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 the BVIFARS Portal has been updated and now accepts, US FATCA, UK CDOT and CRS Enrolments and reporting submissions.
Important note:Enrolment and Submission Deadlines are as follows:
- Annual Enrolment deadline for US FATCA is: 1st April
- Annual Enrolment deadline for UK CDOT is: 1st April
- Annual Enrolment/Notification deadline for CRS is: 30th April
- Annual Reporting Submission deadline for US FATCA, UK CDOT & CRS is: 31st May
Important note: For 2017 only, all UK CDOT reporting is to be submitted in accordance with the CRS XML Schema. Also for the year 2017 the deadlines for enrolment have been extended for UK CDOT & CRS ONLY to the following dates:
Enrolment: 31st July, 2017
Reporting Submissions: 1st September, 2017
Advisory to all BVI Financial Institutions with 2016 reporting obligations:
BVI Financial Institutions (FIs) are advised that the BVI Financial Account Reporting System (BVIFARS) remains offline at this time and a Press Release will be issued to inform all FIs when the system is back online. Please be reminded that the final extended deadline for reporting submissions for 2016 was 1st September, 2017, therefore, reporting submissions should have been submitted before the passage of Hurricanes Irma and Maria, unless, you had made prior contact with the International Tax Authority and in the circumstances had been advised otherwise. FIs that are yet to submit their filings may be subject to penalties for not complying with the deadline. If you are one of those FIs, you can go ahead and submit your filing once the system is back online. Please be guided accordingly.
- 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