Ship Registration in British Virgin Islands

The Virgin Islands, often called the British Virgin Islands (BVI), is a British overseas territory located in the Caribbean to the east of Puerto Rico. The islands make up part of the Virgin Islands archipelago, the remaining islands constituting the U.S. Virgin Islands.

The official name of the country is still simply the "Virgin Islands", but the prefix "British" is often used to distinguish it from the neighbouring American territory which changed its name from the "Danish West Indies" to "Virgin Islands of the United States" in 1917. British Virgin Islands government publications had traditionally continued to commence with "The Territory of the Virgin Islands", and passports simply refer to the "Virgin Islands", but recently, more legislation now refers to the country as the "British Virgin Islands".

The British Virgin Islands consist of the main islands of Tortola, Virgin Gorda, Anegada, and Jost Van Dyke, along with over fifty other smaller islands and cays. About 15 of the islands are inhabited. The capital, Road Town, is situated on Tortola, the largest island, which is approximately 20 km (12 mi) long and 5 km (3 mi) wide. The islands have a population of about 22,000, of whom approximately 18,000 live on Tortola.

The Virgin Islands were first settled by the Arawak from South America around 100 BC (though there is some evidence of Amerindian presence on the islands as far back as 1500 BC). The Arawaks inhabited the islands until the 15th century when they were displaced by the more aggressive Caribs, a tribe from the Lesser Antilles islands, after whom the Caribbean Sea is named.

The first European sighting of the Virgin Islands was by Christopher Columbus in 1493 on his second voyage to the Americas. Columbus gave them the fanciful name Santa Ursula y las Once Mil Vírgenes (Saint Ursula and her 11,000 Virgins), shortened to Las Vírgenes (The Virgins), after the legend of Saint Ursula.

The Spanish Empire claimed the islands by discovery in the early 16th century, but never settled them, and subsequent years saw the English, Dutch, French, Spanish and Danish all jostling for control of the region, which became a notorious haunt for pirates. There is no record of any native Amerindian population in the British Virgin Islands during this period, although the native population on nearby St. Croix was decimated.

The Dutch established a permanent settlement on the island of Tortola by 1648. In 1672, the English captured Tortola from the Dutch, and the English annexation of Anegada and Virgin Gorda followed in 1680. Meanwhile, over the period 1672–1733, the Danish gained control of the nearby islands of St. Thomas, St. John and St. Croix.
The ruins of St Phillip's Church, Tortola, one of the most important historical ruins in the Territory.

The British islands were considered principally a strategic possession, but were planted when economic conditions were particularly favourable. The British introduced sugar cane which was to become the main crop and source of foreign trade, and slaves were brought from Africa to work on the sugar cane plantations. The islands prospered economically until the middle of the Nineteenth Century, when a combination of the abolition of slavery in the Territory, a series of disastrous hurricanes, and the growth in the sugar beet crop in Europe and the United States significantly reduced sugar cane production and led to a period of economic decline.

In 1917, the United States purchased St. John, St. Thomas and St. Croix from Denmark for US$25 million, renaming them the United States Virgin Islands.

The British Virgin Islands were administered variously as part of the British Leeward Islands or with St. Kitts and Nevis, with an Administrator representing the British Government on the Islands. The island gained separate colony status in 1960 and became autonomous in 1967. Since the 1960s, the islands have diversified away from their traditionally agriculture-based economy towards tourism and financial services, becoming one of the wealthiest areas in the Caribbean.

Economical Situation

As an offshore financial centre, the British Virgin Islands enjoys one of the more prosperous economies of the Caribbean region, with a per capita average income of around $38,500 (2004 est.)

The "twin pillars" of the economy are tourism and financial services. Politically, tourism is the more important of the two, as it employs a greater number of people within the Territory, and a larger proportion of the businesses in the tourist industry are locally owned, as are a number of the highly tourism-dependent sole traders (for example, taxi drivers and street vendors). Economically however, financial services associated with the territory's status as an offshore financial centre are by far the more important. 51.8% of the Government's revenue comes directly from licence fees for offshore companies, and considerable further sums are raised directly or indirectly from payroll taxes relating to salaries paid within the trust industry sector (which tend to be higher on average than those paid in the tourism sector).