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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. 

2024-03-08T08:57:23-04:00February 28th, 2016||
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In order to determine the controlling person of a BVI company (passive NFE) which is owned by a trust, can you advise which one is the controlling person: 1) the settlor of the trust; 2) the trustee of the trust; 3) the director of the BVI entity; or we should list all of these?

The settlor(s), Trustee(s), the protector(s) (if any), and the beneficiary/beneficiaries or class of beneficiaries, and any other natural person(s) exercising ultimate effective control over the trust (including through a chain of control or ownership), must always be treated as controlling persons of a trust, regardless of whether or not any of them exercises control over

2024-03-08T08:58:29-04:00February 28th, 2016||
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If a settlor contributes assets to an irrevocable trust in which the settlor is not a beneficiary and has relinquished control over such assets, does the settlor need to be reported on a CRS report as an account holder each year?

Given the fact that settlors are listed because they exercise ultimate effective control over the trust, they will have to be named. In a case where they do not have such control then they are not an account holder.

2024-03-08T08:59:27-04:00February 27th, 2016||
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BVI Financial Account Reporting System

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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