Saturday, May 06, 2017

New Vistra Report: BVI Ranked as Top Offshore Jurisdiction

The 2017 edition of Vistra 2020 report was launched in Hong Kong and Singapore, which ranked the British Virgin Islands as the top offshore jurisdiction in the world. The United Kingdom was ranked first as the onshore jurisdiction, followed by Hong Kong as midshore; the BVI is in the third place, followed by the United States in the onshore category.

The report named "Vistra 2020: The Uncertainty Principle: The State of the Trust, Fund and Corporate Services Industry 2017" examines trends and factors affecting global financial services industry, in the period since the last report published in 2015

The Asian growth drivers of the financial industry listed in the report are supporting the BVI position as Asia's number one international finance jurisdiction. Investors from China and other Asian countries make use of the trust-related offerings of the jurisdiction to develop succession planning and secure asset protection under Virgin Islands Special Trust Act (VISTA) trusts and Private Trust Companies (PTCs). BVI trusts and wealth-planning services provide privacy, since assets are held in the trustee’s name.

Elise Donovan, director, BVI House Asia, said: “The newly licensed Bank of Asia, the first online, cloud-based bank, will launch later this year. It is poised to drive banking costs lower while increasing the level of convenience and efficiency afforded to customers opening BVI accounts.”

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