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Tax enforcement and compliance play a crucial role in maintaining the integrity and effectiveness of the British Virgin Islands' tax regime. The territory has implemented robust mechanisms and processes to monitor and enforce tax laws, investigate non-compliance, and impose penalties or sanctions on offenders.
The strongest consensus amongst academics regarding the world's largest tax havens is therefore: Ireland, Singapore, Switzerland and the Netherlands (the major Conduit OFCs), and the Cayman Islands, British Virgin Islands, Luxembourg, Hong Kong and Bermuda (the major Sink OFCs), with the United Kingdom (a major Conduit OFC) still in transformation.
Bermuda, British Virgin Islands, Cayman Islands Triad – these three traditional tax havens are heavily interlinked and starting to present as one large Sink OFC. Taiwan – has been a controversial entrant on several tax haven lists, and is identified as the 2nd largest Asian Sink OFC.
The British Virgin Islands and the Cayman Islands were white listed by August 2009. [15] No G-20 country was on the greylist of non-implementers, prompting Luxembourg Prime Minister Jean-Claude Juncker to criticise it for failing to include various states of the USA which provide incorporation infrastructure indistinguishable from the tax ...
The British Virgin Islands company law is the law that governs businesses registered in the British Virgin Islands. It is primarily codified through the BVI Business Companies Act, 2004 , and to a lesser extent by the Insolvency Act, 2003 and by the Securities and Investment Business Act, 2010.
3 of these top 10 global tax havens, Bermuda, British Virgin Islands and the Cayman Islands are not ranked by the IMF or the World Bank in their GDP-per-capita tables. The remaining top 10 global tax haven, the U.K., is ranked 21 and 26 (respectively); it is possible the U.K.'s transition is not complete (see § U.K. transformation).
The official currency of the British Virgin Islands has been the United States dollar (US$) since 1959, the currency also used by the United States Virgin Islands. [3] The British Virgin Islands enjoys one of the more prosperous economies of the Caribbean region, with a per capita average income of around $47,000 (2022 est.) [47]
The Territory is also the second largest domicile for formation of offshore investment funds (behind the Cayman Islands) with 2,422 licensed open-ended funds as at 30 June 2012 [23] (there is no official statistics for closed-ended funds which are not regulated in the British Virgin Islands). The British Virgin Islands also operates as a ...