HONG KONG -- In a recent interview with popular business publication, ‘AsianInvestor’, premier of the British Virgin Islands, Dr Orlando Smith, said BVI structures are easy to manage, reliable and cost effective.
The premier is presently in Hong Kong for the opening of the BVI office, which is expected to promote the interests of the BVI in both financial services and tourism.
Premier Dr Orlando Smith
In explaining the BVI’s focus on the Asia-Pacific region, Smith was quoted in the September 4 article as saying, “There’s a lot of demand for trust structures across Asia, where the number of high-net-worth individuals is growing faster than other regions in the world, including Europe and North America.”
He continued, “It naturally follows that the people with the most wealth will want to manage it more effectively.”
The article quoted premier as stating: “Interest is rising among rich Chinese and Southeast Asians in setting up trusts to pass on their wealth to the next generation.”
Smith also highlighted that the BVI sources 40 percent of its financial services business from Asia.
In his August 30 press briefing in the BVI, the premier told the press, “The establishment of the Hong Kong Office will allow the BVI here at home to have a physical presence in the Far East, to obtain information in real time, and to better liaise and collaborate with financial services industry partners with offices in that jurisdiction.”