Beautiful Virgin Islands

Monday, Jul 14, 2025

How the British Virgin Islands creates value for the world’s economies

How the British Virgin Islands creates value for the world’s economies

International finance centres galvanised $1.6trn in additional finance to developing countries between 2007 and 2014. According to a January 2019 report by the Overseas Development Institute, IFCs also helped boost developing economies’ tax revenues by $100bn.



Simon Gray from BVI Finance discusses the role that the British Virgin Islands plays in supporting developing economies and facilitating international trade and investment. In the other half of this interview Simon talks about how life and business on the BVI has bounced back since Hurricane Irma struck 18 months ago.

World Finance: Simon, tell me about the role that the BVI plays in supporting developing economies.

Simon Gray: International financial centres play an absolutely integral role in helping support developing countries with developmental finance.

Perhaps the most significant way in which they do that is by producing a facility to allow international investors – be they private or institutional – to pool resources. So you can amalgamate those resources in pool vehicles. They do so also to mitigate risk, by providing a safe rule of law, common law. And also a system of tax neutrality, which is particularly beneficial: rather than trying to trigger all sorts of additional tax liabilities by investing in so many different countries.

World Finance: Now, beyond developing economies, what are the BVI’s strengths today in facilitating international trade and investment?

Simon Gray: Well, they’re myriad. But for example, the ability to generate companies in a very speedy and cost-effective fashion. I think the reason for that is stability, it’s familiarity. And I think in spite of recent events with the hurricane, we didn’t really skip a beat.

We’re very proud of the fact that Capital Economics produced a report entitled Creating Value: What the BVI contributes to the global economy. And that produced some very interesting statistics. For example, overall a figure of $1.5trn is the impact that BVI mediated finance makes to the global economy. Employment-wise it’s estimated that two million jobs are created globally or are linked to BVI mediated finance. So, sometimes we may be small, but we do punch quite big.

World Finance: Now it’s been over a year since full implementation of your BOSS system, that’s your ultimate beneficial ownership secure search system; how’s that going?

Simon Gray: We’re very proud of that system. If you can imagine a very large hotel, there is a common entry point of the lobby, but of course there will be hundreds – and in our case many thousands – of separate rooms. Which are distinct, separate, and secure. And you will have complete privacy within those rooms.

But if there is a valid case from a law enforcement body – for example, within the United Kingdom, the National Crime Agency. If they have an issue – be it a suspected money launderer, or perhaps an evader of tax – they simply have to make a request, and the information will be provided. Often within 24 hours, it can be faster if circumstances demand it.

It’s fully compliant with FATF, it continues to evolve. For example, under the new economic substance requirements we’re making some tweaks. But we’re very proud of it, and I think it could become a model for many other jurisdictions.

World Finance: How else is BVI Finance helping in the international fight against financial crime?

Simon Gray: Well in a number of ways; it’s very important when you’re operating an international financial centre, you have credibility. And that means not only a robust rule of law, but also robust compliance with agreed global, international standards. And back in 2002, we signed up through the OECD to the common reporting standards, which allows the exchange of tax information between jurisdictions. And we are still very active in complying with that.

Separately and a little more recently, we signed up to the OECD’s BEPS initiative. And perhaps the most recent example is late December of last year, where in response to some new requirements from the European Union, we produced the economic substance companies and partnerships act, which we’re pleased to say two weeks ago we were advised we would not be on the list of non-cooperating jurisdictions, sometimes known as the blacklist. And we were pleased with that result.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
×