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Economy and Banking Sector of the British Virgin Islands

Financial Services

Financial sector of the British Virgin Islands is focused on providing the following financial services:

  • offshore banking
  • insurance
  • fund and trust management
  • company administration

Banking Focus

Banks in the British Virgin Islands are mainly focused on the following areas:

  • retail banking
  • business banking
  • universal banking

Banking Supervision

Financial Services Commission

Banking Sector Structure

Number of Banks
7

Currently there are 7 credit institutions operating in British Virgin Islands.

Deposit Guarantee Scheme

Maximum Protected Amount
0 USD

Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.

From a depositor's point of view it is important to know:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

Although there is no deposit guarantee scheme in the British Virgin Islands, the Government of the British Virgin Islands acknowledged the need to offer some level of security to depositors. In May 2016, the Virgin Islands Deposit Insurance Act 2016 (VIDIC Act) providing necessary framework was published. The implementation of the deposit insurance system is designed to protect at least savings of domestic depositors in the Territory.