The world's best island for billionaires - just 3 miles wide but worth £1.5tn

With little to no tax, stunning white beaches, and year-long round sun, it is easy to see why the British Virgin Islands (BVI) is a magnet for the world’s rich.

The tiny British Overseas territory, east of Puerto Rico consists of four large and numerous small, uninhabited islands, the largest of which is just 3 miles wide.

Popular for its reef-lined beaches, blue sea and tropical climate, the islands are a popular destination for the super-wealthy who travel to enjoy some of the world’s best snorkelling, scuba diving and sailing.

But the islands are popular with the wealthy for one other, crucial reason: tax.

The islands impose zero tax on corporations, meaning that businesses registered on the islands are not liable for unwanted deductions from profits.

Setting up a business on the islands is relatively straightforward with businesses who do not conduct business on the islands able to escape paying tax.

Such is the popularity of the islands for the world’s super-wealthy that it is believed that $1.5 trillion is held in offshore companies registered on the island.

The lack of tax and abundance of sun makes the island a popular attraction to visit and buy property for the rich and famous, with Morgan Freeman, Kate Winslet and Google co-founder Larry Page all believed to own property there.

The most famous resident of all is perhaps British billionaire Richard Branson, who famously bought the uninhabited Necker Island and spent £8 million, turning it into one of the world’s foremost luxury homes and resorts.

Branson, who has an estimated net worth of £2.4 billion, bought the 74-acre island at just 28 years of age in 1978.

His purchase price of just £143,000 rested on the condition that he developed a resort within four years, a requirement he met.

After just three years, the island was transformed into an uber-luxurious private island retreat featuring a host of world-class amenities and decadence.

It is currently available to rent for around £80,000 a night, a price tag that comes with the use of two private beaches, accommodation spread across 24 rooms, a personal chef and full staff, tennis courts and yoga sessions, and a variety of water sports.

Guests of Branson have included Tony Blair and his family, the Obamas and Princess Diana with her children William and Harry.