The BVI no longer has a 7-year intervening period for struck off entities. Please check the status of your entity as it may have been statutorily dissolved due to the changes in the BVI BCA. As such, the entity will need to deregistration, if the entity still exists in the BVIFARs portal it will be
Yes, but the Primary User must hold a position within the RFI.
The place of birth is not required to be reported for pre-existing and new accounts unless the RFI is otherwise required to obtain and report it under domestic law and it is available in the electronically searchable data maintained by the RFI.
A GIIN is a Global Intermediary Identification Number assigned to Foreign Financial Institutions (FFI), Financial Institution (FI) branches, direct reporting non-financial foreign entities (NFFE), sponsoring entities, sponsored entities, and sponsored subsidiary branches. An Institution or Entity assigned a GIIN can use it to identify themselves to withholding agents and tax administrators for FATCA reporting purposes.
Yes, the proof/depends on the reason for deregistration.
If the entity is set up and meets the definition of an FI then it must be registered. If it has no reportable accounts then it will file a Nil filing. The entity will need to consider whether funding affects it being classified as a FI or not.
The entity would need to reach out to the BVI ITA by email to change the name of the entity. Additionally, re-registation is not allowed for an existing entity, a change of primary user is the only option.
No, there is FATCA guidance issued specifically for US nationals. This webinar was specifically related to CRS requirements. If you have questions concerning FATCA guidance on account holder etc. please reach out to our offices info@bviita.vg.
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
A FI that is not resident for tax purposes in any other jurisdiction, will have to register in the BVI FARs portal and report to the ITA where it is incorporated or established in the BVI. The only exception to this rule is where the entity can demonstrate that it is resident for tax purposes