Press Release 4 of 2026 - BVI FSC To Open Latin America Representative Office In Panama

BVI FSC TO OPEN LATAM REPRESENTATIVE OFFICE IN PANAMA

Tortola, British Virgin Islands – 23 February 2026. The BVI Financial Services Commission (the Commission) announces plans to open a representative office in Latin America (LatAm). This will be the Commission’s second venture aimed at establishing outposts that are closest to key BVI financial services markets. The first was its Asia Representative Office in Hong Kong, which opened in April 2014 to serve the Asia Pacific Region.

Explaining the process which led to the selection of Panama as the LatAm jurisdiction where the new Commission representative office will be housed, Managing Director and CEO of the Commission, Mr Kenneth Baker, noted, “Over the past two years, we have engaged in extensive market research to determine the relevance and viability of having a representative office in the LatAm region. That research included interviews with service providers and other stakeholders that share a close affinity with both BVI financial services and LatAm jurisdictions, as well as meetings with various officials. Based on stakeholder recommendations, consideration was given to other LatAm jurisdictions with established economic centres, including Panama. Our analysis identified forerunners from the original pool of considered jurisdictions, however, our ultimate decision to put Panama forward to the Board of Commissioners as the recommended hub was based on factors such as (a) geographic connection to the BVI and to the rest of LatAm (with Panama having gained the title of logistical hub of the Americas), (b) operational flexibility, (c) international recognition of Panama as a regional business hub, and, (d) Panama’s reputation for creating an environment conducive to business efficiency.” Mr Baker added that with over 75% of surveyed service providers pointing to Panama as their first recommended choice for a Commission presence in LATAM, this helped to make the decision much easier.

The planned LatAm office promises to open new opportunities for the Commission to enhance its reach and impact on existing users of BVI financial services from that region; the office could also provide growth opportunities. Already, service providers have cited value-added services to their clients and expedited service, as reasons for supporting the Commission’s physical presence in LatAm.

Mr Cherno Jallow, KC – Director of Policy Development and External Relations, under who’s remit the Asia Representative Office falls, explained the main reasoning behind opening a LatAm representative office saying, “It comes down to this: Latin America is only second to Asia in the number of persons that use BVI corporate vehicles and financial services, thus, it holds an extremely important customer base for us. This move is a deliberate one, grounded in a proven strategy for sustaining customer satisfaction. Our strategy considers opportunities, such as localising our distribution hub in LatAm, providing multi-channel customer support and reliable logistics, and of course, having representatives readily available to create robust feedback mechanisms and opportunities for customer engagement”.

As with the BVI Financial Services Commission (HK) Limited, the Commission will, in due course, appoint a Director for the LatAm office, as well as other staff from the region. The establishment of the new FSC LatAm office is expected to commence and be completed during the course of 2026.

The decision to open an office in LatAm is yet another trailblazing move for the BVI, showcasing the flexibility of its financial services sector. The decision also reflects the Commission’s commitment to creating channels that facilitate communication while supporting its regulatory mandate and efforts to help maintain the attractiveness of the BVI as a reputable and forward-thinking place to shop for financial services.

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The BVI Financial Services Commission is the autonomous regulatory authority responsible for the regulation, supervision, and inspection of all financial services in and from within the BVI.

Questions concerning this Press Release may be directed to:

EXTERNAL RELATIONS UNIT
BVI Financial Services Commission
18 Pasea Estate Road, Tortola VG1110
British Virgin Islands
Tel: (284) 494-4190
Email: [email protected]