The glare of publicity being shone on the world of offshore finance will soon make distinctions between jurisdictions apparent. Offshore finance centres that do not rise to the new challenges of doing business will almost surely find their reputation will fade dramatically.
For 25 years the British Virgin Islands (BVI) has been a leading jurisdiction in offshore business. The BVI International Business Company must be the world’s most successful offshore entity and is used extensively in financial holding and investment structures, as well as trust management. In recent years, mutual funds and captives have added to the success of the BVI’s financial services offering, while ship registration and operation has also gained in popularity.
