Virgin Islands (British)
History of the British Virgin Islands
The British Virgin Islands, an overseas territory of the UK is comprised of 16 inhabited islands including Tortola, Virgin Gorda, Anegada and Jost Van Dyke. The capital, Road Town is located on the island of Tortola and the total population for all islands is roughly 31,000. English is the primary language and the U.S. dollar has been the recognized currency since 1959. The Economy of the BVI is tied closely to that of the United States Virgin Islands as well as Puerto Rico. The economy is one of the most stable in the Caribbean and relies heavily on U.S. tourism. The government began offering offshore registration in the 1980’s to companies seeking to incorporate in the islands. Incorporation fees now generate substantial revenues. Roughly 400,000 companies were on the offshore registry at the end of 2000. The comprehensive insurance law, created in 1994, provides a blanket of confidentiality and regulated statutory gateways for criminal investigations. As a result, the British Virgin Islands have become even more attractive to international business.