How do I keep track of the value of my Global Growth Bond (GGB)?
You will receive one consolidated statement of value every three months. Further on, you will receive a statement of your various holdings yearly, showing the values by end of December.
How do I apply?
You will need to send an application to Victory Life. The Application Form can be obtained from your financial adviser or via this website under "Forms".
Can the GGB be set up in different currencies?
You can choose to set up your GGB in US Dollar, Sterling, Euro, Swedish crown or Norwegian crown.
Who is eligible to apply?
Anyone aged 18 or over can invest in GGB. Certain restrictions may apply to residents in some countries – please ask your financial adviser for details. Investments may be made by individuals, companies or trustees. Individuals may apply on their own or with someone else.
What is GGB?
GGB is an innovative portfolio bond offered by Victory Life & Pension Assurance Company Limited (Victory Life) which enables you to hold all your collective investment schemes under one simple product wrapper. This wrapper provides you with valuable tax benefits, total investment flexibility and little or no ongoing personal administrative burden.
Why choose a domicile like the British Virgin Islands?
There are many reasons for this choice. First of all, Victory Life is operating in many different countries and for that reason it is more practical to have a domicile not connected to any of those countries. This is very common for most of the multinational insurance companies that are spreading their activities internationally. They normally run subsidiary Insurance Companies in this type of domicile.
Secondly, due to the favourable tax-legislation in the BVI we can offer our products with a very compatible cost-structure in favour of our clients. Thirdly, the control and infrastructure in the BVI makes it very attractive as a domicile. The Government in the BVI has, for a long time, been very active in trying to select the type of business accepted in order to prevent criminal activities such as money laundering.
Are the activities of the insurance companies domiciled in the British Virgin Islands (BVI) controlled by the Authorities in the BVI?
Yes, the BVI has a strict regulating legislation for issuing insurance licenses to companies registered and domiciled there. This legislation is the Insurance Act, 1994 and the Insurance Regulations, 1995. All insurance companies are controlled by the Director of Insurance of the Financial Services Commission (FSC) in the BVI.
What kind of life insurance products are offered by Victory Life?
We are only issuing unit linked insurance products. The framework for this product is regulated in the General Conditions that you can find on this website.
Are my investments in a Global Growth Bond secured in case of claims against the Company?
Yes, the securities in the Global Growth Bond are so called Segregated Funds. Those Securities are totally separated from the share capital and the retained earnings (shareholders equities). This is regulated in the Insurance Act, 1994 in the British Virgin Islands.