A global financial-services big hitter, the British Virgin Islands is also punching above its weight when it comes to climate change
The archipelago of the British Virgin Islands (BVI) is around 60 square miles in size, which makes the jurisdiction similar in area to a city such as San Francisco – but with a total population of just over 30,000, it is more in keeping with one of that city’s suburbs. Despite such tiny dimensions, the BVI manages to wield an outsized influence on the world stage thanks to its position as an international finance centre for four decades.
This status has allowed the BVI to develop a global reputation, which it can leverage into impactful conversations on subjects that affect the entire planet. One such issue is climate change – and the most recent climate shock to affect the BVI itself came in 2017, when Hurricane Irma damaged 80 per cent of the buildings in the jurisdiction.
“When it comes to climate change and other areas that concern King Charles, we have had direct experience of the consequences,” says Elise Donovan, CEO of BVI Finance, the organisation responsible for the marketing, promotion and brand reputation management of the BVI’s financial services. “We are very resilient as a people, and our financial services industry survived Hurricane Irma just as we survived Covid. We were able to survive and thrive.”
When the BVI became an international finance centre in 1984, it placed this Caribbean jurisdiction at the heart of globalisation. It has since developed a vast international network, with BVI companies recognised as dependable, efficient, transparent and responsible legal vehicles to facilitate cross-border trade, investment and finance.
There are more than 375,000 active BVI businesses with a combined estimated value of $1.4 trillion in assets, conducting business in markets all over the world, including a significant presence in Latin America, Europe, China and the rest of Asia. Hundreds of trained experts in BVI law and legislation work in these host markets to ensure the smooth and reliable execution of business. The BVI also offers efficiency and ease of business, with a collective capacity to enhance financial stability and confidence while supporting prosperity and employment across the world. “We are very experienced and one of the most advanced nations at having a global understanding of what a business requires to facilitate globalisation,” says Elise.
As a result of this, the BVI wields a disproportionate impact, punching well above its weight. Using the BVI gives businesses security, but only because the BVI maintains a careful balance between international regulatory standards and innovation. This creates trust and demonstrates responsibility. By ensuring transparency and delivering a level playing field, the BVI has been able to contribute to international debate on subjects from tax and banking to money laundering. It can also use its global standing to increase understanding and decision-making around environmental issues.
“There is a place for our jurisdiction as an international finance centre, but also as a country and a people with experience of the climate issue when looking at areas of environmental and social governance,” says Elise. “These are important issues for King Charles, and they are certainly aligned with the priorities of the BVI. We want to serve as a model for sustainability, inclusivity and innovation. These are complex issues that will require complex solutions, and the BVI has that experience as part of a global ecosystem. We want to be part of the next phase in the conversation around climate.”
www.bvifinance.vg