British Virgin Islands Signs FATCA Type IGA With UK

On 28 November 2013, the British Virgin Islands ("BVI") and the United Kingdom, via an Exchange of Letters amending their existing 2008 Tax Information Exchange Agreement, agreed to permit the automatic exchange of financial information relating to United Kingdom tax payers who hold accounts in the BVI ("UK IGA").  An agreement was also signed to improve international tax compliance, setting out precise details of the information which will be automatically exchanged. 

The conclusion of this arrangement follows the signing of similar agreements between the UK and the Cayman Islands on 5 November 2013, the UK, Jersey and Guernsey on 22 October 2013, and the UK and the Isle of Man on 10 October 2013.