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British Virgin Islands Business Guide

  • Geography
  • People and Society
  • Government
  • Economy
  • Energy
  • Communications
  • Transportation
  • Military
  • Transnational Issues

    • Geography


    Location:
    Caribbean, between the Caribbean Sea and the North Atlantic Ocean, east of Puerto Rico


    Geographic coordinates:
    18 30 N, 64 30 W


    Map references:
    Central America and the Caribbean


    Area:
    total:151 sq kmcountry comparison to the world: 220
    land:151 sq km
    water:0 sq km
    note:comprised of 16 inhabited and more than 20 uninhabited islands; includes the islands of Tortola, Anegada, Virgin Gorda, Jost van Dyke


    Area - comparative:
    about 0.9 times the size of Washington, DC


    Land boundaries:
    territorial sea:3 nm
    exclusive fishing zone:200 nm


    		    Climate:
    subtropical; humid; temperatures moderated by trade winds


    Terrain:
    coral islands relatively flat; volcanic islands steep, hilly


    Elevation extremes:
    lowest point:Caribbean Sea 0 m
    highest point:Mount Sage 521 m


    Natural resources:
    NEGL


    Land use:
    arable land:6.67%
    permanent crops:6.67%
    other:86.67% (2011)


    Irrigated land:
    NA


    Natural hazards:
    hurricanes and tropical storms (July to October)


    Environment - current issues:
    limited natural freshwater resources except for a few seasonal streams and springs on Tortola; most of the islands' water supply comes from wells and rainwater catchments


    Geography - note:
    strong ties to nearby US Virgin Islands and Puerto Rico


    People and Society


    Nationality:
    noun: British Virgin Islander(s)
    adjective:British Virgin Islander


    Ethnic groups:
    black 82%, white 6.8%, other 11.2% (includes Indian and mixed) (2008)


    Languages:
    English (official)


    Religions:
    Protestant 84% (Methodist 33%, Anglican 17%, Church of God 9%, Seventh-Day Adventist 6%, Baptist 4%, other 15%), Roman Catholic 10%, Jehovah's Witnesses 2%, other 2%, none 2% (1991)


    Population:
    32,680 (July 2014 est.)country comparison to the world: 216


    Age structure:
    0-14 years:17.2% (male 2,770/female 2,861)
    15-24 years:14.5% (male 2,252/female 2,472)
    25-54 years:49.8% (male 7,697/female 8,574)
    55-64 years:10.6% (male 1,709/female 1,763)
    65 years and over:7.6% (male 1,258/female 1,324) (2014 est.)


    Median age:
    total:35.6 years
    male:35.5 years
    female:35.7 years (2014 est.)


    Population growth rate:
    2.36% (2014 est.)country comparison to the world: 36


    Birth rate:
    10.83 births/1,000 population (2014 est.)country comparison to the world: 180


    Death rate:
    4.93 deaths/1,000 population (2014 est.)country comparison to the world: 191


    Net migration rate:
    17.69 migrant(s)/1,000 population (2014 est.)country comparison to the world: 4


    Urbanization:
    urban population:40.6% of total population (2011)
    rate of urbanization:1.48% annual rate of change (2010-15 est.)


    Major urban areas - population:
    ROAD TOWN (capital) 10,000 (2011)


    Sex ratio:
    at birth:1.05 male(s)/female
    0-14 years:0.97 male(s)/female
    15-24 years:0.91 male(s)/female
    25-54 years:0.9 male(s)/female
    55-64 years:0.92 male(s)/female
    65 years and over:0.95 male(s)/female
    total population:0.93 male(s)/female (2014 est.)


    		    Infant mortality rate:
    total:13.45 deaths/1,000 live birthscountry comparison to the world: 118
    male:15.31 deaths/1,000 live births
    female:11.49 deaths/1,000 live births (2014 est.)


    Life expectancy at birth:
    total population:78.29 yearscountry comparison to the world: 57
    male:76.99 years
    female:79.66 years (2014 est.)


    Total fertility rate:
    1.25 children born/woman (2014 est.)country comparison to the world: 219


    Drinking water source:
    improved:
    urban: 98% of population
    rural: 98% of population
    total: 98% of population
    unimproved:
    urban: 2% of population
    rural: 2% of population
    total: 2% of population (2010 est.)


    Sanitation facility access:
    improved:
    urban: 97.5% of population
    rural: 97.5% of population
    total: 97.5% of population
    unimproved:
    urban: 2.5% of population
    rural: 2.5% of population
    total: 2.5% of population (2012 est.)


    HIV/AIDS - adult prevalence rate:
    NA


    HIV/AIDS - people living with HIV/AIDS:
    NA


    HIV/AIDS - deaths:
    NA


    Education expenditures:
    4.4% of GDP (2010)country comparison to the world: 96

    Literacy:
    definition:age 15 and over can read and write
    total population:97.8%
    male:NA
    female:NA (1991 est.)


    School life expectancy (primary to tertiary education):
    total:15 years
    male:15 years
    female:16 years (2009)

    Government


    Country name:
    conventional long form: none
    conventional short form:British Virgin Islands
    abbreviation:BVI


    Dependency status:
    overseas territory of the UK; internal self-governing


    Government type:
    NA


    Capital:
    name:Road Town
    geographic coordinates:18 25 N, 64 37 W
    time difference:UTC-4 (1 hour ahead of Washington, DC, during Standard Time)


    Administrative divisions:
    none (overseas territory of the UK)


    Independence:
    none (overseas territory of the UK)


    National holiday:
    Territory Day, 1 July (1956)


    Constitution:
    several previous; latest effective 15 June 2007 (2007)


    Legal system:
    English common law


    Suffrage:
    18 years of age; universal


    Executive branch:
    chief of state:Queen ELIZABETH II (since 6 February 1952); represented by Governor Boyd MCCLEARY (since 20 August 2010)
    head of government:Premier Orlando SMITH (since 9 November 2011)
    cabinet:Executive Council appointed by the governor from members of the House of Assembly
    elections:the monarchy is hereditary; governor appointed by the monarch; following legislative elections, the leader of the majority party or the leader of the majority coalition usually appointed premier by the governor


    Legislative branch:
    unicameral House of Assembly (13 elected seats, a speaker elected by the 13 members of the House of Assembly, and 1 non-voting ex officio member in the attorney general; members are elected by direct popular vote, 1 member from each of nine electoral districts, 4 at-large members; members serve four-year terms)
    elections:last held on 7 November 2011 (next to be held in 2015)
    election results:percent of vote by party - NDP 49.4%, VIP 42%, other 8.6%; seats by party - NDP 9, VIP 4


    		    Judicial branch:
    highest court(s):the Eastern Caribbean Supreme Court (ECSC) is the itinerant superior court of record for the 9-member Organization of Eastern Caribbean States to include the British Virgin Islands; the ECSC - with its headquarters on St. Lucia - is headed by the chief justice and is comprised of the Court of Appeal with 3 justices and the High Court with 16 judges; sittings of the Court of Appeal and High Court rotate among the 9 member states; 3 High Court judges reside in member states; 3 High Court judges reside on the British Virgin Islands
    judge selection and term of office:Eastern Caribbean Supreme Court chief justice appointed by Her Majesty, Queen ELIZABETH II; other justices and judges appointed by the Judicial and Legal Services Commission; Court of Appeal justices appointed for life with mandatory retirement at age 65; High Court judges appointed for life with mandatory retirement at age 62
    subordinate courts:Magistrates' Courts


    Political parties and leaders:
    Concerned Citizens Movement or CCM [Ethlyn SMITH]; National Democratic Party or NDP [Orlando SMITH]; United Party or UP [Gregory MADURO]; Virgin Islands Party or VIP [Ralph T. O'NEAL]

    Political pressure groups and leaders:
    The Family Support Network; The Women's Desk


    International organization participation:
    Caricom (associate), CDB, Interpol (subbureau), IOC, OECS, UNESCO (associate), UPU


    Diplomatic representation in the US:
    note:as a territory of the United Kingdom, 'God Save the Queen' is official (see United Kingdom)


    Economy


    Economy - overview:
    The economy, one of the most stable and prosperous in the Caribbean, is highly dependent on tourism generating an estimated 45% of the national income. More than 934,000 tourists, mainly from the US, visited the islands in 2008. In the mid-1980s, the government began offering offshore registration to companies wishing to incorporate in the islands, and incorporation fees now generate substantial revenues. Roughly 400,000 companies were on the offshore registry by yearend 2000. The adoption of a comprehensive insurance law in late 1994, which provides a blanket of confidentiality with regulated statutory gateways for investigation of criminal offenses, made the British Virgin Islands even more attractive to international business. Livestock raising is the most important agricultural activity; poor soils limit the islands' ability to meet domestic food requirements. Because of traditionally close links with the US Virgin Islands, the British Virgin Islands has used the US dollar as its currency since 1959.


    GDP (purchasing power parity):
    $500 million (2010 est.)
    country comparison to the world: 215

    GDP (official exchange rate):
    $1.095 billion (2008)


    GDP - real growth rate:
    1.3% (2010 est.)
    country comparison to the world: 169
    -0.6% (2008 est.)


    GDP - per capita (PPP):
    $42,300 (2010 est.)
    country comparison to the world: 23

    GDP - composition, by end use:
    household consumption:34.1%
    government consumption:8.3%
    investment in fixed capital:23.7%
    investment in inventories:0%
    exports of goods and services:107.8%
    imports of goods and services:-73.9%
    (2013 est.)


    GDP - composition, by sector of origin:
    agriculture:1.1%
    industry:11.7%
    services:87.2% (2013 est.)


    Agriculture - products:
    fruits, vegetables; livestock, poultry; fish


    Industries:
    tourism, light industry, construction, rum, concrete block, offshore banking center


    Industrial production growth rate:
    3% (2013 est.)
    country comparison to the world: 103

    		    Labor force:
    12,770 (2004)
    country comparison to the world: 214


    Labor force - by occupation:
    agriculture:0.6%
    industry:40%
    services:59.4% (2005)


    Unemployment rate:
    8.7% (2010 est.)
    country comparison to the world: 96

    Population below poverty line:
    NA%


    Household income or consumption by percentage share:
    lowest 10%:NA%
    highest 10%:NA%


    Budget:
    revenues:$300 million
    expenditures:$300 million (2013 est.)


    Taxes and other revenues:
    27.4% of GDP (2013 est.)
    country comparison to the world: 107

    Budget surplus (+) or deficit (-):
    0% of GDP (2013 est.)
    country comparison to the world: 44


    Fiscal year:
    1 April - 31 March


    Inflation rate (consumer prices):
    1.6% (2013 est.)
    country comparison to the world: 45
    2.2% (2012 est.)


    Current account balance:
    $362.6 million (2010 est.)
    country comparison to the world: 54
    $279.8 million (2010 est.)


    Exports:
    $26 million (2012 est.)
    country comparison to the world: 203
    $25 million (2011 est.)


    Exports - commodities:
    rum, fresh fish, fruits, animals; gravel, sand


    Imports:
    $310 million (2012 est.)
    country comparison to the world: 198
    $320 million (2011 est.)


    Imports - commodities:
    building materials, automobiles, foodstuffs, machinery


    Debt - external:
    $36.1 million (1997)
    country comparison to the world: 194

    Exchange rates:
    the US dollar is used

    Energy


    Electricity - production:
    50 million kWh (2010 est.)
    country comparison to the world: 207


    Electricity - consumption:
    46.5 million kWh (2010 est.)
    country comparison to the world: 207


    Electricity - exports:
    0 kWh (2012 est.)
    country comparison to the world: 210


    Electricity - imports:
    0 kWh (2012 est.)
    country comparison to the world: 213


    Electricity - installed generating capacity:
    44,000 kW (2010 est.)
    country comparison to the world: 192


    Electricity - from fossil fuels:
    100% of total installed capacity (2010 est.)
    country comparison to the world: 39


    Electricity - from nuclear fuels:
    0% of total installed capacity (2010 est.)
    country comparison to the world: 200


    Electricity - from hydroelectric plants:
    0% of total installed capacity (2010 est.)
    country comparison to the world: 206


    Electricity - from other renewable sources:
    0% of total installed capacity (2010 est.)
    country comparison to the world: 137


    Crude oil - production:
    0 bbl/day (2012 est.)
    country comparison to the world: 142


    Crude oil - exports:
    0 bbl/day (2010 est.)
    country comparison to the world: 202


    Crude oil - imports:
    0 bbl/day (2010 est.)
    country comparison to the world: 138


    		    Crude oil - proved reserves:
    0 bbl (1 January 2013 est.)
    country comparison to the world: 203


    Refined petroleum products - production:
    0 bbl/day (2010 est.)
    country comparison to the world: 206


    Refined petroleum products - consumption:
    1,000 bbl/day (2011 est.)
    country comparison to the world: 202


    Refined petroleum products - exports:
    0 bbl/day (2010 est.)
    country comparison to the world: 142


    Refined petroleum products - imports:
    773 bbl/day (2010 est.)
    country comparison to the world: 199


    Natural gas - production:
    0 cu m (2011 est.)
    country comparison to the world: 205


    Natural gas - consumption:
    0 cu m (2010 est.)
    country comparison to the world: 205


    Natural gas - exports:
    0 cu m (2011 est.)
    country comparison to the world: 203


    Natural gas - imports:
    0 cu m (2011 est.)
    country comparison to the world: 145


    Natural gas - proved reserves:
    0 cu m (1 January 2013 est.)
    country comparison to the world: 204


    Carbon dioxide emissions from consumption of energy:
    147,200 Mt (2011 est.)


    Communications


    Telephones - main lines in use:
    12,268 (2012)
    country comparison to the world: 199


    Telephones - mobile cellular:
    48,700 (2012)
    country comparison to the world: 202


    Telephone system:
    general assessment:good overall telephone service
    domestic:fixed line connections exceed 80 per 100 persons and mobile cellular subscribership is roughly 150 per 100 persons
    international:country code - 1-284; connected via submarine cable to Bermuda; the East Caribbean Fiber System (ECFS) submarine cable provides connectivity to 13 other islands in the eastern Caribbean (2011)



    		    Broadcast media:
    1 private TV station; multi-channel TV is available from cable and satellite subscription services; about a half dozen private radio stations (2007)


    Internet country code:
    .vg


    Internet hosts:
    505 (2012)
    country comparison to the world: 182


    Internet users:
    4,000 (2002)
    country comparison to the world: 207


    Transportation


    Airports
    4 (2013)
    country comparison to the world: 190


    Airports - with paved runways
    total:2
    914 to 1,523 m:1
    under 914 m:1 (2013)


    Airports - with unpaved runways
    total:2
    914 to 1,523 m:2 (2013)


    		    Roadways
    total:200 kmcountry comparison to the world: 208
    paved:200 km (2007)


    Ports and terminals
    seaport(s):Road Harbor

    Military


    Manpower available for military service
    males age 16-49:6,057
    females age 16-49:5,805 (2010 est.)


    Manpower reaching militarily significant age annually
    male:168
    female:162 (2010 est.)


    		    Military - note
    defense is the responsibility of the UK

    Transnational Issues


    Disputes - international
    none


    		    Illicit drugs
    transshipment point for South American narcotics destined for the US and Europe; large offshore financial center makes it vulnerable to money laundering

    Information provided by CIA - The World Fact Book

     

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