British Virgin Islands

BVI Financial Institutions submit reports for FATCA and CRS via the BVI Financial Account Reporting System (BVI FARS)


Reporting deadline

31 May following the reporting year for both FATCA and CRS

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BVI FARS

Financial Institutions in the British Virgin Islands submit reports for FATCA and CRS via the BVI Financial Account Reporting System (BVI FARS). Details of how to register and report are found in the published User Guide. The user guide should be read in conjunction with the published updates to BIVFARS User Guide Separate reports are required for FATCA and CRS, either by uploading an XML file created using the relevant schema or by entering data manually in BVI FARS.


FATCA

BVI Financial Institutions can submit FATCA reportable information via BVI FARS, either by uploading an XML file prepared using the standard FATCA_OECD v2.0 schema, or by manual input on the BVI FARS portal. Multiple Financial Institutions can be included in a combined submission file (for example for sponsored Financial Instititutions or Trustee Documented Trusts).

Guidance notes and links to relevant law can be found on the FATCA page of the BVI government website


Nil returns

Nil returns can be submitted, either via XML upload or by creating a manual entry filing on BVI FARS, although nil returns are not mandatory.

Where a BVI Financial Institution has no FATCA reportable accounts it is not required to enrol with BVI FARS for FATCA, although it is likely that it will be required to enrol with BVI FARS for CRS purposes


CRS

BVI Financial Institutions can submit CRS reportable information via BVI FARS, either by uploading an XML file prepared using the standard CRS_OECD version 2.0 schema or by manual input on the BVI FARS portal. A separate report is required for each Reporting Financial Institution (i.e. it is not possible to combine multiple FIs within a single file) and a separate report is required for each reportable jurisdiction for which the FI has reportable accounts.

All BVI Reportable Financial Institutions for CRS purposes must enrol with BVI FARS, even if the FI has no CRS reportable accounts to report

Guidance notes and links to relevant law can be found on the CRS page of the BVI government website


CRS reportable jurisdictions

The most recent published list of reportable jurisdictions is published by the Virgin Islands International Tax Authority