Portal for BVI FATCA Reporting Launched
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 31 May.
Once the application for enrolment is approved, a Financial Institution profile is created and the BVI Reporting FI will be provided an automated unique identification number. Each BVI Reporting FI will have a Primary User who will have the ability to create up to three additional Secondary Users. Financial Institutions are required to submit their registered name, institution type and GIIN as part of the enrolment process. Although the enrolment process is conducted entirely online, the Primary User is required to upload a scanned copy of his or her passport and a letter signed by a director of the Financial Institution specifying that person as the person responsible for US FATCA compliance.
It is important to note that as the ITA does not require Financial Institutions to submit NIL reports. The ITA does not require Financial Institutions to enrol with BVIFARS if that Financial Institution has nothing to report. However, BVIFARS will accept a NIL report if a Financial Institution wishes to submit one. Equally, a Financial Institution with nothing to report may enrol and not submit a NIL report.
The Government has produced a User Guide to BVIFARS. It contains detailed step by step guidance as well as some Quick Reference Guides and Frequently Asked Questions. FATCA guidance notes are also available. The Government’s press release is available online.
