BVI FATCA/CRS Registration Fee Starts in 2023
On October 27, 2022, the British Virgin Islands International Tax Authority (BVI ITA) announced the US$185.00 portal registration fee will start in the first quarter of 2023. The updated BVI Financial Account Reporting System (BVIFARS) is scheduled to go live before the end of Q1 2023.
The fee will be charged for each entity which is required under BVI law to register in the BVI Financial Account Reporting System (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.
After the portal goes live, the BVI ITA will provide details regarding the process for making a payment through the portal and payment options.