Given the IRS extension for foreign government FATCA reporting, the British Virgin Islands (BVI) has extended its FATCA registration and reporting deadlines. Although there is not a similar globally agreed extension to CRS government to government reporting, the BVI decided to also extend its CRS registration and reporting deadlines. The BVI International Tax Authority (ITA) is also amenable to additional extensions on a case-by-case basis. To request such an extension, the F

This week the British Virgin Islands (BVI) International Tax Authority (ITA) demonstrated its commitment to FATCA and CRS examinations by posting open positions with significant compliance responsibilities. Head of Compliance Unit The position includes a number of duties including developing and directing “an annual strategy and plan for compliance examinations/inspections in consultation with the Director to ensure adequate coverage of relevant Financial Institutions and t

The British Virgin Islands (BVI) tax authority issued a notice on Friday, June 21, 2019 alerting filers that the deadline for both FATCA and CRS is July 31, 2019 . The extended deadline is applicable to all reporting Virgin Islands Financial Institutions, and is also relevant for Nil filings and Trustee Documented Trusts (TDTs) with reportable accounts. The BVI posted the updated CRS Reportable Jurisdictions list on 9th May, 2019. The list can be found here: https://bvi.go

The British Virgin Islands (BVI) issued revised Common Reporting Standard (CRS) Guidance Notes on February 19, 2019. Included in the revisions is a change in the definition of Controlling Person. The BVI will now use a 10% threshold for CRS reporting commencing in 2019. Application of AML The OECD advised that for purposes of determining Controlling Persons thresholds under CRS, a CRS jurisdiction must follow its own domestic anti-money laundering / know your customer (AML/

The Bahamas issued revised CRS Guidance Notes on August 3, 2018. Included in the revisions is a change in the definition of Controlling Person. The Bahamas will now use a 10% threshold for CRS reporting commencing in 2019. Controlling Person Defined The Bahamas CRS Guidance provides the following definition for Controlling Person: Any natural person that holds directly or indirectly more than twenty-five percent (25%) of the shares or voting rights of an Entity as a benef

Certain Cayman Islands entities must provide beneficial ownership information to their Cayman Islands corporate service providers (CSPs) by June 29, 2018. This requirement should not be confused with the obligation to report Controlling Persons under FATCA Intergovernmental Agreements (IGAs) and CRS. The Cayman Islands created a centralized beneficial ownership register in 2017 that provides United Kingdom (UK) law enforcement and tax authorities with beneficial ownership in

The British Virgin Islands tax authority announced that it has extended the deadline for UK FATCA/CDOT and Common Reporting Standard (CRS) reporting to September 1, 2017. This extension applies to UK FATCA/CDOT and CRS. The extension does not apply to FATCA. For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com .

As we enter the final months of Y2016, it is a good time to review some aspects of the UK FATCA/CDOT and CRS transition. The transition from CDOT to CRS began as of January 1, 2016 with the first report due to local tax authorities on March 31, 2017 (Turks & Caicos). As a reminder, the following jurisdictions participate in CDOT: • Anguilla • Bermuda • British Virgin Islands • Cayman Islands • Gibraltar • Guernsey • Isle of Man • Jersey • Montserra