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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 BVI Financial Services Commission is an autonomous regulatory authority responsible for the regulation, supervision and inspection of all the British Virgin Islands financial services including insurance, banking, trustee business, company management, mutual funds business, the registration of companies, limited partnerships and intellectual property.
The British Virgin Islands government has announced as policy that it will only naturalise 25 new belongers each year. Laws in the British Virgin Islands openly discriminate against non-belongers. For example, stamp duty on the purchase of land is 4% for belongers and 12% for non-belongers.
The judiciary of British Virgin Islands is based on the judiciary of the United Kingdom. The Territory is a member state of the Eastern Caribbean Supreme Court. Judges in the British Virgin Islands are appointed by the Judicial and Legal Services Commission of the Supreme Court [12] rather than elected. By convention judges are always appointed ...
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. The British Virgin Islands has approximately 30 ...
The British Virgin Islands also operates as a domicile for captive insurance services, but a prolonged period of overzealous Government regulation combined with the Government's increasing pressure to hire only locals ("belongers") in the insurance industry decimated the industry. Official reports from the Financial Services Commission reflect ...
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The Government of the British Virgin Islands has not yet formally challenged this law, yet has criticised it, noting that it violates the Constitutional sovereignty granted to the islands, and would in practice be relatively ineffective in anti-money laundering and counter-terrorism financing, while raising serious privacy and human rights issues.