The Legal Market & Demand
The number of law firms in the BVI has grown steadily over the past few years. Its status as a business centre has significantly increased and it has become increasingly popular as a domicile for the incorporation of funds. Again, the legal system is based on English common law. As well as some local lawyers, the law firms are staffed principally by lawyers from the UK. This is due to the fact that foreign qualified lawyers must be admitted in England and Wales to practice in the BVI.
Although generous, salaries in the BVI are slightly lower than those in the Cayman Islands. The cost of living, however, is also lower. Employees pay a payroll tax of 8% and no income tax.