The Virgin Islands is a great place for loan companies to thrive due to the nature of business around the islands. So many companies base their headquarters around the VI because of the tax haven that it has become. To do this, many companies must pay a sum to the VI banks, and they do it through us a lot of the time.
Many companies take out loans in the VI because they need a source of revenue from the islands to be considered a VI business. So, they take a loan with heavy interest, and pay it off over several years while registering themselves as a business on the islands. This means if you are a lender on the island, you have a constant stream of income.
The islands tax haven was only recently mainstream news for the last 10 years, but people have been doing it for a long time. We actually started our business back in the 1960’s, and as there are always companies planting their headquarters on the island, we always have new customers on top of the older companies that are continuing to pay off their loans to this day.
The best thin to happen to the VI were the influx of headquarters from companies around the world. It was not the easiest place to live in due to the lack of trade. There isn’t much that can be planted into the soil, and there are not a lot of rich natural resources in the island either. So, the general trade around the islands were low.
Once large corporations began to plant their HQ’s around the island, many medium sized companies but still global began to do the same. The first of those to begin offering loans are the ones who made the most money, but even for smaller companies like ours there is still opportunity for very little work.