The territory’s financial services industry has enjoyed a breakthrough year in rising global powerhouse India, according to the government.
A 12-month-long push into the country, which recently overtook the United Kingdom to become the word’s fifth biggest economy, has led to “landmark” results, according to Financial Services and Economic Development Junior Minister Lorna Smith.
“India’s economic scale, entrepreneurial depth and increasing global integration make it an important partner for the future.”
The junior minister added that deepening ties with India will boost the territory’s international standing.
“Our engagement is focused on ensuring that the BVI remains a well-regulated and internationally respected jurisdiction that can support legitimate cross-border investment, innovation and wealth creation,” she said.
Year-long push
Over the past year, she added, the government and the VI industry have worked together to engage Indian financial centres including New Delhi, Mumbai and Gujarat.
The drive — which was was led by Ricardo Wheatley, the head of the VI government’s representative office in Hong Kong — focused on strengthening contacts with senior government officials, regulators and business leaders across the subcontinent.
“India is entering a phase of sustained outbound investment and international financial integration,” Mr. Wheatley said.
“Our objective is to ensure that the Virgin Islands is well positioned as a trusted, neutral and globally connected jurisdiction to support Indian institutions, entrepreneurs and investors as they expand internationally.”
December trip
As part of the push, government delegates met with leaders from global professional services firms; financial institutions; corporate service providers; the venture capital and private investment communities; and chambers of commerce and industry associations.
Mr. Wheatley said government will build on the contacts made in 2026 as part of a wider international outreach programme.
The government is also seeking to open a representative office in Panama to tap into the Latin American market for financial services in the future.