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.

2024-03-08T09:11:04-04:00March 8th, 2024||

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. 

2024-03-08T09:09:32-04:00March 8th, 2024||

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

2024-03-08T09:07:15-04:00March 8th, 2024||

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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