🇻🇬 British Virgin Islands

The British Virgin Islands is a British Overseas Territory of 38,000 people with a GDP of about $1.4 billion. The BVI is one of the world's leading offshore financial centers — over 400,000 companies are registered here, more than 10 per resident. About 40% of the world's offshore companies are BVI-incorporated. The islands are also a premier sailing destination — the BVI Spring Regatta is one of the Caribbean's top sailing events. Tortola is the main island, and Virgin Gorda's "The Baths" (giant granite boulders forming grottos and pools) is one of the most unique beach experiences in the Caribbean.

Financial services (about 60% of government revenue) and tourism are the twin pillars. The BVI Business Companies Act makes incorporation fast, cheap, and private — which is the entire business model. International pressure on tax havens and beneficial ownership transparency is the main threat. Tourism brings in about 400,000 visitors annually, mostly yacht charter guests. The US dollar is the official currency. Hurricane Irma in 2017 devastated the territory, causing damage estimated at $3.6 billion.

Richard Branson's Necker Island is in the BVI — he bought it for $180,000 in 1978 and it now rents for up to $80,000 per night. The BVI's Anegada is the only coral island in the chain and is famous for its lobster. The territory's financial services industry generates more revenue per capita than almost any jurisdiction on earth.

The BVI's offshore model is under increasing global pressure — beneficial ownership registers and tax transparency initiatives threaten the core business. Diversification into tourism is smart but can't replace the financial services revenue.