From GIFT City to global finance: British Virgin Islands pitches trade ties with India

The British Virgin Islands wants to deepen its financial and trade ties with India and is pitching itself as a gateway for Indian businesses looking to expand overseas.

Premier and Finance Minister Natalio D Wheatley is in India leading the territory’s first trade mission and dedicated roadshow, aimed at building ties between its financial services industry and Indian markets.

"This is the BVI's first trade mission and dedicated roadshow to engage India's financial services agencies and markets, reflecting our ambition to deepen cooperation between our financial services sectors," Wheatley said at an event hosted by the Society of Indian Law Firms.

Focus On Financial Services

The British Virgin Islands comprises more than 40 Caribbean islands and islets. Its economy is driven by financial services and luxury tourism, and it has one of the highest GDP per capita rates in the Caribbean.

The territory is also a major international offshore hub. Its flexible regulations and zero-tax corporate regime have attracted a large number of global companies.

Wheatley said BVI financial services have already supported Indian companies investing overseas.

"As Indian businesses increasingly expand globally and investors look overseas to invest and raise capital, we believe the BVI can play an even greater role in supporting India's financial architecture and cross-border trade," he said.

He said the BVI now wants to build a "lasting and strategic partnership" with India.

BVI-India Investment Corridor

Wheatley said the BVI's corporate framework, common law legal system, and professional services sector could help Indian businesses with overseas expansion and fundraising.

The territory also wants to bring more Indian legal practitioners into its global network.

"We also want to bring more Indian legal practitioners into our global network and build partnerships with institutions, including GIFT City, towards a dedicated BVI-India investment corridor and gateway," he said.

The Premier said the effort was aimed at strengthening ties as India works towards becoming a developed nation by 2047. "Our purpose is to refresh a decades-old friendship, strengthen existing ties, and build new value together as India advances towards becoming a developed nation by 2047," Wheatley said.

Legal Framework For Global Trade

SILF President Lalit Bhasin said closer cooperation would require a legal framework suited to an increasingly connected global economy. "The visit of the delegation of the Government of the British Virgin Islands is a timely step towards this goal," he said.

Bhasin said the delegation’s visit highlighted the need for greater mutual economic cooperation between India and the BVI.

Lorna Smith, the BVI's Minister for Financial Services, Economic Development and Digital Transformation, said the territory's delegation reflected the global reach of its financial services industry.

"Our delegation brings together government and the private sector, with BVI-linked firms and professionals operating across jurisdictions including Switzerland, Dubai, Panama, Hong Kong, and Mauritius, reflecting the truly global nature of the BVIs' financial services ecosystem," she said.