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map (opens in new window) First settled by the Dutch in 1648, the
islands were annexed in 1672 by the English. The economy is closely tied to
the larger and more populous US Virgin Islands to the west; the US dollar is
the legal currency. Caribbean, between the Caribbean Sea and
the North Atlantic Ocean, east of Puerto Rico 18 30 N, 64 30 W total: 153 sq
km subtropical; humid; temperatures moderated
by trade winds coral islands relatively flat; volcanic
islands steep, hilly lowest point:
Caribbean Sea 0 m arable land:
20% hurricanes and tropical storms (July to
October) limited natural fresh water resources
(except for a few seasonal streams and springs on Tortola, most of the
islands' water supply comes from wells and rainwater catchments)
strong ties to nearby US Virgin Islands
and Puerto Rico 22,187 (July 2004 est.) black 83%, white, Indian, Asian and mixed
Protestant 86% (Methodist 33%, Anglican
17%, Church of God 9%, Seventh-Day Adventist 6%, Baptist 4%, Jehovah's
Witnesses 2%, other 15%), Roman Catholic 10%, none 2%, other 2% (1991)
English (official) overseas territory of the UK; internal
self-governing Road Town Territory Day, 1 July English law The economy, one of the most stable and
prosperous in the Caribbean, is highly dependent on tourism, generating an
estimated 45% of the national income. An estimated 350,000 tourists, mainly
from the US, visited the islands in 1998. Tourism suffered in 2002 because
of the lackluster US economy. In the mid-1980s, the government began
offering offshore registration to companies wishing to incorporate in the
islands, and incorporation fees now generate substantial revenues. Roughly
400,000 companies were on the offshore registry by yearend 2000. The
adoption of a comprehensive insurance law in late 1994, which provides a
blanket of confidentiality with regulated statutory gateways for
investigation of criminal offenses, is expected to make the British Virgin
Islands even more attractive to international business. Livestock raising is
the most important agricultural activity; poor soils limit the islands'
ability to meet domestic food requirements. Because of traditionally close
links with the US Virgin Islands, the British Virgin Islands has used the
dollar as its currency since 1959. 2.5% (2002) 4,911 (1980) agriculture NA, industry NA, services NA
3% (1995) fruits, vegetables; livestock, poultry;
fish tourism, light industry, construction,
rum, concrete block, offshore financial center rum, fresh fish, fruits, animals; gravel,
sand the US dollar is used 1 April - 31 March 11,700 (2002) 8,000 (2002) Road Town total: 3
ships (1,000 GRT or over) 83,825 GRT/155,909 DWT 3 (2003 est.) total: 2 total: 1 defense is the responsibility of the UK
transshipment point for South American
narcotics destined for the US and Europe; large offshore financial center
makes it vulnerable to money laundering |
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