The best banks in the British Virgin Islands provide a full suite of banking products and services, catering to both domestic and foreign clientele.
Even though it is a territory that is directly under the control of the United Kingdom, the British Virgin Islands are nevertheless considered to be one of the safest places in all of the Caribbean.
If we were to compare the gross domestic product (GDP) of this island to that of any other place in the area, we would find that its GDP is the greatest in the whole region.
There aren’t too many offshore banks since it’s such a difficult process to establish new ones there.
Due to the high level of difficulty involved in establishing a bank in an offshore territory, only a select few banks were able to establish a presence in the British Virgin Islands.
These items, such as acquisition and property financing, structured finance, debt restructuring, bilateral lending, and so on, all need one to manage them in a prudent manner.
In addition, since the British Virgin Islands are a dependent territory, there are no bank ratings to be found on the islands themselves.
The banks, on the other hand, have sufficient liquidity and enough capital to service the clients in their respective communities.
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We recommend that most wealthy locals and expats invest offshore despite this list, and we can help with that.
Banking In The British Virgin Islands
The British Virgin Islands (BVI) is a place that has been shown to be very favorable for doing international business. The British Virgin Islands are a well-regulated international financial hub that has a long history of political and economic stability.
Corporate vehicles, such as trading companies, personal holding companies, fund management companies, mutual funds, and captive insurance companies, are all eligible for incorporation in the British Virgin Islands (BVI), which is the preferred location for more than 450,000 businesses.
The British Virgin Islands are considered to be one of the most secure areas in the Caribbean. They are a territory that is reliant on the United Kingdom.
The banking industry in the British Virgin Islands is very underdeveloped, and the country is neither a major financial center nor a popular location for investors.
The economy of the British Virgin Islands is one of the most stable in the Caribbean. The country also has one of the highest gross domestic product (GDP) per capita incomes of any other nation in the Caribbean.
Offshore banking was first established in the British Virgin Islands in 1980 as a result of the interest shown by overseas companies in registering with the territory of the British Virgin Islands in order to incorporate.
The British Virgin Islands do not impose any taxes on residents’ income, earnings from capital investments, or wealth. In addition, the flow of cash through the BVI is not regulated in any way, nor are there any exchange controls in place. This makes living in the British Virgin Islands easy for expat retirees.
The government licensing fees and other expenditures linked to the operation of BVI enterprises remain fair. This is despite the fact that the British Virgin Islands have seen unprecedented expansion as an international financial hub.
Because of its relative ease of use, adaptability, and versatility, the BVI business company has contributed to the British Virgin Islands’ continuous rise as a worldwide financial center during the last several years.
The British Virgin Islands Financial Services Commission is an independent regulatory body in the British Virgin Islands.
Its responsibilities include the regulation, supervision, and inspection of all banking operations and all financial services provided in and from the territory of the British Virgin Islands.
Additionally, the FSC is responsible for overseeing all financial services provided in and from the BVI.
Because it was so challenging to establish banks in offshore territory, only a select few financial institutions were able to establish a presence in the British Virgin Islands (BVI).
The FSC verifies that all banks have complied with the applicable domestic laws and regulatory requirements.
BVI Take special precautions to ensure that the financial sector is not involved in any illicit operations, such as the laundering of money or the distribution of illegal drugs.
Talk to an expat financial advisor in the British Virgin Islands before making any major banking and financial decisions.
10 Best Banks In The British Virgin Islands
1. National Bank of Virgin Islands
First and foremost, there is the National Bank of Virgin Islands, which is widely recognized as one of the most important and successful commercial best banks in the British Virgin Islands.
This financial institution first opened its doors in 1974, which puts its age at around 43 years.
In accordance with Section 285 of the Companies Act, it was established as a legal entity in the British Virgin Islands.
The name of the bank was formerly the Development Bank of the Virgin Islands; however, on February 28, 2007, it was changed to the National Bank of the Virgin Islands.
After 2007, the bank shifted from an emphasis on development to one on commerce, and its strategy reflected this shift. The government of the British Virgin Islands holds 100% of the shares in this financial institution.
To help local fishermen and farmers get started, it offers loans. They cater to both commercial and individual clients in the area, making them a “full-service” commercial bank.
The National Bank of the Virgin Islands is a market leader in the provision of financial services and is dedicated to offering individualized services that go above and beyond the requirements of its clientele.
The bank is aware that its customers have various financial requirements, and as a result, it provides its clients with individualized resources and approaches to help them reach their objectives.
Customers, whether they are individuals or businesses, are encouraged to investigate the entire range of options that the bank provides for saving money and obtaining loans.
As part of its client-centric strategy, the National Bank of the Virgin Islands is continually broadening the range of products and services it provides in order to provide value for each individual customer.
The all-encompassing strategy used by the bank allows both individual and commercial clients to make the most of their financial resources and prosper in a dynamic environment.
The National Bank of the Virgin Islands is actively attempting to revolutionize banking by simplifying and humanizing the financial system in order to make it more accessible to the general public.
The bank offers a wide variety of goods and services, which allow it to cater to the extensive requirements of its clients.
Using the bank’s products and services, customers have the opportunity to increase their savings, better manage their day-to-day expenditures, plan for their retirement, and educate their children about responsible money management.
Companies are better able to manage their cash flow, fund growth and development, increase operational efficiency, and reduce financial risks when they use the specialized business financial services offered by the bank.
2. First Caribbean International Bank (Cayman) Ltd.
There are many large commercial best banks in the British Virgin Islands, and this one is another one of them.
This financial institution is a branch of FirstCaribbean International Bank Limited, which owns the parent company.
It was first formed in the year 2001, therefore it has only been around for 16 years. Georgetown is home to this financial institution’s main office and administrative buildings.
The Canadian Imperial Bank of Commerce (CIBC) has a subsidiary in Barbados and the Caribbean known as CIBC FirstCaribbean International Bank (FCIB). FCIB is a financial services corporation with its headquarters in Barbados.
In 2002, the Caribbean units of Barclays Bank and CIBC merged to form what was then known as FirstCaribbean International Bank. This combination led to the establishment of the bank.
Both CIBC and Barclays indicated in March 2006 that Barclays planned to execute their option to quit the Caribbean partnership fully, resulting in CIBC assuming majority control of the bank. This decision was made by Barclays in March 2006.
It was announced in June 2011 that the bank will be renamed CIBC FirstCaribbean Bank. The reason given was “to be more closely aligned to the CIBC brand, while still maintaining the FirstCaribbean name and local identity.”
The activities of the bank in Barbados, the Bahamas, and the Cayman Islands are responsible for the generation of the vast bulk of the institution’s profits.
When compared to the workforces of other financial institutions in the British Virgin Islands, this bank’s workforce of over 2700 individuals is fairly sizable.
By the end of the year 2020, this financial institution has accumulated a total of assets of $18.79 billion in United States currency.
During the same year, this financial institution had a net profit of around $102.3 million US dollars. It has a significant footprint over the whole region.
It does business in 17 regional markets with a total of 59 branches, 7 administrative offices, and 22 banking centers.
Because it is a commercial bank, it offers a wide variety of banking goods and services, including wealth management, treasury, investment banking, retail banking, sales and trade, and corporate banking.
3. VP Bank (the British Virgin Islands) Ltd.
VP Bank is one of the most famous and best banks in the British Virgin Islands.
This bank was created in 1956, which means that it is around 61 years old as of the time of this writing.
Tortola plays host to the institution’s administrative headquarters. To better serve the local community, it has over 800 members of staff.
By the end of the year 2020, this bank had amassed a total of assets of 13.5 billion dollars in US currency. This same bank had a net profit of around $41.6 million in the United States during the same year.
VP Bank Group has a number of subsidiaries, one of which is VP Bank (the British Virgin Islands) Ltd. One of the most significant financial institutions in the Principality of Liechtenstein is the VP Bank Group.
This organization has a significant presence in six countries and territories throughout the globe, including Singapore, Switzerland, Russia, Luxembourg, Hong Kong, and the British Virgin Islands. Asset management and private banking make up the core business of this financial institution.
VP Bank (BVI), along with Scotiabank (BVI) and CIBC FirstCaribbean International Bank (Cayman), has been recognized as one of the best asset and wealth management banks in the British Virgin Islands.
4. Banco Popular de Puerto Rico
It is considered to be one of the best banks in the British Virgin Islands, and in fact, one of the oldest banks in existence. This esteemed financial institution in the British Virgin Islands has been operational for close to a century already.
Tortola serves as the site of this financial institution’s main office. consumers from the United States of America, Puerto Rico, and the British Virgin Islands have been receiving services from this bank. In addition, this bank also serves local consumers in the British Virgin Islands.
In 1923, the Banco Popular de Puerto Rico was reestablished, but this time as a commercial bank rather than a savings bank.
This was done so that the institution would be in compliance with the island’s first banking legislation. In 1927, Rafael Carrion Pacheco was able to acquire the bulk of the company’s equity.
The following year saw the introduction of unsecured personal loans without the need of security.
While many other banks failed during the banking crisis brought on by the Great Depression, Banco Popular was able to weather the storm and emerge victorious.
In fact, the company went on to acquire Banco Comercial de Puerto Rico, the island’s oldest and most venerable financial institution.
As a result of the $8.82 million in deposits that it received in 1937, Banco Popular became the most successful financial institution in Puerto Rico.
In 1939, the Art Deco headquarters building that had been under construction since 1939 was finally finished.
The first Banco Popular location opened in 1934, and by 1942, the island had a total of eight of these locations. In 1951, a mobile bank on wheels was built at Fort Buchanan by the company.
Between the years 1957 and 1974, this model was used to service the majority of Puerto Rico, including even the most inaccessible mountain settlements.
1954 was the year when the number of established branches reached 20. 1957 was the year that saw the beginning of auto loans.
By this point, a sizable Puerto Rican community had been established in New York City as a result of a massive migration that took place after World War II.
In 1961, Banco Popular established its first location on the continent of the United States in the borough of the Bronx in New York City.
In 1964, a second one was created in the Rockefeller Center in the borough of Manhattan. In the same year, the bank also opened its first branch outside of the country, which was located in the Dominican Republic.
In 1965, Rafael Carrion Jr. took over for his father as president of Banco Popular. During the same year, the bank relocated its offices to a brand-new building in the neighborhood of Hato Rey, which is a suburb of San Juan.
In 1973, Banco Popular opened its first location in the United States outside of New York City, and in 1975, it opened its first location outside of a metropolitan region in Los Angeles. In 1975, it became a part of the credit card system known as Visa.
In 1978, the bank purchased the failing Banco Credito y Ahorro Ponceno (also known as the Ponce Credit and Savings Bank), which included 36 of that bank’s 50 branches.
Banco Popular had developed to the point that it was featured on the list of the 60 biggest banks in the United States, with deposits totaling $1.7 billion.
Customers that fall under these categories are served by them: private persons, private financial institutions, and legal organizations.
Customers both domestic and international may take use of its retail banking, commercial banking, and fiduciary services.
This bank accumulated a total of assets of $65.9 billion in the United States at the end of the year 2020. During the same year, this bank recorded a net profit of around $506.6 million US dollars.
5. Scotiabank (the British Virgin Islands) Ltd.
The name of this financial institution deserves to be mentioned among the best banks in the British Virgin Islands.
The Bank of Nova Scotia in Canada has a banking subsidiary known as Scotiabank.
Bank of Nova Scotia (BNS) is one of the most prestigious financial institutions that cater to consumers throughout the Caribbean, Central America, Latin America, and North America.
Tortola is the location of Scotiabank (the British Virgin Islands) Ltd.’s main office and administrative building.
This subsidiary bank offers a comprehensive range of banking goods and services, including retail banking, corporate banking, private banking, and wealth management services, among others.
By the end of the year 2016, this bank has accumulated a total of assets of $914 billion in the United States. During the same year, this bank recorded a net profit of around $7213 million in the United States.
6. First Bank VI
It was in the year 1984 that this particular bank in the British Virgin Islands first opened its doors to customers.
This particular bank can trace its roots back to 1984, when it was established in the British Virgin Islands. Tortola serves as the site of First Bank VI’s main office and administrative complex.
Customers from the United States of America and Puerto Rico are among those that First Bank VI caters to on a regular basis in addition to those from the British Virgin Islands.
As one of the best banks in the British Virgin Islands, iIt provides a wide range of goods and services, including business banking, retail banking, and various insurance products and services, among others.
By the end of the year 2020, this bank has accumulated a total of assets of 118.50 billion dollars in US currency. During the same year, this financial institution had a net profit of around $102.07 million US dollars.
7. East Asia Financial Holding (BVI) Ltd.
Bank of East Asia Ltd. is a parent company of East Asia Financial Holding (BVI) Ltd., which operates as a subsidiary. 2008 marked the beginning of its existence as a separate entity in the world.
The year 2009 saw the acquisition of both ATC Trustees Limited and Caribbean Corporate Services Limited, both of which led to the formation of East Asia Financial Holding (BVI).
8. CITCO Group Limited (Citco Trust Corporation Limited)
Citco is a major worldwide hedge fund administrator that is privately owned and operated. Its headquarters may be found at Tortola, which is located in the British Virgin Islands. It is the most significant hedge fund administrator in the world.
After the end of the second world war, the requirements of both private and public customers prompted the formation of the CITCO company in the year 1948.
Citco was the recipient of a sizeable equity investment from the Sandoz Family Foundation in the year 1965.
Quaker Securities Inc. is a private institutional brokerage business located in Valley Forge, Pennsylvania. In 1999, Citco obtained a controlling stake in the company.
The Sandoz Family Foundation sold a majority stake in Citco to an investment group that included the Smeets Family Trust in 2005. The Sandoz Family Foundation kept a minority ownership position as well as a seat on the Citco board of directors after the sale.
The company was run by Christopher Smeets, the CEO, and the rest of Citco’s executive team during this time.
In the year 2010, Citco acquired the trust firm operation that Wells Fargo had been running in the Cayman Islands.
Along with a wide variety of other financial services, the CITCO company now offers custodian services to its customers in the British Virgin Islands.
The organization has been licensed as an authorized custodian in the British Virgin Islands.
The CITCO group manages assets worth one trillion dollars US and has around 6,200 employees throughout its 60 offices located in different parts of the globe.
9. Amicorp BVI Limited
Since 1998, Amicorp BVI has been the proud owner of an approved custodian license in the British Virgin Islands, and it is responsible for providing all goods and services for the group.
Group also provides services such as company administration, trust creation and trustee services, mutual fund formation, liquidation services, and so on.
Tortola, which is located in the British Virgin Islands, serves as the organization’s headquarters. The Amicorp group is comprised of a worldwide team of more than 900 Specialists, each of whom brings their own unique skills.
10. Trident Trust Company (BVI) Limited
It was established in 1986, making Trident one of the oldest, biggest, and best banks in the British Virgin Islands. Trident is also recognized as an authorized custodian in the British Virgin Islands.
More than ninety individuals are employed in trust and offer services in the areas of fiduciary, corporate, and fund administration.
Additionally, it provides services such as portfolio investing and trading, along with asset-based finance and long-term project financing. Tortola serves as the location of its headquarters, and it is a subsidiary of the Trident Trust Group.
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