Modern Economy
On August 22, 2007 His Excellency the Governor Mr. David Pearey appointed Honourable Ralph Telford O'Neal, OBE as the first Premier of the British Virgin Islands. Previously, the National Democratic Party, in power 2003-2007 promoted its Legislative agenda entitled "Empowering the People," a four-year plan committing the new Government to delivering a sound economy, state-of-the-art health care, upgraded social services, a world-class education system, 'government in the sunshine' and improved communications.

The territory's priorities include conservation of the environment and the development of agriculture and fisheries, while the territory's present prosperity is based on the twin bedrocks of tourism and offshore financial services. There are now about 500,000 international business companies registered in the BVI, some 45 percent of the world's market. The recently formed independent Financial Services Commission regulates all financial operations in the territory, including offshore companies, banks, trusts and insurance. A new law allowing the British Virgin Islands to register merchant ships was passed in 2001 and this is also expected to generate revenue.

The 23,000 inhabitants counted in the last census in 2000 included a high percentage of immigrants, for the BVI is fast becoming a melting pot of nationalities and cultures. About 80 percent of Virgin Islanders are of mainly African ancestry, the remainder being of European, Arab and Asian descent. This vibrant economy has attracted intellectual, capital and skilled labour from the Caribbean and beyond. One noticeable sign of this is the rise in the use of Spanish, much of it spoken by descendants of BVI residents who migrated to the Dominican Republic in the early 1900s in search of work. The tide has now been reversed.

Explore the British Virgin Islands and see for yourself why our island paradise is dubbed Nature's Little Secrets.

Book your hotel, plan your trip or wedding in the British Virgin Islands now. Book direct and save!