Report Issued on BVI Financial Services Industry

The BVI government commissioned the report on BVI Financial services sector, which was facilitated by multinational consulting firm McKinsey, with participation of the industry and other stakeholders. The final report named ‘Building on a thriving and sustainable Financial Services sector in the British Virgin Islands’ has the purpose to work out implementation plan to ensure the development of BVI financial services industry.

Premier and minister of finance, Dr Orlando Smith, commented, “For three decades we experienced tremendous growth in our financial services industry, became one of the largest domiciles for company incorporations, and established a global brand that reached through the Americas, into Europe, and across the Asia Pacific Region. Financial services directly account for over 60 percent of our government revenues, and likely upwards of 80 percent of indirect sources are included.”