As the Government of the Virgin Islands continues to play a very important role in the international fight against tax evasion, on the 28th day of November, 2013, the Government of the Virgin Islands signed an Agreement with the Government of the United Kingdom to improve tax compliance. This Agreement is commonly referred to as the UK FATCA Agreement or UKCDOT. The objective of this Agreement is to facilitate the reporting by BVI Financial Institutions about financial accounts held by UK taxpayers or foreign entities in which those taxpayers hold a substantial ownership interest.
The Government of the Virgin Islands is in the process of configuring the BVI FINANCIAL ACCOUNT REPORTING SYSTEM (BVIFARS), to accommodate UK FATCA. BVIFARS will provide a secure environment for BVI Financial Institutions to satisfy their obligations under the Agreement between the Government of the British Virgin Islands and the Government of the United Kingdom to Improve Tax Compliance.
FINANCIAL INSTITUTIONS ARE ADVISED THAT BVIFARS IS NOW READY TO ACCEPT UK CDOT OR UK FATCA FILINGS.
Click on the relevant item below to access the following:
- BVI AND UK INTER-GOVERNMENTAL AGREEMENT (UK FATCA or UK CDOT)
- SI NO. 75 OF 2014 – MUTUAL LEGAL ASSISTANCE (TAX MATTERS) (NO. 4) ORDER, 2014 – Implementation of UK IGA
- SI NO. 98 OF 2015 – UK FATCA ORDER UNDER SECTION 3A OF MLA 2003
- GUIDANCE NOTES
- ENTITY SELF-CERTIFICATION FORM
- INDIVIDUAL SELF CERTIFICATION FORM