BVI being jurisdiction of preference for Panama law firm

According to the journalist investigations, the BVI’s bearer share laws allowing to omit the names of beneficial owners were used as the British Virgin Islands became the main jurisdiction for corporate formation by the law firm Mossack and Fonseca.

When the firm started, the companies were formed more often in Panama, but gradually BVI was chosen as the primary jurisdiction, with Panama retaining just small percentage of companies incorporated. Already in 2004, Mossack and Fonseca were registering over 6,000 companies annually in the BVI, and this preference was until 2015. Many BVI companies incorporated by the Panamanian law firm intentionally held bank accounts in other jurisdictions, thus making it extremely difficult or even impossible to identify their owners, corporate officers and directors.

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