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British Virgin Islands is a country famous for having very favorable tax policies, earning the title of a tax haven. What contributes to this state is the absence of a transfer pricing rule, a deduction limitation rule or any anti-hybrid rules.
According to modern studies, the § Top 10 tax havens include corporate-focused havens like the Netherlands, Singapore, the Republic of Ireland, and the United Kingdom; while Luxembourg, Hong Kong, the Cayman Islands, Bermuda, the British Virgin Islands, and Switzerland feature as both major traditional tax havens and major corporate tax havens.
The British Virgin Islands, like Bermuda, remains a British overseas possession. However, also like Bermuda, the benign neglect of British rule has enabled its tax haven status.
On 17 October 2023, the European Union added Antigua and Barbuda, Belize and the Seychelles to its blacklist of tax havens. At the same time, they removed the British Virgin Islands, Costa Rica and the Marshall Islands from the list of non-cooperative tax jurisdictions. [7]
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.
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.
Regulatory havens can be a state, country, or territory which maintains a system of financial secrecy and little or no financial regulation. Some of the countries that are considered to be regulatory havens include Cayman Islands, British Virgin Islands, Singapore and Hong Kong.
The British Virgin Islands is frequently referred to as a "tax haven" by campaigners and NGOs, including Oxfam. Successive governments in the British Virgin Islands have implemented tax exchange agreements and verified beneficial ownership information of companies following the 2013 G8 summit putting their governance and regulatory regimes far ...