BVI FSC to Open Panama Office
The BVI Financial Services Commission (FSC) has announced plans to open a representative office in Panama City to deepen its presence in Latin America. The move follows two years of market research and follows the Commission’s existing Asia office in Hong Kong.
The BVI Financial Services Commission (FSC) has confirmed plans to establish a representative office in Panama City, its second overseas outpost aimed at strengthening links with the Latin American market. Managing Director and CEO Kenneth Baker said the decision follows two years of “extensive market research” that included consultations with service providers, stakeholders and regional officials.
The Commission’s first overseas office opened in Hong Kong in April 2014. Panama was chosen over several established economic centres, Baker said, because of its geographic connection to the BVI and broader Latin America, its reputation as a logistical hub and its “operational flexibility” and international recognition as a regional business centre.
The FSC added that more than 75 percent of surveyed service providers recommended Panama as the preferred location. Director of Policy Development and External Relations Cherno Jallow, KC, emphasised the strategic importance of Latin America for the territory. “Latin America is only second to Asia in the number of persons that use BVI corporate vehicles and financial services,” he said, describing the new office as part of a deliberate strategy to sustain customer satisfaction.
The Commission said the Panama office will enhance its reach to existing users of BVI financial services in the region and create opportunities for growth. Service providers highlighted potential benefits such as value-added services and expedited interactions for Latin American clients, which could in turn support demand for BVI corporate structures and related professional services.
Similar to the Hong Kong operation, the FSC plans to appoint a director and recruit regional staff for the Panama office. Establishment of the Latin American office is expected to commence and be completed during 2026. For BVI residents, the move signals continued international engagement by the territory’s financial regulator and a commitment to expanding market access for BVI-based firms.
The presence of a regional office may help local corporate service providers build stronger relationships with Latin American clients and could increase work flow for BVI-registered entities. It also reflects the FSC’s focus on maintaining the territory’s reputation for “vigilance, integrity and accountability” amid a competitive global financial services environment.
The FSC says the Panama office forms part of a broader strategy to diversify outreach beyond traditional markets while upholding regulatory standards that support the BVI’s role as a reputable international financial centre.
Primary source: BVI News