According the the most recent Global Financial Centres Index (GFCI) The British Virgin Islands has realized a significant upward movement regarding it Offshore status. Although the top positions are still held by such major global destinations such as New York, Hong Kong and Singapore, the BVI has accelerated to 34th position – up 13 spots. The Index also revealed that the BVI is the most highly ranked offshore jurisdiction, ahead of competing jurisdictions such as the Cayman Islands, Channel Islands, Bermuda and The Bahamas. The report also revealed the the Caribbean countries ranked stronger than all the major Latin American countries.
The GFCI is carried out twice a year and is ranked by drawing from existing data and online survey results on over 100 different factors identified by organizations such as the OECD and World Bank. These factors include the skilled workforce, strength of regulation, market access, infrastructure and the cluster of different financial services companies operating in the financial centre.
Commenting on the results, Kedrick Malone, executive director of BVI Finance, said, “We are very pleased with the BVI’s latest ranking in the Global Financial Centres Index. The result of the index clearly shows that the BVI is an internationally respected, established and pioneering financial centre.
“The BVI’s position as the leading offshore financial centre is testament to the strength and high standards of our multi-faceted financial services sector, the professional in its rank and the regulatory regime that it operates within.”
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