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Member, Beacon International Group, Ltd.
TORTOLA, British Virgin Islands The British Virgin Islands licensed 57 new captives last year, bringing the domicile's captive count to more than 400, according to recently released figures from the British Virgin Islands International Finance Centre.
The center credited the domicile's two-year-old legislation allowing segregated cell companies and its regulatory system that allows the creation of innovative companies while ensuring policyholders are well-protected as major attractions for the jurisdiction.
"Almost 250 new captives have been formed in the last four years and 2006 was another very good year," said Humphry Leue, chief operating officer of the finance centre, in a statement. The domicile is especially attractive to small and medium-sized captives, he said.