British Overseas Territory best known as the world's largest registry of offshore business companies, with a large investment funds sector and trust and corporate services industry. Banking is small and mostly restricted to international business. All financial services are supervised by the Financial Services Commission (FSC).
Risk flagHigh risk
FATFIncreased monitoring (grey list)
EU AML high-risk listListed
EU tax listNot listed
Licence regimes7
CurrencyUSD
S&P ratingBBB
Next electiondue by 2027
Placed under FATF increased monitoring in June 2025 and still listed in the 19 June 2026 statement; added to the EU high-risk third country list by Delegated Regulation (EU) 2026/83, applicable from 29 January 2026. Not on Annex I of the EU tax list (17 February 2026 update), only on Annex II. Checked 7 October 2026.
Government and politics
Government
Parliamentary democracy; self-governing British Overseas Territory
Monarch
Charles III · since September 2022
Premier
Natalio Wheatley (Virgin Islands Party (VIP))
Governing parties
Virgin Islands Party (VIP), with Deputy Premier Lorna Smith
Last election
House of Assembly general election, 24 April 2023
Next election
House of Assembly general election, due by 2027
Legislature
House of Assembly (unicameral): 13 elected members (9 district, 4 territorial at-large) plus ex officio members
Legal system
English common law
Economy and finance
Population
39.7k (2025)
GDP
USD 1.6bn (2024)
Currency
US dollar (USD), US dollar is the official currency (no local currency)
Central bank
None; British Virgin Islands Financial Services Commission is the financial regulator
Credit rating
S&P BBB (stable) (as of January 2026)
The BVI is the world's leading domicile for offshore companies (BVI Business Companies), and incorporation fees plus tourism fund most of the economy and government revenue.
Bank
General banking licence
Minimum capitalUSD 2m
TimelineNot published
AuthorityFinancial Services Commission
Minimum tier 1 capital US$2,000,000 for a BVI bank (Regulatory Code s.76), plus a US$500,000 regulatory deposit with the Commission
Law
Banks and Trust Companies Act, s.10(1)(a) and s.12
Financing and money services licence, Class A (money transmission) and Class B (money orders, cheque cashing, currency exchange)
Minimum capitalUSD 10k
TimelineNot published
AuthorityFinancial Services Commission
BVI money services business: capital resources of US$10,000, at least US$5,000 in cash, the rest by standby letter of credit, guarantee or approved local real property (Regulatory Code s.169)
Law
Financing and Money Services Act, s.9
Fees
Class A: application US$600, initial and annual licence fee US$12,000, plus US$1,200 a year per subsidiary, branch or representative office. Class B: application US$300, initial and annual fee US$2,400 (2023 fees regulations).
Passporting
No.
Key requirements
Must be a BVI business company or a licensed foreign company
Class A covers transmitting money in any form, including electronic and mobile payments
Other classes: C financing, D financing lease, E ATMs, F peer to peer lending, G other prescribed services
Application US$1,200 to US$3,000 by category. Initial and annual licence fees: dealing (agent or principal) and arranging US$3,300; investment management, advice and administration US$1,800 each; custody US$4,500; operating an investment exchange US$10,000 (2023 fees regulations).
Trust licence (Class I, II, III and restricted classes)
Minimum capitalUSD 250k
TimelineNot published
AuthorityFinancial Services Commission
Unrestricted Class I, II or III trust licence: unencumbered contributed capital of US$250,000 (Regulatory Code s.155), plus regulatory deposits for registered agents
Law
Banks and Trust Companies Act, s.10 and s.12(4)
Fees
Application US$1,200 (Class I, II or III). Initial and annual licence fee: Class I US$19,200, Class II US$16,800, Class III US$14,400; restricted Class II from US$1,200 by number of trusts (2023 fees regulations).
Passporting
No.
Key requirements
Class I and Class III licensees acting as registered agents must lodge regulatory deposits from US$30,000 depending on companies served
British Virgin Islands Financial Services Commission (FSC) · websitebanks, Trust companies, Payment service providers, Virtual asset service providers (VASPs), Investment firms, Funds, Insurance
FATF placed the Virgin Islands (UK) under increased monitoring at its June 2025 plenary; the jurisdiction remains listed in the 19 June 2026 statement. The EU added it to the high-risk list by Delegated Regulation (EU) 2026/83 of 4 December 2025, applicable from 29 January 2026, so EU obliged entities must apply enhanced due diligence. Legislation and Regulatory Code texts used here are Revised Editions as at 1 January 2020 plus the 2023 fees regulations; later amendments may change figures. The FSC website pages (other than PDFs) were blocked during research, so the FSC FAQ figures were not used. Online gaming is not covered: no BVI online gaming licensing regime was verified from official sources. Insurance is regulated by the FSC but is not covered here.
General information
About British Virgin Islands
Natural Earth boundaries. Map is indicative.
Status
British Overseas Territory
Capital
Road Town
Area
151 km²
Official languages
English
Time zone
UTC-04:00
Main exports
Financial services (company incorporation and registration)
Tourism (yachting and resorts)
Rum
Main export partners
Malta
Guyana
Greece
Germany
Indonesia
Sources for the country information(7)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
