FATCA - Impending Deadlines For BVI Financial Institutions

This article provides a reminder of the impending deadlines and action that is required for those BVI entities that are classified as "Foreign Financial Institutions" for the purposes of FATCA. No action is required for BVI entities that are not Foreign Financial Institutions.

This update supplements our previous alert of 3 November 2014 entitled "Impact of FATCA on BVI entities". Please refer to that alert for a recap of the main provisions of FATCA and the equivalent UK regime (commonly referred to as "UK FATCA").

On 20 March 2015, the British Virgin Islands Government issued revised guidance notes regarding the Intergovernmental Agreements between the British Virgin Islands ("BVI") and the United States of America (the "US") and the United Kingdom (the "UK") to improve international tax compliance (the "Guidance Notes"). The Guidance Notes confirm that BVI Reporting Financial Institutions ("BVI RFIs") with reportable accounts will be required to enrol with,