Category Archives: British Virgin Islands

Company receiving state contracts makes use of BVI-based companies

Virgin Care, one of private health providers that has been awarded contracts worth hundreds of millions of pounds, for more than 230 NHS and social care services, has been found to include

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Billions of dollars associated with BVI and other Caribbean countries held in a Swiss bank

The report was released by the International Consortium of Investigative Journalists, containing information which came from former HSBC bank employee in Switzerland, about billions of dollars held in nearly 60,000 internal documents of HSBC from 2006 to 2007. According to … Continue reading

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International restaurant chain uses complex offshore structure including BVI companies

The Guardian reported that well-known restaurant chain Nando’s had been accused of operating a complex offshore tax avoidance scheme. South African capital of the chain flows through Malta, the Isle of Man, Guernsey, Ireland, the Netherlands, Luxembourg, Panama and the … Continue reading

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British Virgin Islands among top offshore jurisdictions for US corporations

According to the report issued last week by Citizens for Tax Justice, high profits are made by the US corporations in offshore jurisdictions such as Bermuda, the Cayman Islands, Switzerland, the Bahamas, the BVI, and many others. In tax havens … Continue reading

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BVI FSC issued Advisory Warnings related to Ukraine Sanctions

The British Virgin Islands Financial Services Commission has issued advisory warnings, informing that the Ukraine (Sanctions) (Overseas Territories) Orders No. 2 and No. 3 2014 were ratified and extended to the BVI Territory. The first order, ratified on 28 March … Continue reading

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BVI and Cayman Islands businesses not welcomed in Hong Kong banks

According to the recent media publications and information from public and analysts, it has become more difficult to apply for banking services and open bank accounts in Hong Kong, which is one of the world financial centres. Due to the … Continue reading

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BVI Government makes efforts to consolidate national debt

According to BVI Financial Secretary Neil Smith, the Government is negotiating with banks with the purpose to consolidate the US$106 million national debt of the jurisdiction. Mr. Smith told the Standing Finance Committee that they want to reduce the territory’s … Continue reading

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BVI remains blacklisted by France, Jersey and Bermuda removed

According to French Finance Minister, the so-called “black list” of uncooperative states has been admitted as effective. It has resulted in Jersey and Bermuda cooperating fully with France, and being removed from the “black list” in accordance with a decree … Continue reading

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BVI assessed by Global Forum as non-compliant with international standards

Last week, it was announced on the Global Forum on Transparency and Exchange of Information for Tax Purposes that the British Virgin Islands do not really meet international standards on tax transparency, along with some other offshore jurisdictions including Cyprus, … Continue reading

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BVI FSC issued Advisory Warnings on two companies

On September 12, 2013, the British Virgin Islands Financial Services Commission has published Advisory Warnings concerning two companies named Sovereign International Worldwide Limited and 5LINX ENTERPRISES, INC. The first one is a BVI business company, operating under the trading name … Continue reading

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