U.S. citizens and residents are subject to U.S. taxation on their worldwide income even when they are not living in the United States. Any person holding a U.S. passport is considered a U.S. citizen, and green card holders are considered as permanent U.S. residents. Therefore, all US citizens and residents are obligated to file an income tax return annually with the Government of the United States regardless of residency.
The Government of the British Virgin Islands has created a web-based portal to 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 States of America to Improve Tax Compliance via the Foreign Account Tax Compliance Act (US FATCA), the Agreement between the Government of the British Virgin Islands and the Government of the United Kingdom to Improve International Tax Compliance (UK CDOT) and the Arrangement under the Common Reporting Standards (CRS).
Financial Institutions are advised that as of 29th April, 2017 the BVIFARS Portal is updated and can now accept, US FATCA, UK CDOT and CRS Enrolments. However, as it relates to reporting submissions, BVIFARS can only accept US FATCA submissions at this time. BVIFIs will be informed when the system is updated and ready to accept UK CDOT and CRS reporting submissions.
Important note: For 2017 only, all UK CDOT reporting is to be submitted in
accordance with the CRS XML Schema.
Important note: Enrolment and Submission Deadlines are as follows:
US FATCA - Enrolments: 1st April and Submissions: 31st May
UK CDOT - Extended deadlines for 2017: Enrolments: 30th June, 2017
and Submissions: 31st July, 2017
CRS - Extended deadlines for 2017: Enrolments: 30th June, 2017 and Submissions: 31st July, 2017
- The BVI Financial Account Reporting System User Guide
- Competent Authority Agreements for Automatic Exchange of Information
Access more information on Automatic Exchange of Information in relation to US FATCA, UK CDOT and CRS, such as Legislation, Inter-Governmental Agreements, Guidance Notes, Self-Certification Forms and information on the International Tax Authority in general.
The following directory includes a list of companies and individuals that may be able to assist Financial Institutions with their filing obligations under UK FATCA and US FATCA and also assist Individuals with their US and UK Income Tax filing obligations. View Here