Twin Pillars of the BVI Economy
The BVI economy is one of the most stable and prosperous in the Caribbean, with an average annual GDP growth of 9.5% from 2004 to 2007. The economy is highly dependent on financial services and tourism. For over 550,000 registered companies, the BVI is a preferred corporate domicile for international businesses in the Caribbean.
The BVI has been astute in development of its offshore legislation. As a result, a substantial professional infrastructure and governmental integrity have established the BVI as the number one domicile in the world for international business companies, and fifth for hedge funds and captive insurance operations.
Financial services account for almost 50% of national income.
- In mid-1980s, the BVI adopted legislation encouraging rapid expansion of international financial services.
- Now, the BVI is considered one of the leading offshore jurisdictions, with over 550,000 registered companies.
As a premier, upscale travel destination, tourism also plays a vital role in the BVI economy. Tourism accounts for about 45% of national income. The BVI has the largest charter boat industry in the Caribbean region. Its spectacular boating, coral reefs, white sand beaches and scenic seaside villages make the BVI an unmatched vacation destination where guests are accommodated by world-class resorts brimming with amenities and casual elegance.
- The number of people visiting the BVI increased an average of 10.4% per year from 2004 to 2008, whereas the number of stay-over visitors increased an average of 4.6% per year over the same period.