenges head-on to ensure the future and continued success of the BVI as the world’s pre-eminent offshore financial centre.”

The fifth Offshore 2020 report published this week found that the offshore industry as a whole has emerged strongly following 12 months of increased scrutiny and moral debate about the use of offshore structures. The report cites better regulation, more transparency and a higher degree of professionalism as the main reasons. The report also highlights an increasing recognition of the fundamental role the offshore industry plays in the global financial supply chain, including international trade, capital efficiency and asset management.

Premier Smith added: “I am particularly pleased to see more acceptance of the important role the BVI plays in facilitating global investment and stimulating economic growth. Just take a look at what we have achieved in China, where for 25 years the BVI has been a catalyst for China’s growth.

“It is also reassuring to see the acknowledgment that Asia will be a major growth driver in the future of offshore finance centres and that the BVI remains a key part of that growth. We have diversified our offering to cater for a wider audience and for changing client needs across this region - particularly around asset protection and estate planning - and also strengthened our geographical footprint with the opening of our BVI Asia office. I am confident that the future looks bright for the BVI, but we will not rest on our laurels.”