The British Virgin Islands is one of the most desirable places in the Caribbean and the world to visit, work and invest.
A British Overseas Territory located east of Puerto Rico, the BVI offers you and your family a stable and democratic society, beautiful landscapes and climate, an attractive working and living environment and tremendous investment opportunities.
The British Virgin Island Government (BVIG), through its legislative agenda, and its highly educated, skilled and committed workforce underpin its initial and continuing success.
The BVIs twin economic pillars of tourism and international financial services contribute more than 70% of GDP. But these long-established pillars of excellence are increasingly supported by BVIs noted and growing shipping sector. In addition the Government is now embarking on a wide-ranging diversification programme to encourage investors to realise the significant resources and other benefits the Island has to offer.
The BVI - a British Overseas Territory
The BVI is a British Overseas Territory as determined by the British Overseas Territory Act 2002 and its 1967 Constitution. The Queen is the Head of State and the Governor, presently Thomas Macan, is Her Majesty’s representative responsible for external affairs, defence, the judicial and legal departments of government, internal security and the civil service, as stated in the Constitution.
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The BVI – Its Constitution
The Constitution gives executive and legislative power to the Governor, the Executive Council and the Legislative Council. The Constitution also provides for the people of the BVI to be represented by a ministerial system of government, led by an elected Chief Minister, an Executive Council chaired by the Governor, and a 15-member elected Legislative Council with elections held every four years.
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Democratic Society
The Chief Minister is Dr. Orlando Smith, leader of the National Democratic Party. The Party was elected to power in 2003 succeeding the Virgin Islands Party which had held office for 17 years. The term of office is for a maximum of four years. The next elections will be in 2007.
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Tourism and Offshore Financial Services
Two key industries underpin the BVIs social and economic development and the well being of its 22,000 people. Tourism and offshore financial services combined account for 70% of the GDP. Should either be adversely affected the legislative programme of the BVI Government is seriously undermined.
The British Virgin Island (BVI) is amongst the premiere tourism resorts in the world. An island situated in the eastern Caribbean the BVI has beautiful beaches, crystal seas, and tropical reefs that attract hundreds of thousands of tourists from all parts of the globe each year. Tourism is central to the BVI’s survival and accounts for 45% of its national income.
The BVI is also widely recognised as one of the best international finance centres. Since the Introduction of the International Business Companies Act 1984 successive BVI Governments have made significant progress in developing the BVI as an international financial services centre. To this day the the Territory prides itself on providing a safe, secure and stable environment from which companies and individuals can manage their world-wide financial concerns. Over the past decade, the jurisdiction has built a reputation for being responsive to the business community, innovative in its approach to legislation and scrupulous in its regulation.
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