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 (FATCA Agreement).
Financial Institutions are advised that the BVIFARS Portal is NOT READY to accept, UK CDOT and CRS Enrolments or Reporting submissions at this time. Please note that all UK CDOT submissions reportable in 2017 is to be submitted in accordance with the CRS XML Schema. As the system is not ready, the Enrolment deadline for UK CDOT and CRS has been extended to 30th June, 2017 and the Reporting deadline has been extended to 31st July, 2017. A further update will be published to inform you when the system is ready for UK CDOT and CRS. FIs with reportable accounts for US FATCA, can proceed to submit their filings via BVIFARS. The deadline for US FATCA is 31st May, 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