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List of
Banks in the Caribbean
List of Banks in Virgin Islands (British)
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. British Virgin Islands government publications had
traditionally continued to commence with "The Territory of the Virgin
Islands", but recently, more legislation now simply refers to the
Territory as the "British Virgin Islands". [note 1]
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. Approximately fifteen 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 total population of about 22,000, of whom
approximately 18,000 live on Tortola.
Banco Popular
Address: Main St, Road Town
Mailing Address: P.O. Box 67
Phone: (1-284) 494-2117
Fax: (1-284) 494-5294
Chase Manhattan Bank The
Address: Wickhams Cay 1 , Road Town
Mailing Address: P.O. Box 435
Phone: (1-284) 494-2662
Fax: (1-284) 494-5106
Citco Bank (B.V.I.) Limited
Address: Citco Building, Wickams Cay
Mailing Address: P.O. Box 662
Phone: (1-284) 494-7456
Fax: (1-284) 494-5727
D I S A Bank Ltd.
Address: Omar Honge Building Wickhams Cay 1, Road Town
Mailing Address: P.O. Box 985
Phone: (1-284) 494-6036
Fax: (1-284) 494-4980
FirstCaribbean International Bank Ltd.
Address: Wickhams Cay 1, Road Town
Mailing Address: P.O. Box 70
Phone: (1-284) 494-2171
Fax: (1-284) 494-7405
FirstCaribbean International Bank Ltd.
Address: The Valley
Phone: (1-284) 495-5217
Fax: (1-284) 495-5163
Rathbone Bank Limited
Address: Geneva Place 3rd Waterfront Dr, Road Town
Mailing Address: P.O. Box 986
Phone: (1-284) 494-6544
Fax: (1-284) 494-6532
History
Main article: History of the British Virgin Islands
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 fifteenth 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
sixteenth 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. Some Carib Amerindians still live on nearby Saint Croix.
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 1800s, 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.
Separate colony status was gained for the Islands in 1960 and the
Islands 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.
Geography
Map of British Virgin Islands
Scenery of Tortola.Main article: Geography of the British Virgin Islands
The British Virgin Islands comprise around sixty tropical Caribbean
islands, ranging in size from the largest, Tortola 20 km (12 mi) long
and 5 km (3 mi) wide, to tiny uninhabited islets. They are located in
the Virgin Islands archipelago, a few miles east of the U.S. Virgin
Islands. The North Atlantic Ocean lies to the north of the islands, and
the Caribbean Sea lies to the south. Most of the islands are volcanic in
origin and have a hilly, rugged terrain. Anegada is geologically
distinct from the rest of the group and is a flat island composed of
limestone and coral.
In addition to the four main islands of Tortola, Virgin Gorda, Anegada,
and Jost Van Dyke, other islands include:
Beef Island
Cooper Island
Ginger Island
Great Camanoe
Great Thatch
Guana Island
Little Thatch (Owned by John and Jill Maynard)
Mosquito Island (Owned by Richard Branson)
Necker Island (Owned by Richard Branson)
Norman Island
Peter Island
Salt Island
Prickly Pear
Eustatia
Saba Rock
Frenchman's Cay
Nanny Cay
Scrub Island
Sandy Cay
Green Cay
Sandy Spit
Little Jost Van Dyke
Great & Little Tobago
The Dogs
See also Islands of the British Virgin Islands.
Climate
Main article: Climate of the British Virgin Islands
The British Virgin Islands enjoy a tropical climate, moderated by trade
winds. Temperatures vary little throughout the year. In the capital,
Road Town, typical daily maxima are around 32 °C (89.6 °F) in the summer
and 29 °C (84.2 °F) in the winter. Typical daily minima are around 24 °C
(75.2 °F) in the summer and 21 °C (69.8 °F) in the winter. Rainfall
averages about 1,150 mm (45.3 in) per year, higher in the hills and
lower on the coast. Rainfall can be quite variable, but the wettest
months on average are September to November and the driest months on
average are February and March. Hurricanes occasionally hit the islands,
with the hurricane season running from June to November.
Politics
Main article: Politics of the British Virgin Islands
Legislative Council building in Road Town. The High Court sits
upstairs.Executive authority in British Virgin Islands is invested in
The Queen and is exercised on her behalf by the Governor of the British
Virgin Islands. The Governor is appointed by the Queen on the advice of
the British Government. Defence and Foreign Affairs remain the
responsibility of the United Kingdom.
A new constitution was adopted in 2007 (the Virgin Islands Constitution
Order, 2007) and came into force when the Legislative Council was
dissolved for the 2007 general election. The Head of Government under
the new constitution is the Premier (prior to the new constitution the
office was referred to as Chief Minister), who is elected in a general
election along with the other members of the ruling government as well
as the members of the opposition. A Cabinet is nominated by the Premier
and appointed by the Governor. The Legislature consists of the Queen
(represented by the Governor) and a unicameral House of Assembly made up
of 13 elected members plus the Speaker and the Attorney-General.
The current Governor is David Pearey (since 2006). The current Premier
is Ralph T. O'Neal (since 22 August 2007).
Subdivisions
Main article: Districts of the British Virgin Islands
Economy
Road Town, Tortola, British Virgin IslandsMain article: Economy of the
British Virgin Islands
As a tax haven, the British Virgin Islands enjoys one of the more
prosperous economies of the Caribbean region, with a per capita GDP 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 (e.g. taxi drivers
and street vendors). Economically however, financial services associated
with the territory's tax haven status 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).
Tourism accounts for 45% of national income. The islands are a popular
destination for U.S. citizens. In 2006 a total of 825,603 people visited
the islands (of whom 443,987 were cruise ship passengers). Tourists
frequent the numerous white sand beaches, visit The Baths on Virgin
Gorda, snorkel the coral reefs near Anegada, or experience the
well-known bars of Jost Van Dyke. The BVI are known as one of the
world's greatest sailing destinations, and charter sailboats are a very
popular way to visit less accessible islands. Every year since 1972 the
BVI has hosted the Spring Regatta, which is a seven-day collection of
sailing races throughout the islands. A substantial number of the
tourists who visit the BVI are cruise ship passengers, although they
produce far lower revenue per head than charter boat tourists and hotel
based tourists. They are nonetheless important to the substantial (and
politically important) taxi driving community.
Substantial revenues are also generated by the registration of offshore
companies. As of June 2008, 823,502 companies were so registered (of
which 445,865 were 'active'). In 2000 KPMG reported in its survey of
offshore jurisdictions for the United Kingdom government that over 41%
of the world's offshore companies were formed in the British Virgin
Islands. Since 2001, financial services in the British Virgin Islands
have been regulated by the independent Financial Services Commission.
While at one time the BVI was well regarded as a good domicile for
captive insurance services, this changed beginning in recent years with
the change of insurance regulators in 2007 and the government's
increasing pressure to hire only locals ("belongers") in the insurance
industry. Official reports from the Financial Services Commission
reflect as of June 30, 2010 only 207 captives in the BVI. Informed
sources report that the actual number is closer to 100, with the 50%
decline over the last four years attributable to the lack of ability
within the FSC in administering insurance companies. Beginning in 2008
there was a mass exodus of captives for better staffed jurisdictions
like Anguilla.
Agriculture and industry account for only a small proportion of the
islands' GDP. Agricultural produce includes fruit, vegetables, sugar
cane, livestock and poultry, and industries include rum distillation,
construction and boatbuilding.
Since 1959, the official currency of the British Virgin Islands has been
the US dollar, also used by the United States Virgin Islands.
The British Virgin Islands are a major target for drug traffickers, who
use the area as a gateway to the United States. According to the Foreign
& Commonwealth Office, "Problems associated with drug trafficking are
potentially the most serious threat to stability in the BVI".
Demographics
Main article: Demographics of the British Virgin Islands
The population of the Islands is around 21,730 in 2003. The majority of
the population (83%) are Afro-Caribbean, descended from the slaves
brought to the islands by the British. Other large ethnic groups include
those of British and other European origin.
The 2004 census reports:
83.4% Black
7% White
9.6% Others*
* includes Indian , Carib Amerindian and mixed
The islands are predominantly Protestant Christian (86%). The largest
individual Christian denominations are Methodist (33%), Anglican (17%),
and Catholic (10%).
The islands are heavily dependent upon migrant labour. In 2004 migrant
workers accounted for 50% of the total population. 32% of workers
employed in the British Virgin Islands work for the Government.
Transport
Main article: Transport in the British Virgin Islands
There are 113 kilometres (70 mi) of roads. The main airport (Terrance B.
Lettsome International Airport, also known as Beef Island Airport) is
located on Beef Island, which lies off the eastern tip of Tortola and is
accessible by the Queen Elizabeth II Bridge. Virgin Gorda and Anegada
have their own smaller airports. The main harbour is in Road Town. There
are also ferries that operate within the British Virgin Islands and to
the neighbouring United States Virgin Islands. As in the UK, cars in the
British Virgin Islands drive on the left side of the road. The roads are
often quite steep and winding, and ruts can be a problem when it rains.
Education
The British Virgin Islands operates several government schools as well
as private schools. There is also a community college, H. Lavity Stoutt
Community College, that is located on the eastern end of Tortola. This
college was named after Honourable Lavity Stoutt (Chief Minister).
Sport
Because of its location and climate the British Virgin Islands has long
been a haven for sailing enthusiasts. Sailing is regarded as one of the
foremost sports in all of the BVI. Calm waters along with steady breezes
culminate to make some of the best sailing conditions in the Caribbean
(some[who?] say the world). Many sailing events are
held in the waters of this country, the largest of which is a weeklong
series of sailing races called the Spring Regatta.
This is the premier sailing event of the Caribbean. With several races
hosted each day. Boats include everything from full-size mono-hull
yachts to dinghies. Captains and their crews come from all around the
globe to attend these races. The Spring Regatta is part race, part
party, part festival. There are races, games, and music during the day,
and some crazy partying at night. The Spring Regatta is normally held on
the first week of April, annually .
See also: Cricket in the West Indies
Culture
Main article: Culture of the Virgin Islands
Language
Main article: Virgin Islands Creole
The primary language is English with a quick creole
accent.[clarification needed]
Music
Main article: Music of the Virgin Islands
The traditional music of the British Virgin Islands is called fungi
after the local cornmeal dish with the same name, often made with okra.
The special sound of fungi is due to a unique local fusion between
African and European music. It functions as a medium of local history
and folklore and is therefore a cherished cultural form of expression
that is part of the curriculum in BVI schools. The fungi bands, also
called "scratch bands", use instruments ranging from calabash,
washboard, bongos and ukulele, to more traditional western instruments
like keyboard, banjo, guitar, bass, triangle and saxophone. Apart from
being a form of festive dance music, fungi often contains humorous
social commentaries, as well as BVI oral history. The popular singer
Iyaz is from the British Virgin Islands. In the music video for his song
Replay he had the flag of the British Virgin Islands in the background.
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