British Virgin Islands targets rich mainland Chinese
Territory wants to attract those seeking helpin succession planning and setting up trusts
The British Virgin Islands aims to win more business from wealthy mainland Chinese and is adjusting its services in the face of the crackdown on corruption in China and the global move towards greater transparency, the islands' premier said.
Through its office in Hong Kong, BVI hoped to persuade wealthy Chinese to use its services, Orlando Smith told the South China Morning Post yesterday.
Smith was in Hong Kong to celebrate the first anniversary of its Asian investment promotion headquarters, BVI House Asia.
Smith said the number of high-net-worth individuals was rapidly increasing in China. "It will be to our and China's benefit to offer financial services for high-net-worth individuals in China," he said.
Michael Gagie, a partner at Maples and Calder, an international law firm, said: "We have seen a marked increase in the number of [Chinese] entrepreneurs and high-net-worth individuals seeking advice on succession planning and trust structuring using BVI trusts. There is every reason to expect an increase in the use of BVI companies and trusts in wealth planning in China."
Insisting the BVI only wants legitimate money, he said the push for greater transparency was "a worldwide phenomenon of which we must be part of. So we are making adjustments".