One of the world’s best kept secrets, the British Virgin Islands offers up a new paradise with each visit.
The British Virgin Islands (BVI), comprised of 50 islands in the Caribbean Sea, is known for world-class sailing, friendly people, high standard of living, political stability, natural beauty and tax-free status. Temperatures rarely drop below 77° F (25° C) in the winter, or rise above 82° F (28° C) in the summer, while rainfall averages 40 inches per year. The pristine waters and breezes of the North Atlantic Ocean and the Caribbean Sea create the ideal setting for some of the
world's best sailing, offering a playground for all boaters. Property on Virgin Gorda is considered the high end in this
real estate market due to legacy resorts and marinas like Biras Creek Resort, Little Dix Bay and Sir Richard Branson's Necker Island. On the eastern tip of Virgin Gorda is a secluded treasure called
Oil Nut Bay, aptly named for the abundance of palms that bear a fruit from which cosmetically used oil is extracted. Developer
David V. Johnson spent five years touring the world before concluding that stunning beauty and political stability made this location perfect for his luxurious, multi-generational family community. Oil Nut Bay is unique in the BVI for freehold ownership.
The BVI is a British overseas territory that 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. The BVI are a self-governed, politically-stable country, considered among the highest end of real estate markets in the world, with no income tax. The U.S. dollar is the official currency and English is spoken. A $300 million hospital is under construction on Tortola and the expanded 24-hour Nurse O'Neal Clinic offers immediate care on Virgin Gorda. A helipad is available at Oil Nut Bay for emergencies.
The third largest island in the BVI, Virgin Gorda is 10 miles long and two miles wide. It lies 12 miles east of Road Town, Tortola, capital of the BVI, approximately 30 miles northeast of St. Thomas and 95 miles west of St. Barts.
Financial Security
Twin pillars of the BVI economy
First settled by the Dutch in 1648, the BVI (pop. 22,000) were annexed in 1672 by the English. The climate is subtropical and humid, but temperatures are moderated by trade winds. The coral islands are relatively flat; while volcanic islands are steep and hilly.
The BVI economy is one of the most 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. Financial services account for almost 50% of national income while tourism generates around 45%.
It was the offshore industry which pushed the BVI forward. 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.
Tourism also plays a vital role in the economy. People visiting the British Virgin Islands increased an average of 10.4% per year from 2004 to 2008, whereas stay-over visitors to the islands increased an average of 4.6% per year over the same period. The total number of visitors to the islands was 917,683 in 2008, of which 345,934 stayed over.
Despite the BVI status as a British dependent territory and many British influences, the prevailing cultural influences are more American than British. BVI belongers have automatic UK citizenship. But this right is not reciprocal, and UK citizens wishing to become BVI belongers must endure the same delays and uncertainties as other outsiders.
The BVI comprises 16 inhabited and more than 34 uninhabited islands. The largest islands of the group are Tortola, Virgin Gorda, Anegada, and Jost Van Dyke. Road Town, the capital and largest town, is situated on Tortola.