The British Virgin Islands International Tax Authority (BVI ITA) announced its BVI Financial Account Reporting System (BVIFARS) payment system will go live in January 2024. The BVI ITA had previously stated it would be ready to go live with the fee in Q1 2023.
The US$185.00 portal registration fee must be paid through the BVIFARS portal by June 1, 2024. It is an annual fee which must be paid by June 1 of each subsequent year.
Who Does the Fee Apply to?
The fee will be charged for each entity which is required under BVI law to register in BVIFARS. Entities register in BVIFARS to comply with BVI reporting under the Common Reporting Standard (CRS), Foreign Account Tax Compliance Act (FATCA) and Country-by-Country Reporting (CbCr). The US$185.00 fee will cover registration in the BVIFARS portal, review, and transmission of reporting submissions to partner jurisdictions, support, and maintenance.
If an entity has a valid pending deregistration request in the portal prior to January 2024, then the entity is not required to pay the US$185.00 fee. This is a good incentive to get your entity lists in order and deregister any entity which you have previously dissolved.
The BVIFARS portal will accept payment through:
Credit Cards (Visa/MasterCard)
ATH Debit Cards