The ITA is working on upgrades to the BVIFARs portal. This change will be considered during this upgrade process.
The Virgin Islands requests that NIL filings be completed in line with the NIL filing instructions outlined in the BVIFARs user guide.
Please see the BVIFARs user guide which has step by step guidance on “Change of Reporting Obligation” on page 11.
The Standard at Section 1. Subparagraph A(4) – Account balance or value states that “in the case of an equity or debt interest in a Financial Institution, the balance or value of an Equity Interest is the value calculated by the Financial Institution for the purpose that requires the most frequent determination of value, and
If at the end of the reporting period the Account Holder was no longer a tax resident in Jurisdiction A, then the account holder ceases to be reportable person for Jurisdiction A. Therefore, the account holder should not be reported to Jurisdiction A for that period. The account holder should only be reported to Jurisdiction