BVI offshore asset value more than double in 7 years

Offshore assets held in the British Virgin Islands have risen to  £ 1.19tn ($1.5tn), more than twice the sum estimated in 2010 in seven years.

Offshore companies registered in the BVI are used for “corporate structuring” ad over 140 listed businesses in London, New York and Hong Kong have a unit in the BVI.

These units would be used for tax planning or avoidance and can also be useful as a tax neutral hub for investors from different parts of the world.

Whilst 35 companies represent funds and investment vehicles, property holdings and family wealth account for a small proportion.

The BVI, which generates three-fifths of government revenues from its financial sector, has recently been hit by the global financial crisis and the ensuing of the backlash against offshore finance.

Tax Justice Network, who are actively campaigning for equal tax justice, said for BVI secrecy remained a salient feature, although they are more transparent.