British Virgin Islands FATCA update 2015

On 15 April 2015, the British Virgin Islands International Tax Authority ("ITA") officially opened the BVI Financial Account Reporting System ("BVIFARS").
 
The BVIFARS is now available for BVI Reporting Financial Institutions
("BVI Reporting FIs").
 
All BVI Reporting FIs are required to enroll with BVIFARS by 1 June 2015 and then submit their 2014 FATCA returns to the ITA through BVIFARS by 30 June 2014.

In enrolling on BVIFARS, BVI Reporting FIs must submit their registered name, institution type and GIIN.  Additionally, the BVI Reporting FIs must submit their Registered Office address in the BVI.

Once the ITA has approved a BVI Reporting FIs enrolment, a Financial Institution profile is created and the BVI Reporting FI will be provided an automated unique identification number. Each BVI Reporting FI will be allowed to have up to 3 Secondary Users and will be managed by its Primary User.

Points to note are as follows:

• As part of the notification, authorisation from a director of the BVI Reporting FI appointing a Primary User needs to be uploaded onto BVIFARS, together with a copy of the Primary User's passport.  This authorisation should be in the form of a letter specifying the Primary User as the "person responsible for US FATCA compliance".  The ITA has not specified what other information is required to be included in this letter.
• The ITA does not require Financial Institutions to submit NIL reports or to enrol with BVIFARS if there is nothing to report.  However, BVIFARS will accept a NIL report if a Financial Institution wishes to submit one, but the Financial Institution will have had to enrolled with BVIFARS prior to submitting such a NIL report.
• Sponsoring Entities are required to enrol with BVIFARS in order to submit information to the ITA on behalf of their Sponsored Entities but Sponsored Entities themselves are not required to enrol with BVIFARS.
  Please see below some useful links.
   
  BVIFRAS enrolment form
   
  Enrolment Form
   
  User Guide to BVIFARS
   
  User Guide
   
  The FATCA guidance notes
   
  Guidance Notes
   
  If you have any questions or  would like to discuss these issues further, please reach out to your usual Ogier contact.