In the BVI you probably can’t go one day without hearing the term ‘financial services’ and as much as it is talked about, many people still have a hard time understanding what it is and how it affects our Territory.
Generally speaking, financial services are the services which allow people to manage and invest their money. This includes every type of money-related business you can think of from banks like CIBC First Caribbean to insurance companies like Nagico and trust companies like Blenheim Trust. However, in places like the BVI, when you hear the term financial services, you’re most likely talking about the international financial services industry.
All over the world, countries are coming together to form one big global economy and offshore financial services are the tools that make it easier to conduct business across international borders. In addition, the offshore financial services industry also provides many opportunities to help investors manage their wealth and as a result, it has now become a very important part of the global economy.