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BVI's Foreign Investment Fourth Highest Globally In 2013

Clicks :52812014-03-26 00:00:00 Source: China Offshore

According to statistics released recently by UNCTAD (United Nations Conference on Trade and Development), the British Virgin Islands received more foreign investment last year than India and Brazil combined. In 2013, the Caribbean territory, home to close to 27,000 people, recorded USD 92bn in foreign direct investment. The figure ranks fourth highest in the world, with the United States topping the list with (USD 159bn), China (USD127bn) and Russia (USD94bn). Brazil and India had foreign direct investment of USD63bn and USD28bn, respectively. The British Virgin Islands’ FDI in 2013 is a representation of a 40% increase in comparison to the previous year. However, James Zhan, the director of UNCTAD’s investment and enterprise division highlighted that in the BVI’s case most of the money from foreign investors was transferred in and out of the country quickly, in contrast to most other countries, where the FDI mainly goes into new acquisitions and projects. Mr. Zhan pointed out that BVI’s growth in foreign investment is likely to decline due to efforts of enforcing greater tax transparency by the G20 nations. In the BVI, there exists no taxation on capital gains or capital transfers, no sales tax or Value Added Tax.
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