Hong Kong has been ranked as the top international financial centre (IFC) in 2018, according to a report by Vistra.

According to the study, the ranking is driven by a rise in Chinese firms listing in Hong Kong and increasing Chinese HNWI base.

In terms of popularity, the British Virgin Islands (BVI) and UK jointly ranked second.

The position of BVI is notable and demonstrates its resilience after it was plagued by the Panama Papers and Paradise Papers data leak scandals.

BVI recorded growth in new incorporation volumes, with 11.2% in the first nine months last year.

Bulk of it was said to be driven by Chinese investment.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Indeed, where the BVI is seen as challenged, this is more about perception than the quality or prospects of the jurisdiction,” the report noted.

Brexit uncertainties have been blamed for the drop in rankings in case of the UK.

The report said: “In the years before the country’s EU Referendum, the UK’s favourable corporate tax rate and flexible labour legislation meant it was steadily gaining in popularity as an IFC.

“Today, it remains an attractive jurisdiction, particularly for respondents based in Europe, but many believe that the country is inflicting self-harm through its decision to leave the EU.”

The US and Singapore bagged the fourth and fifth spots, respectively.