Relocation & Recruitment Advice
AP Executive has experienced consultants dedicated to recruiting for jobs in BVI, please contact us for further information.
The British Virgin Islands is an archipelago of about 60 islands located in the Caribbean. 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 granted autonomy in 1967; they are now classed as British overseas territories. The economy is closely tied to the larger and more populous US Virgin Islands to the west; the US dollar is the legal currency. The economy, one of the most stable and prosperous in the Caribbean, is highly dependent on the financial service sector generating an estimated 45% of the national income. As an offshore jurisdiction, the British Virgin Islands has emerged as a leading player in the global financial market. BVI boasts a well-diversified and regulated finance sector, broadly comprising of trusts and funds, insurance, asset management, banking, insolvency, accountancy and legal services. The four main islands, namely Tortola, Virgin Gorda, Anegada and Jost Van Dyke, are the hubs of all commercial and financial activities. Apart from the finance sector, tourism is another major contributor to the economy. The stunning white-sand beaches, lush green mountains and scattered ancient ruins, provide an ideal Caribbean gateway.
There are various benefits that come from working and residing in the BVI. The thriving finance and banking sector is open to highly-qualified professionals, offering excellent job opportunities and career progression.
The BVI’s competitive tax regime is another major attraction for expats. The BVI Business Companies are exempt from income tax, 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. However, employees with salaries over US$10,000 per annum are subject to a payroll deduction; of which 12% is paid by employers.
With a unique multicultural population and English as the official language, integrating into the BVI society is much easier than you anticipate. It offers a safe and hospitable environment, with significant political and socio-economic stability.
The island is accessible from either the US Virgin Islands or Puerto Rico. There are direct flights from Puerto Rico to the USA, South America, Europe and other Caribbean islands. Regular ferry services are also available for convenient inter-island travels.
Expats enjoy affordable and high-standard of healthcare and education facilities. There are unlimited recreational opportunities, ranging from water sports (scuba diving and snorkelling) or adventurous activities (hiking and biking) to golfing and casinos.
Setting up a company in the BVI involves incorporating it under the BVI Business Companies Act 2004 (the “Act”). The registration process is simple, straight-forward and flexible. Only one director, one owner and one shareholder are required for the company formation, and in most cases, they can be the same person or body.
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As the BVI is not a part of the EU, British and EU nationals have to go through the same procedure as citizens of other countries. 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 most cases, work permits are issued for a period of one year, but it can be renewed.
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