BVI sees significant upward movement, pulling ahead of Caribbean competitors.
Skilled workforce, strength of regulation, market access, infrastructure and the array of financial service companies operating on the islands have given the British Virgin Islands (BVI) a significant boost in its offshore status, according to the most recent Global Financial Centres Index (GFCI). BVI jumped 13 spots to take over the 34th position on the index, becoming the most highly ranked offshore jurisdiction ahead of the Cayman Islands, Channel Islands, Bermuda and The Bahamas.
While New York, Hong Kong, Singapore and other major global destinations continue to dominate at the top of the Index, the results show a clear move towards BVI becoming an internationally respected financial center. The report also ranked Caribbean countries ahead of all the major Latin American countries, where former leaders Sao Paulo, Rio de Janeiro and Mexico City dropped in the rankings.
“We are very pleased with the BVI’s latest ranking in the Global Financial Centres Index,” said Kedrick Malone, executive director of BVI Finance. “[Our] position as a leading offshore financial centre is testament to the strength and high standards of our multi-faceted financial services sector.”
First published in March 2007, the Global Financial Centres Index is a bi-annual report that ranks destinations around the world based on existing data and online survey results of more than 100 factors identified by the Organization for Economic Co-Operation and Development (OECD), the World Bank and other international regulatory and monitoring organizations. The rankings take into account the many factors proven by research that combine to make a financial centre competitive.