| Geography and Climate History and Government Legal System Currency The BVI Advantage Geography and Climate The British Virgin Islands is a group of approximately 40 islands and islets, of which about 10 have permanent residents, situated in the Eastern Caribbean, 60 miles east of Puerto Rico and 180 miles north-west of Antigua. The two largest islands are Tortola (21 square miles) and Virgin Gorda (eight square miles). Road Town, the capital, main port, administrative and business centre is located on Tortola. The islands lie some 1,100 miles north of the Equator and 300 miles south of the Tropic of Cancer, the tropical climate being tempered by a south-easterly breeze. At sea level, the temperature rarely drops below 70°F (21°C) and the maximum temperature in the summer is in the low nineties Fahrenheit (low thirties Celsius). The climate and natural beauty of the islands, together with established hotels and yacht chartering facilities, attract many visitors and make tourism a major industry. There are daily flights to San Juan, Puerto Rico, the US Virgin Islands, St Maarten, St Kitts and Antigua, with onward connections to North and South America, Europe and the Caribbean. Back to top |
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It is reported that Christopher Columbus sighted the islands on his second expedition in 1493. Overwhelmed by the sheer number of islands and cays, he christened the archipelago ‘Las Once Mil Virgienes’ in honour of St. Ursula and the 11,000 maidens who sacrificed themselves in 4th Century Cologne. St Ursula is the national symbol of the British Virgin Islands today.
There is evidence of early inhabitation by Caribs and Arawaks. The Dutch established the first permanent European community in 1648. In 1666, British planters took control of the island group from the Dutch settlers. The islands attained the status of a British Colony and were part of the Leeward Islands from 1872 until 1956, when they became a separately administered entity. To preserve its close economic ties with the US Virgin Islands, the group did not join the 1958-1962 West Indies Federation of British Islands.
Today the British Virgin Islands is a British Overseas Territory and has a long history of political stability. The Governor is the Queen’s representative, and under the 1967 constitution, is responsible for external affairs, defence, the judicial and legal departments of government, internal security and the civil service. There is an Executive Council, with the Governor as chairman, which includes the Attorney-General, the Chief Minister and three other ministers appointed by the Governor on the advice of the Chief Minister. Elections are held every four years to elect 13 members to the Legislative Council.
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Legal System
The judicial system is under the direction of the Eastern Caribbean Supreme Court, which includes the High Court of Justice and the Court of Appeal. It is based on English law and the ultimate appellate court is the Privy Council in London.
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Currency
In 1959 the US dollar was introduced as legal tender in the territory and in 1967 was adopted as the sole legal currency. There are no exchange controls or restrictions on the movement of funds or goods into or out of the territory or on their conversion into other currencies.
The British Virgin Islands economy is dominated by the two pillars of financial services and tourism. Today, because of their success, the BVI enjoys a high standard of living, with no unemployment and low inflation. The economy is growing at a rapid pace.
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The BVI Advantage
Since the introduction of the International Business Companies Act in 1984, successive governments have made significant progress in developing the British Virgin Islands as an international financial services centre. For those who wish to take advantage of the attractive legal framework and competitive advantage, the British Virgin Islands offers the following:Political and economic stability
- Strong and stable currency (US dollar)
- No exchange controls
- No death duties
- Legal system based on English law
- Freedom from restrictions and over regulation
- Excellent pool of professional service providers
- Good communications worldwide
- No direct corporate or personal income tax
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