Landmark decision delivered by The Bahamas Supreme Court
Brian Simms QC with Marco Turnquest successfully appeared in a landmark...
The British Virgin Islands (BVI) is a British Overseas Territory located to the east of Puerto Rico in the Caribbean. It consists of the main islands of Tortola, Virgin Gorda, Anegada and Jost Van Dyke, along with over fifty other smaller islands and cays. The capital, Road Town, is situated on Tortola, the largest island. The BVI enjoys one of the most prosperous economies of the Caribbean region.
The BVI is politically stable, with a legal system based on English common law. The islands form part of the Organisation of Eastern Caribbean States (OECS). As such, the Eastern Caribbean Supreme Court provides both High Court (including a dedicated Commercial Court) and (on an itinerant basis) Court of Appeal functions. The final Court of Appeal is the Privy Council in London.
The BVI is tax-neutral, without income, capital gains, estate or inheritance taxes. It is recognised as a ‘white list’ jurisdiction by the OECD. With a business-friendly environment, the BVI has become the leading jurisdiction in the world for the registration of offshore companies and is home to a range of sophisticated and innovative investment products, including investment funds and trusts.
The BVI also has a modern insolvency regime based on that of the UK, as well as a category 1 shipping registry. The BVI does not have exchange control restrictions, with the US dollar being the legal tender.