British Virgin Islands Signs FATCA IGA With US

Further to our prior client updates on the US Foreign Account Tax Compliance Act ("FATCA"), we are pleased to confirm that on 30 June 2014 the British Virgin Islands ("BVI") signed a Model 1(b) (i.e. non-reciprocal) intergovernmental agreement with the United States ("US IGA").  The BVI government's release and a copy of the US IGA can be found through the following links: 

BVI Government Signs IGA To Improve U.S. FATCA Cooperation

Agreement between the Government of the United States of America and the Government of the British Virgin Islands to Improve Tax Compliance and to Implement FATCA

Although the US IGA has been executed, it will still need to be brought into force in both jurisdictions in accordance with applicable protocols.  Supporting legislation and Guidance Notes are in the process of being drafted for the BVI.