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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.) [42]
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 ...
The British Virgin Islands (BVI) are one of three political divisions of the Virgin Islands archipelago located in the Lesser Antilles, between the Caribbean Sea and the North Atlantic Ocean. The BVI are the easternmost part of the island chain. The land area totals (151 km 2 (58 sq mi)) (about 0.9 times the size of Washington, DC) and ...
Tortola ( / tɔːrˈtoʊlə /) is the largest and most populated island of the British Virgin Islands, a group of islands that form part of the archipelago of the Virgin Islands. [2] It has a surface area of 55.7 square kilometres (21.5 square miles) with a total population of 23,908, with 9,400 residents in Road Town.
The British Virgin Islands consist of the main islands of Tortola, Virgin Gorda, Anegada and Jost Van Dyke, along with over fifty other smaller islands and cays. Approximately fifteen of the islands are inhabited. The largest island, Tortola, is approximately 20 km (approx. 12 mi) long and 5 km (approx. 3 mi) wide.
The U.S. Virgin Islands are in the Atlantic Ocean, about 40 miles (64 km) east of Puerto Rico and immediately west of the British Virgin Islands. They share the Virgin Islands archipelago with the Puerto Rican Virgin Islands of Vieques and Culebra (administered by Puerto Rico), and the British Virgin Islands.
Sterling was the official currency but there was always a large circulation of Danish krone and later US dollars. When the British West Indies dollar was introduced to the British Virgin Islands in 1951 there were protests, and in 1961 the British Virgin Islands formally adopted the US dollar as its official currency.
The British Virgin Islands were always problematic for currency purposes due to their proximity to the Danish West Indies, which became the United States Virgin Islands in 1917. Officially, the British Virgin Islands used to use sterling , but in practice the situation was more complicated and involved the circulation of French francs and U.S ...