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British Virgin Islands - Economy

Whitaker's Almanack Version

Financial Outlook

While many Caribbean economies have struggled since the 2008 crash, with 2013 proving to be even tougher than 2012, the economy of the British Virgin Islands (BVI) continues to be stable and prosperous, founded as it is on a sophisticated, well-developed offshore financial center and a strong tourist industry. The economy is closely tied to the larger and more populous US Virgin Islands to the west, and the BVI has used the US dollar as the national currency since 1959. The OECD removed the BVI from its list of uncooperative tax havens in 2002, and the financial services sector has responded recently by improving standards of regulation and governance. In May 2013 the BVI signed agreements on sharing tax information with Britain, France, Germany, Italy, and Spain. There is a major road infrastructure project underway, funded in part by the Caribbean Development Bank, with the aim of improving the Islands’ appeal to tourists.

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