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BVI legislation may cause an exodus of IFA firms

Legislation has been introduced in the BVI which could force many international IFA firms to move.


The Securities and Investment Business Act 2010 (SIBA) was passed in May and brought into force in November last year.

It requires investment firms domiciled in the BVI to obtain a licence from the regulator, the Financial Services Commission (FSC), even if the company’s investment activity is conducted outside the BVI.

The BVI is commonly used as a tax domicile for international IFA firms and it is thought many will be affected by the law.

To monitor the implementation of the Act, the FSC last month created a special oversight body, the Securities, Investment Business and Mutual Funds Advisory Committee.

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