The BVI Financial Services Commission (FSC) is planning to open a representative office in Panama, Latin America, its second venture aimed at establishing outposts closest to key BVI financial services markets. Photo: FSC

Managing Director and Chief Executive Officer (CEO) of the FSC, Mr Kenneth b. Barker, said the BVI Financial Services Commission engaged in extensive market research to determine the relevance and viability of having a representative office in the Latin American region over the past two years. Photo: FCS

Mr Cherno S. Jallow, KC, Director of Policy Development and External Relations at the BVI Financial Services Commission, said opening a representative office in Panama is a deliberate move. Photo: FSC

According to a February 23, 2026, press release from the FSC, Panama was chosen as the Latin American jurisdiction where the new FSC representative office will be housed. 

The first was its Asia Representative Office in Hong Kong, which opened in April 2014 to serve the Asia Pacific Region.

2 years in the making

Managing Director and Chief Executive Officer (CEO) of the FSC, Mr Kenneth B. Barker, said the commission has engaged in extensive market research to determine the relevance and viability of having a representative office in the Latin American region over the past two years. 

"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.”

The FSC’s analysis identified forerunners from the original pool of considered jurisdictions, but the decision to put Panama forward to the Board of Commissioners as the recommended hub was based on the following factors: 

• Geographic connection to the BVI and to the rest of LatAm (with Panama having gained the title of logistical hub of the Americas)
• Operational flexibility
• International recognition of Panama as a regional business hub
• Panama’s reputation for creating an environment conducive to business efficiency

A deliberate move- Mr Cherno Jallow

The planned Latin American office promises new opportunities for the FSC to enhance its reach and impact on existing users of the Virgin Islands’ 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,” the release added. 

Mr Cherno S. Jallow, KC, Director of Policy Development and External Relations, explained, “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.”

This strategy, he said, considers opportunities, such as localising the VI’s distribution hub in Latin America, providing multi-channel customer support and reliable logistics and having representatives readily available to create robust feedback mechanisms and opportunities for customer engagement. 

Meanwhile, the FSC's Road Show moves to Latin America this month. The FSC will be in Lima, Peru, on March 16; Bogotá, Colombia, on March 19; and Panama City, Panama, on March 20, 2026.