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Tax Haven BVI

The tax haven of the British Virgin Islands (BVI) is situated on the east of Puerto Rico in the Caribbean. The BVI are part of Great Britain’s overseas depend territories. The British Virgin Islands is made up of Jost Van Dyke, Tortola, Anegada and Virgin Gorda with approximately fifty (50) other small islands. The capital of the BVI is located in Tortola. This is also the location of most government departments. The main language is English and the main currency is the United States Dollar (USD). The BVI is a very respectable and important offshore jurisdiction in the Caribbean which engages in incorporating offshore business companies, offshore banking, investment fund management, Insurance and offshore trusts among other offshore services.

The tax haven of the British Virgin Islands apart from its offshore financial sector is also known as a top tourist destination in the Caribbean. The BVI is famous for white sand beaches and international hotels resorts. The British Virgin Islands attract many visitors from North America, Europe and Canada. The islands of the BVI provide adventure and entertainment, particularly nightly entertainment for all. Activities to be enjoyed in the British Virgin Islands include, diving, snorkeling, sailing and fishing.

The offshore companies, such as Belize companies, in the British Virgin Islands are regulated by the BVI Business Company Act of 2005. Previously offshore companies were incorporated according to the BVI Business Companies Ordinance of 1984 but the government decided to revamp the offshore legislation to keep the tax haven on top of the competition. The new Companies act of the tax haven took away all the differences which existed between offshore companies and local companies in the tax haven of the British Virgin Islands.

In the tax haven of the British Virgin Islands companies which do no business in the territory will pay no income tax or corporate taxes. All income gained for outside of the territory is tax free The BVI is considered to be one of pure tax havens of the Caribbean region and therefore offshore companies and trusts pay no capital gains tax, withholding tax, inheritance tax etc. Offshore business entities are also exempted from Paying Stamp Duty which is normally charged for transactions such as the transfer of property. Offshore banking is also tax free in the offshore tax haven as income in offshore bank accounts is not taxed.

The tax haven of the British Virgin Islands provides very secure offshore banking with efficient services such as internet banking, debit card, credit card among other services. The offshore bank accounts in the tax haven of the BVI are protected by banking secrecy laws which were put in place to protect the privacy of offshore bank accountholders. Information in offshore bank accounts at offshore banks in the BVI can only be given out by the bank account holder. According to legislation persons who defy these laws will be strictly punished.

Asset protection is very important to offshore clients. By putting assets into a BVI offshore trust, offshore corporation or offshore bank account assures that these assets will be protecting from third parties. All offshore entities incorporated in the tax haven of the BVI are very easy to maintain. BVI Business Company pays a yearly tax to the government.

The British Virgin Islands have enjoyed political stability for many decades. The judicial system of the territory is based on the British Common Law system. The British Virgin Islands still belong to Great Britain but have their own territorial government in place. The government of the British Virgin Islands is committed to maintaining the territory as a tax haven. For this reason many measures have been put in place which will ensure that offshore jurisdiction remains very competitive. The tax haven of the British Virgin Islands ranks very high among the jurisdictions which have recorded the most offshore business corporations. The tax haven of the British Virgin Islands presents investors with a very favorable climate for doing business. An advantage of incorporating an offshore company in the BVI is that the company can do business in and out of the territory. BVI offshore companies are well recognized around the world.

The tax haven of the British Virgin Islands makes for the perfect island getaway but the territory is much more than what meets the eye. The BVI has made a name for itself as a world renowned offshore tax haven. The tax haven of the BVI makes it possible for offshore clients to reduce international taxes which in effect lead to increase in capital. The location of the tax haven, a stable economy and a good political system makes the offshore tax haven of very appealing to foreign investors. The British Virgin Islands has over a decade of experience being an offshore tax haven and offering offshore services which just keeps improving as the years go by.