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BVI Company Taxation
Information provider:zanya consultants    Updated:2016/10/25    Website:www.companyformation86.com

1.) The BVI is one of the tax havens in the Caribbean region. Tax havens are those territories which have zero taxes or in some cases very low tax regimes in place. Tax havens found today are mostly offshore jurisdictions like the British Virgin Islands. The main characteristics of offshore tax havens is that they provide genuine secrecy and privacy for clients in financial and other services and that most of the clients are not citizens of such countries.


2.) All international offshore financial services industry which is functioning on a legal basis is about tax avoidance and not about tax evasion. The main function of offshore jurisdictions is to offer efficient instruments or opportunities for tax avoidance and for asset protection. It is complete tax exemption for all international business operated by non-residents (Seychelles and Belize IBC's), local tax exemption for non-residents of the jurisdiction (Gibraltar), zero tax on receipt and distribution of dividends (Cyprus and Denmark holding companies), favorable tax treatment through double treaties and agreements (Cyprus, Malta, Netherlands), zero income tax for all BVI Business Companies.


3.) A BVI Business Company is exempt from the BVI income tax, the same exemption applies to all dividends, interest, rents, royalties, compensations and other amounts paid by a company, and all capital gains realised with respect to any shares, debt obligations or other securities of the company. No estate, inheritance, succession or gift tax is payable with respect to any shares, debt obligations or other securities of a BVI BC. All transactions and instruments relating to transfers of any type of property of assets, shares, debt obligations or securities to or by a BVI BC are exempt from the stamp duty, with a sole exception for land-ownership transactions in the British Virgin Islands, in which case stamp duty remains payable. The only money that an offshore company pays in the BVI is an annual fee which is paid to the relevant government authorities.


4.) The BVI as a tax haven gives clients and investors the perfect avenue to reduce tax liabilities. Since the BVI has zero taxes it makes the jurisdiction the ideal place to incorporate offshore or to do banking. The BVI have for years provided unbeatable asset protection.


5.) BVI as a tax haven imposes no taxes on offshore bank account which makes the British Virgin Islands an ideal jurisdiction to set up offshore bank accounts. Offshore bank accounts benefit from the tax free environment in the British Virgin Islands. The incomes and capital in offshore bank accounts are not taxed in the BVI.


6.)  In keeping with international banking regulation offshore banks operating in the offshore jurisdiction of the BVI function by the know your client rule but are still able to maintain the privacy and secrecy on behalf of client. According to banking secrecy laws of tax haven BVI information regarding offshore banks and bank accounts in the jurisdiction can only be given out with the consent of the offshore bank account holder or if a court order has been handed down. Disclosure of information of information in offshore bank account is punishable by the law.


7.)  The BVI has no double tax treaties with foreign countries which makes offshore clients tax information and financial status safe within the BVI.


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