International Tax Authority
British Virgin Islands

Tortola, BVI – 16 October, 2026

 

IMPORTANT NOTICE TO REPORTING FINANCIAL INSTITUTIONS

Mandatory Adoption of CRS XML Schema 3.0 from 1 January 2027

The International Tax Authority (ITA) advises all Reporting Financial Institutions (RFIs) registered on the British Virgin Islands Financial Account Reporting System (BVIFARS) Portal that, effective 1 January 2027, the Portal will no longer accept Common Reporting Standard (CRS) reports submitted using earlier XML Schema versions.

From 1 January 2027, all CRS reports submitted through the BVIFARS Portal must be prepared using CRS XML Schema 3.0. RFIs are therefore encouraged to engage with their software vendors, service providers, and internal information technology teams to ensure that their reporting systems are upgraded and capable of generating CRS XML Schema 3.0-compliant reports before the commencement of the 2027 reporting cycle.

The transition to CRS XML Schema 3.0 forms part of the implementation of the Amended Common Reporting Standard (CRS). RFIs, service providers, and software vendors are encouraged to review the relevant CRS implementation guidance and technical specifications available through the OECD Tax Transparency Resource Centre:

https://www.oecd.org/en/topics/sub-issues/international-standards-on-tax-transparency/tax-transparency-resource-centre.html#crs

Additional Information Required Under the Amended CRS

RFIs are reminded that the Amended CRS, which has been in effect in the British Virgin Islands since 1 January 2026, has introduced additional information collection and reporting requirements. Depending on the circumstances, RFIs may be required to collect, maintain, and report additional information, including:

  • The role or capacity of a Controlling Person in relation to an Entity Account Holder (for example, beneficial owner, settlor, trustee, protector, or other equivalent role, where applicable);
  • Information relating to certain Electronic Money Products and Central Bank Digital Currency (CBDC) Products;
  • Additional reporting data elements incorporated within CRS XML Schema 3.0; and
  • Information necessary to comply with the revised due diligence requirements introduced under the Amended CRS.

RFIs should review their account opening documentation, customer due diligence processes, policies and procedures, and reporting systems to ensure they can collect and maintain all information required under the Amended CRS.

Important Transition Deadline

To facilitate an orderly transition to CRS XML Schema 3.0, RFIs are encouraged to review their historical CRS filings and identify any corrections or previously omitted Reportable Accounts requiring submission.

Any corrections to existing CRS filings, including the reporting of previously omitted Reportable Accounts, should be submitted through the BVIFARS Portal no later than 30 November 2026.

The ITA will continue to provide guidance and updates to assist RFIs with the implementation of the Amended CRS and the transition to CRS XML Schema 3.0.