Relocation Advice - BVI
AP Executive has experienced consultants dedicated to recruiting for jobs in BVI, please contact us for further information.
Overview:
First inhabited by Arawak and later by Carib Indians, the Virgin Islands were settled by the Dutch in 1648 and then annexed by the English in 1672. The islands were part of the British colony of the Leeward Islands from 1872-1960; they were granted autonomy in 1967. The economy is closely tied to the larger and more populous US Virgin Islands to the west; the US dollar is the legal currency.[1]
Why Choose the British Virgin Islands:
The economy, one of the most stable and prosperous in the Caribbean, is highly dependent on tourism generating an estimated 45% of the national income. More than 934,000 tourists, mainly from the US, visited the islands in 2008. In the mid-1980s, the government began offering offshore registration to companies wishing to incorporate in the islands, and incorporation fees now generate substantial revenues. Roughly 400,000 companies were on the offshore registry by yearend 2000. The adoption of a comprehensive insurance law in late 1994, which provides a blanket of confidentiality with regulated statutory gateways for investigation of criminal offenses, made the British Virgin Islands even more attractive to international business. Livestock raising is the most important agricultural activity; poor soils limit the islands' ability to meet domestic food requirements. Because of traditionally close links with the US Virgin Islands, the British Virgin Islands has used the US dollar as its currency since 1959.
There are various benefits that come from working and residing in the BVI. BVI Business Companies are exempt from the BVI income tax, from tax on dividends, interest, royalties, compensations and other amounts paid by a company; also they are exempt from all the capital gains, estate, inheritance, succession or gift tax with respect to any shares, debt obligations or other securities of the BVI IBC's. The companies are exempt from any kind of stamp duties relating in any way to its assets or activities, with an exception for land-ownership transactions in the BVI: in that case stamp duty remains payable. It should be noted that practical implementation of offshore strategies depends very much on the anti-avoidance legislation that may be implemented in the country of citizenship, domicile or business of the beneficial owner. For this reason we can recommend to all potential customers to obtain a qualified tax advice from specialists in their country of residence, domicile or business operations.
Relocating to the British Virgin Islands:
In order to work in the BVI, a work permit is needed, except for 'Belongers', naturalised citizens and holders of a certificate of residency. Work permits are issued only when there is no suitable local applicant for the job. In October, 2001, the British Virgin Islands government released details of a new Labour Code Law, an amended main feature of which states that 'non-belonger' workers in the Islands will no longer be granted an initial work permit of more than five years. There are however, business visas which are available for the period of no more than 6 months per annum.
Career Opportunities:
Wealth Management
Trusts
Legal/Compliance careers
Asset Management
Insurance/reinsurance
Real Estate
IT
Accountancy/credit/audit positions
Private Banking
