The British Virgin Islands (BVI), a British Overseas Territory, is a group of about 40 islands and cays located approximately 60 miles East of Puerto Rico in the Caribbean Sea. The BVI has gained a reputation as the world's leading offshore corporate domiciles. Combining a safe, politically stable environment with a legislative framework developed in close consultation with the private sector, the BVI offers: One of the most popular and long established International Business Companies Acts in the world, with over 600,000 companies having been incorporated A zero tax rate, with no income, wealth, capital gains or estate tax for offshore entities Effective regulation A proven legal and court system based on the British legal system and English common law No exchange controls, with the US dollar being the legal tender Modern communications infrastructure and easy access through excellent flight connections