In circumstances where there is a restricted Class II Trust license where the trustee of the BVI is located in a reporting model 1 jurisdiction (for example, Barbados) and the investments of the BVI trusts are held outside of BVI and distributions are made to discretionary beneficiaries in a calendar year, should the CRS reporting be done through Barbados or through BVI. The Barbados Trustee is a reporting financial institution for CRS purposes.

The location of a Trust (as an RFI) will depend on where the trustee(s) is resident. If the Trustee of the Trust is located in Barbados, then the Trust must register with Barbados and report its financial accounts there. The Trust will not register in the BVI.

admin2024-03-08T08:57:23-04:00February 28th, 2016|INVESTMENT ENTITIES|

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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