The Government of the Virgin Islands has appointed Elise Donovan as director of the BVI House Asia, effective from next January, highlighting how such offshore jurisdictions are seeking to raise their profiles in the fast-growing Asia region.

“As we continue to deepen our commercial footprint in Asia, Ms Donovan will play a crucial role in promoting the BVI business in Asia-Pacific and in supporting the financial services industry and its growth in the region,” Dr D Orlando Smith, Premier of the British Virgin Islands, said in a statement.

Donovan will take over the post from the current interim director Lorna Smith.

She has worked in the BVI government and the BVI Financial Services Commission and currently is executive director of the BVI International Finance Centre, where she is responsible for promoting and marketing the BVI financial services industry globally.

In September this year, the BVI opened its Asia-Pacific regional office in Hong Kong. According to the BVI, more than 40 per cent of its financial services business is from Asia.

Like some other offshore financial centres, the BVI has been the subject of some controversy and put under pressure by governments seeking to prevent such places from attracting valuable tax revenues. A prominent figure in the industry recently defended the BVI and its position in this publication here.