BVI ranked world’s top corporate tax haven

TORTOLA, British Virgin Islands, Nov. 7, CMC – The British Virgin Islands (BVI) is facing renewed scrutiny after being ranked the world’s leading corporate tax haven by global watchdog Tax Justice Network (TJN). The organisation’s latest Corporate Tax Haven Index places the BVI first, followed by the Cayman Islands and Bermuda in second and third positions, respectively.

TJN stressed that a high ranking does not necessarily indicate illegal activity. Instead, it said the index measures how easily multinational corporations can exploit tax rules to shift profits and reduce their tax obligations elsewhere. Other Caribbean jurisdictions on the list include the Bahamas, ranked 11th, Curaçao at 29th, Anguilla at 34th, the Turks and Caicos Islands at 37th and Aruba at 52nd.

The organisation also claims that the United Kingdom and its offshore jurisdictions account for 31 per cent of global corporate tax abuse risks, costing European Union countries an estimated eight billion euros annually. The findings come amid continued pressure from Britain for its Overseas Territories to strengthen financial transparency, particularly through public access to company ownership information.

In April, the BVI introduced a system allowing qualified applicants to request beneficial ownership information, rather than making its entire register publicly accessible. BVI authorities have defended the arrangement, citing privacy, security and constitutional concerns. Follow The Gleaner on X, formerly Twitter, and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica.

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