British Virgin Islands is situated in the Leeward Islands of the Lesser Antilles, east of Puerto Rico and the US Virgin Islands and north-west of Anguilla in the Caribbean. This British Overseas Territory in the Caribbean is part of the West Indies. Its main islands are Tortola, Anegada, Jost Van Dyke, and Virgin Gorda.
The British Virgin Islands has among the more prosperous economies within the region. Its economy relies on financial services and tourism, employing a greater number of citizens. A significant portion of businesses within the tourism industry are locally owned, and many of the individuals who rely heavily on tourism for their livelihoods also operate locally. Meanwhile, the territory is an offshore financial center, with its government’s revenue coming from offshore companies’ license fees.
Since 1959, the British Virgin Islands have been using the United States dollar. The currency has also been the territory’s official legal tender. The British Virgin Islands faced currency challenges due to their close geographical location to the Danish West Indies, which became the Unite States Virgin Islands in 1917. Although the official currency of the islands was the sterling, the French francs and the U.S. dollars were also circulating, making the it complicated. To address the complexity, the British Virgin Islands adopted the British West Indies dollar in 1951, which was used alongside the sterling. In 1959, the territory officially transitioned to the US dollar.