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British Virgin Islands

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About

British Virgin Islands

Capital
Official languages
Population 
Currency

ISO 4217

Road Town

English

30,231

United States Dollar

BVI

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Economy

The British Virgin Islands is a small Caribbean nation with a population of just over 30,000 people. The economy of the British Virgin Islands is largely dependent on tourism, financial services, and fishing. According to the World Bank, the GDP of the British Virgin Islands in 2019 was $1.2 billion, with a GDP per capita of $41,845. The unemployment rate in the British Virgin Islands is low, at just 4.2%. The inflation rate is also low, at 1.2%. The British Virgin Islands has a strong financial services sector, which accounts for around 40% of the country’s GDP. The tourism sector is also a major contributor to the economy, with over 1 million visitors to the islands in 2019. The fishing industry is also an important part of the economy, with the country exporting over $20 million worth of fish and seafood in 2019. Overall, the British Virgin Islands has a strong and stable economy, with a low unemployment rate and a high GDP per capita.

Taxation

The British Virgin Islands (BVI) is known for its favorable tax system, which includes no corporate tax, no capital gains tax, no inheritance tax, and no personal income tax. However, companies operating in the BVI may still be subject to various taxes and fees. 


Corporate taxation in BVI:

- There is no corporate tax in BVI, except for specific types of companies such as those involved in the banking or insurance sectors.

- Instead, companies in BVI are subject to an annual government fee, which varies depending on the type and size of the company.

- BVI also imposes a 6% stamp duty on certain transactions, such as the transfer of shares or land.


Personal taxation in BVI:

- There is no personal income tax in BVI, regardless of residency status.

- However, there are other taxes and fees that may apply to individuals, such as import duties, property taxes, and social security contributions.


Payment process and calendar:

- BVI companies are required to pay their annual government fees by January 31st of each year.

- Other taxes and fees may have different payment deadlines, depending on the specific tax or fee.

- Payment of taxes and fees can be made online or at designated government offices.


It is important to note that tax laws and regulations in BVI are subject to change, and companies and individuals should seek professional advice on their specific tax obligations and requirements.

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