If you are a VIFI (eg and reporting entity) of a VIFI (eg a trust that does the reporting) that does the reporting, then will the reporting entity file a NIL report?

No, what you are describing is a TDT relationship. Where the RFI (the Trustee) that manages the Trust has agreed to complete all reporting on behalf of the Trust due to the way the BVIFARs portal currently works the reports of the Trust will still have to occur under the Trusts profile. Please see the BVIFARs updated guidance concerning TDT reports on our website.

admin2024-03-08T09:33:16-04:00March 8th, 2024|REPORTING|

The International Tax Authority has created a web-based portal to provide a secure environment for BVI Financial Institutions to satisfy their obligations under the Agreement between the Government of the British Virgin Islands and the Government of the United States of America to Improve Tax Compliance via the Foreign Account Tax Compliance Act (US FATCA), the Agreement between the Government of the British Virgin Islands and the Government of the United Kingdom to Improve International Tax Compliance (UK CDOT) and the Arrangement under the Common Reporting Standards (CRS).

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