The BVI International Tax Authority ("ITA") has confirmed that the British Virgin Islands Financial Account Reporting System ("BVIFARS") has now been reopened following closures due to hurricanes Irma and Maria and is accepting both Common Reporting Standard ("CRS") and US Foreign Account Tax Compliance Act ("FATCA") filings.  The portal can be accessed from the BVIFARS government website, where you will also find a copy of the updated user guide.

Financial institutions that have not submitted their filings for 2016 (which was due by the extended deadline of 1 September 2017) are now encouraged to do so immediately.  These institutions may be subject to penalties, in accordance with section 21 of the Mutual Legal Assistance (Tax Matters) Act, 2003 as amended, for not complying with the deadline.

The ITA also recently published an updated list of CRS Reportable Jurisdictions for the 2017 reporting year.  BVI Reporting Financial Institutions with account holders that are tax resident in any of these jurisdictions will be required to submit a 2017 CRS filing via BVIFARS for each relevant jurisdiction for which they have reportable accounts.

The upcoming FATCA and CRS deadlines for the 2017 reporting year in the BVI are as follows:
  • FATCA enrolments - 1 April 2018
  • CRS enrolments - 30 April 2018
  • FATCA reporting - 31 May 2018
  • CRS reporting - 31 May 2018 

Further information about the AEOI regimes can be found on our dedicated FATCA and CRS webpage.  Additionally, you may contact any one of the above members of our dedicated AEOI team.

CONTACTS

bioImage

Richard May

Managing Partner

+1 284 852 3027

bioImage

Guy Williamson

Of Counsel

+1 284 852 3012

bioImage

Christopher Capewell

Partner

+1 345 814 5666

bioImage

Tim Dawson

Partner

+1 345 814 5525

bioImage

Tim Frawley

Partner

+1 345 814 5354

bioImage

Patrick Head

Partner

+1 345 814 5377

bioImage

Martin Livingston

Consultant

+1 345 814 5380

bioImage

Alasdair Robertson

Global Managing Partner

+1 345 814 5345

bioImage

James Turner

Associate

+1 345 814 5586

bioImage

Tahir Jawed

Managing Partner

+971 4 360 4071

bioImage

Andrew Quinn

Partner

+353 1 619 2038

bioImage

Michael Gagie

Managing Partner

+65 6922 8402

bioImage

Harjit Kaur

Partner

+44 20 7466 1655

bioImage

Heidi de Vries

Joint Managing Partner

+44 20 7466 1651

*
*
*
*

Please note that your email may be received and read by other Maples and Calder lawyers in addition to your intended recipient.

*
*
*

Please note that your email may be received and read by other Maples Group employees in addition to your intended recipient.

Connect

Want to get in touch ?

Contact Us