As the Virgin Islands plays a very important role in the international fight against tax evasion, on the 30th day of June, 2014, the Government of the Virgin Islands signed the Model 1B Inter-governmental Agreement with the Government of the United States to improve tax compliance. This Agreement is commonly referred to as the US FATCA Agreement. The objective of this Agreement is to facilitate the reporting by BVI Financial Institutions about financial accounts held by US taxpayers or foreign entities in which those taxpayers hold a substantial ownership interest.

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