“The British Virgin Islands’ leader said Tuesday that the Caribbean territory with a major offshore financial sector has started talks with the U.S. Treasury to comply with a law designed to crack down on offshore tax evasion. The territory of roughly 30,000 people near Puerto Rico is one of the world’s top offshore trust jurisdictions and the nominal home to more than 500,000 companies. It provides incorporation registries so global businesses can claim they are based on the islands and effectively sidestep taxes in countries where their work is performed. Premier Orlando Smith told reporters that his administration is negotiating an ‘intergovernmental agreement’ with Washington.”
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