US and UK FATCA – British Virgin Islands Self-Certification on Account Holders
The International Tax Authority (ITA) of the British Virgin Islands has released templates for Individual and Entity Self-Certification Forms under US and UK FATCA. Copies can be found on the BVI Government’s website.
The templates have been issued to assist BVI Reporting Financial Institutions (FFIs) – they can be used in order to complete the due diligence on account holders. There is, however, no requirement to use the template and FFIs may prefer to use their own self-certification forms.
A key component of the FFIs’ due diligence obligations will be to rely on the self-certification of its account holders. Such self-certification may be required in the context of existing account holders and shall be required in the context of any new account holders.
The latest development comes following the recent announcement that the effective deadline for BVI Reporting Financial Institutions has been put back to 31 July 2015.
