The British Virgin Islands International Tax Authority
(ITA) has launched its BVI Financial
Account Reporting System (BVIFARS). The
portal was opened yesterday and is ready to accept enrolment
applications from BVI Reporting Financial Institutions
(FI) which are required to submit
information under the Intergovernmental Agreement
(IGA) between the BVI and the US.
BVI Reporting Financial Institutions and Sponsoring Entities are
required to enrol with BVIFARS prior to submitting FATCA
information to the ITA. The deadline to register in order to submit
information in the 2015 reporting cycle is 1 June 2015. Enrolment
is a one off exercise but is subject to review and approval by the
ITA – it is unclear exactly how long the process will take so
Financial Institutions are advised not to leave enrolment until
close to the deadline. As previously announced, the reporting
deadline for the 2014 period is 30 June 2015 with the deadline in
subsequent years (2016 onwards) being
