Offshore Tax Haven Review: Why You Shouldn't Form a Company in the British Virgin Islands? (BVI)

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We are starting a new and exciting series on this channel - Offshore Tax Haven Reviews.
We will talk about famous (and less famous) offshore tax havens, talk about their benefits and downsides.

To start off this series, we'll be discussing well known British Virgin Islands (BVI). BVI is probably the first place that comes to the minds of many people when someone says ''offshore'' or ''tax haven''. Traditionally this was a good solution to many, but I rarely recommend it. Why? Why should you avoid BVI as an offshore tax haven? And what was BVI famous for? Let's see!

BVI was traditionally famous for offshore company formations. I personally never liked it, even in its glory days. Back in the day, this tiny jurisdiction had 625 000 businesses registered there!
BVI had great laws, but the costs were too high. I could achieve the same thing with another jurisdiction and pay only a fraction of the price.

This traditional offshore tax jurisdiction is not soo useful anymore. In 2015 as FATCA, information sharing and later CRS came in banking became much more difficult.
Today it is extremely hard to bank with BVI companies, as they have shady reputation. This jurisdiction is flat zero tax. However, you will not be able to do much there, as you won't be able to bank, you won't be able to hire many people locally, etc. If you really want a real company it will be quite hard over here.

Local rules got much tougher under global pressure, and now you have to set up a proper business and operations locally. Naturally, all this pushed many businesses out of this country. On top of this banking is quite bad, and you will not be able to open a bank account in any reputable bank!

The British Virgin Islands is an outdated jurisdiction! With all the other (better) options available in the world today, there is not a single reason for you to form a company in BVI.

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