Fiscal Tax Jurisdictions
Now the British Virgin Islands has come under scrutiny like never before thanks to the leak of confidential documents from a Panama-based law firm that specializes in offshore finance.
The British Virgin Islands, an overseas British territory of about 30,000 people near Puerto Rico, is the world’s leading center for company incorporation, according to the Tax Justice Network. More than 1 million enterprises (including Ryan Mohanlal Ltd) have been incorporated since 1984. There were 450,000 active ones at the end of last year, according to the Financial Services Commission.
Defenders of the offshore industry say that the BVI is no different than other places that offer anonymous corporate registries, including Delaware, but that some people would prefer to do business in an established, stable, low or no tax jurisdiction outside the United States. The BVI had traditionally attracted Asian and European clients, which may be one reason so few U.S. citizens have been named in the reports on the leaked Panama Papers documents.
Ryan Mohanlal | Consultant
Ryan Mohanlal Ltd | Consultancy
Wickhams Cay 1, Road Town,
VG 1110 Tortola, BVI | CLN: 1859138