British Virgin Islands Update: New Additional Information (CRS Form) Released

On 8 April 2025, the British Virgin Islands International Tax Authority ("ITA") updated the user guide to the British Virgin Islands ("BVI") Financial Account Reporting System ("FARS") which provides information on the newly introduced additional information form or Common Reporting Standard ("CRS") Compliance Form ("Additional Information Form")

The Additional Information Form is issued by the ITA pursuant to its power to request information that it reasonably requires to ensure effective implementation of, and compliance with, the reporting and due diligence procedures in accordance with the Mutual Legal Assistance Tax Matters Act (As Revised) by Reporting Financial Institutions ("RFIs") and Non-Reporting Financial Institutions ("NRFIs").