In the latest report from the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes, the BVI was found to be "largely compliant" and rated on a par with many other well respected jurisdictions such as Cayman Islands, Germany, Hong Kong, Italy, Netherlands, Singapore, United Kingdom and United States.
The OECD's Global Forum is charged with monitoring its 127 member states against agreed transparency frameworks and information standards. The in-depth peer reviews cover both the legal and regulatory framework of the jurisdiction and the actual practical implementation of this framework.
This rating clearly recognises the dedication and commitment of the BVI to meet international standards and best practice, and showcases the BVI's desire to ensure that the territory's services and product retain their pre-eminence in the global arena.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.