Please confirm if payment functionality is now live?
No, it is not yet live. Once it becomes live an update will be provided to all users, including guidance on how payments can be made.
When is the first payment required to be made by?
On or before 1 June, 2024.
For FI deactivation- Example- If the FI had reportable/ no reportable account previously. However, the entity is liquidated in 2022 with no reportable accounts but still not deregistered till 2023. Is TY2023 reporting required given that the entity is liquidated in 2022 or should we go ahead with the deactivation of the entity on the BVIFARS without filing TY2023 reporting.
The last applicable tax year of an entity that is liquidated in 2022 would be the TY ending in 2022. There is no need to file a report for 2023. You can proceed with the deregistration application once all reports have been made from registration of the entity until the last applicable tax year i.e.
How do we locate the de-registration application?
The de-registration process is a filing that can made using the BVIFARs portal. Please refer to page 7 of the BVI FARs User Guide for the steps to complete this process.
Deactivation question. If you have resigned from an FI wherein you are the PPOC, and followed all procedure’s prior to your resignation and the client does not provide info for the new PPOC to the BVI ITA regardless of all your follow ups. How can this entity be de-activated?
No, the FI only reports for applicable financial periods. For instance, if the deregistration is due to the FI being liquidated in 2022, even if the application remains pending in 2023, the FI will only be expect to file up until of liquidation.
Is it correct that you can submit a deregistration request once the FI has closed all accounts and completed all the required CRS filings? Does this only happen once the FI has been fully dissolved?
A VIFI can only be deregistered if 1) it no longer meets the definition of a VIFI; or 2) it is no longer in existence, for example by liquidation or no longer resident in the Virgin Islands, for example by means of continuation to another jurisdiction, and it has met all reporting obligations for years
Are we required to to use the BVI self-certification template? can we use a self-certification that is similar to BVI template?
No, the BVI template is just a guide for Financial Institutions. If a Financial Institution decides not to use the BVI’s template, the FI must note that for a self certification form to be valid the FI must collect at a minimum the required information as outlined in the law (this includes, the Account Holder’s
For the Controlling Persons, should we rely on the information provided in the Self-Certification or we still need to check the Trust agreement to identify the Trustee, Settlor, and Beneficiaries?
The FI can rely on the information included in the self-certification unless they know or have reason to know that the circumstances affecting the correctness of the self-certification have changed or cannot be relied upon.
Is it understood that the beneficiaries will be reported only in the year when they receive a distribution?
This is true for discretionary beneficiaries. It is important to note that the Implementation Handbook makes a distinction between beneficiaries entitled to 'mandatory' distributions and those who are discretionary without any enforceable rights to receive trust property. As such, the RFI must identify whether their beneficiaries are discretionary or mandatory and report according. A discretionary