BVI Highly Ranked in Vistra Report

In this year’s Vistra 2030 report, which is released every two years by the global corporate services company, the British Virgin Islands ranked highest among offshore financial centres, although it declined when compared to onshore jurisdictions, and achieved a rating of 2.94, down from 3.3 in the previous report in 2018.

The report is based on 620 interviews with industry experts, where they rated the importance of each jurisdiction. This year, forty-three percent of respondents expected offshore centres like the British Virgin Islands to continue declining as a result of reduction in demand for offshore financial services. The jurisdiction lost 1.1 points in this rating, since it was first ranked 10 years ago. 

However, it is noted by Vistra that the BVI has proven to be very resilient: “In the current climate, the BVI’s role as a neutral intermediary cannot be overstated. Clients can swiftly set up new BVI structures that are globally recognised and accepted for international business.. Many such clients are from emerging markets, and it can be helpful for them to use intermediary structures, particularly at a time of international tension.” According to the report, 75 per cent of HK’s Hang Seng Index consists of companies directly linked to the BVI.

The report states that “Jurisdictions such as BVI, Cayman, the Channel Islands and Bermuda will still be thriving 10 years from now.”