Located in the Eastern Caribbean region, the British Virgin Islands (“BVI”) is a British Overseas territory consisting of 60 islands surrounded by pristine turquoise waters. The jurisdiction is also recognised as a major offshore financial centre and is home to the offices of numerous international law firms.
‘The British Virgin Islands (BVI) is a key jurisdiction for both offshore investment fund formations and foreign direct investments, and company license fees remain a notable source of work for firms, with 45% of the globe’s offshore companies formed in the territory.’ – The Legal500
The BVI is a common law jurisdiction and many of the corporate and commercial focused legislations and regulations resemble their English counterparts. The Civil Procedure Rules are also very similar to those of England & Wales. As such, lawyers admitted within the UK are automatically eligible for admission in the BVI once they have secured employment.
The quality of work generally tends to be very high on both contentous and transactional sides, and many of the lawyers working within the jurisdiction come from top UK law firms.
Whilst the jurisdiction has a reputation for better work-life balance than the onshore legal industry, lawyers are still challenged. They balance a high volume, usually of local counsel matters, and advise on highly technical points of law. Junior lawyers tend to have higher levels of interaction with their clients, and they are also encouraged to take on more responsibility from earlier stages.
The busiest practice areas are Corporate, Investment Funds, Finance, Private Wealth, Litigation and Insolvency. Law firms tend to recruit from 1+ PQE upwards, imposing fewer limitations than the Cayman Islands and Bermuda for junior lawyers who want to enjoy life in the Caribbean.
The lifestyle available in the BVI is a major attraction for legal and financial services professionals. Similar to the rest of the Caribbean, the climate is continuously warm throughout the year. The temperature ranges between the low 20s and the low thirties and the islands benefit from year round sunshine. There is tonnes of history and an endless array of natural beauty in the mountains, unspoilt coastlines and beaches and crystal clear ocean waters. It has a world class reputation for water sports, diving and sailing.
With the BVI comprising of 60 islands and islets, expatriates could often find themselves on weekends sailing island-to-island, exploring the amenities and attractions on each.
The islands’ population is approximately 32,000 and there is a communitive feel within the population which is unlikely in major cities. Tortola is the most populated island (and where law firms are based), and there are plenty of bars, restaurants and general recreational facitilities to enjoy a pleasant and sociable lifestyle.
Salaries in the BVI tend to be lower than those in the Cayman Islands and Bermuda, but after cost-of-living considerations, they can weigh up around the same. On top of salaries, law firms offer health benefits and relocation assistance (including temporary accommodation upon arrival).
A 1 PQE lawyer could expect a starting salary of around US$100-120,000, and a 5 PQE lawyer could expect around US$140,000-175,000.
A payroll tax of 8% is paid by employees, but the first $10,000 of earnings is tax-free.
There is usually a wide range of accommodation available in Tortola. As a general guide, you should expect to pay around US$2,000-3,500 for a modern, simple two-bedroom apartment with good amenities. Lawyers often find themselves living in the hills with an ocean view, a pool, and within reasonable commuting distance of the office.
It is a requirement for all non-BVI citizens to have work permits, which are usually issued for a two-year period. In order to obtain a work permit, your employer must show the authorities that they were unable to find a suitable local candidate (this is often the case with lawyers).
The work permit application process is usually straightforward, and a decision is typically made within a few weeks. Spouses can accompany and live with you as your dependents, and they can also apply for a work permit. However, unmarried partners accompanying a worker must apply separately.
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