Personal accounts: British Virgin Islands (BVI)

Updated 5 October 2026

An honest assessment before work starts, the quote is fixed in writing.

The British Virgin Islands are known for company registration, but the banking sector is small: only a few banks supervised by the Financial Services Commission. The official currency is the US dollar. A non-resident can open a personal account, but banks expect a clear link to the islands: residence, work, property, a yacht, local expenses. Owners of companies registered on the islands usually keep personal accounts in their country of residence or a major financial centre.

Who needs an account on the islands in practice

• Residents and people working on the islands, for salary, rent and local payments.
• Property owners, for house expenses, management and holiday letting.
• Yacht owners and those who spend the season on the islands, for mooring, maintenance and local expenses.
• Beneficiaries of local trusts, if distributions go through a local bank.
• People moving to the islands on a work permit, for salary, rent and everyday expenses.

Deposit protection

Since January 2024 the Virgin Islands Deposit Insurance Corporation, set up under the 2016 deposit insurance law, has been operating. Deposits at member banks are insured up to $100,000 per depositor per bank, and protection covers non-residents as well as residents. The limit applies per depositor per bank, so large sums are spread across banks or held in instruments that do not depend on one bank.

What you need

• passport and a second ID document;
• proof of home address and, if any, address on the islands;
• a reference letter from your current bank, sometimes also from a lawyer or accountant;
• source of funds and wealth evidence;
• tax number of your country of residence and a form for automatic exchange of tax information.

Taxes on the account

The islands levy no income tax on individuals' interest and investment income, and no capital gains tax. But they participate in automatic exchange of tax information and send account details to the holder's country of tax residence, and to the US tax authority for US taxpayers. Taxes are paid where you are resident.

A personal account and a company on the islands

A company registered on the islands must have a local registered agent. The agent keeps details of its ultimate owners in a secure government system accessible to the authorities. Such a company's account is more often opened not on the islands but where the business operates. The owner's personal account is a separate matter: company and personal money must not be mixed, or the bank will close the account and your tax authority will ask questions.

How opening works

1. Profile assessment: link to the islands, amount, source of funds.
2. Choosing a bank: there are few, each with its own client base.
3. Documents and references.
4. Bank review, often with an in-person meeting.
5. US dollar account and online banking.

Why banks refuse

• No link to the islands; the account is wanted only as an offshore account.
• Source of funds and wealth not proven.
• No references from a current bank.
• Sanctions risk by nationality or counterparties.
• The personal account is meant for company turnover.
• The address is not backed by documents.

What we do

Murblz specialists assess whether you need an account on the islands or would do better elsewhere, choose a bank, prepare documents, references and the source-of-funds explanation, and support the opening until the decision. We quote the cost after a short consultation; the decision always rests with the bank.

What we do

• Personal account - opening assistance

See also

Company formation · Business account · Investment property

FAQ