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Industry Updates
BVIFARS Reopened and Updated CRS Reportable Jurisdictions List Published
22 Feb 2018
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:
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.
Related Services
Corporate
Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global corporate team provides expert legal advice to corporate clients on all corporate commercial matters. Our clients include major banks, multinationals and institutional investment firms, leading law and accountancy firms and a number of state / government entities across all industry sectors.
Finance
Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global Finance team provides expert legal advice on even the most complex financial transactions under intense time pressure. Clients repeatedly return to our qualified finance lawyers to handle a variety of complex matters relating to acquisition and leveraged financing, asset finance, banking, debt capital markets, derivatives, fund finance, insurance linked products, Islamic finance, repackaging and structured finance.
Funds & Investment Management
Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global Funds & Investment Management team provides expert legal advice on every aspect of the life cycle of an investment fund including set up, management and investment across a broad range of fund structures and management entities.
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Richard May
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Christopher Capewell
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Tim Dawson
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Tim Frawley
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Patrick Head
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Martin Livingston
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James Turner
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Andrew Quinn
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Michael Gagie
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Harjit Kaur
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Heidi de Vries
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