BVI FARS Portal online and updated FATCA and CRS reporting deadline and Reportable Jurisdiction list announced

The BVI ITA announced on 20 June 2019 that the FATCA and CRS reporting deadline for reporting Financial Institutions (FIs) has been extended to 31 July as a result of the technical issues with the portal.

FIs should file all returns (including those outstanding from years 2014 through 2017) as soon as practicable as access to FARS may be affected by increased activity closer to the filing deadline.

Notification deadlines are unchanged and have already passed (they were 1 April 2019 for US FATCA and 30 April 2019 for CRS); therefore any FI that has not completed its notification process should submit their notification immediately.

Updated Reportable Jurisdiction List

The ITA advisory also confirmed that an updated Reportable Jurisdiction List, dated 9 May 2019 is available on the BVI government website8989. This list applies to filings made for the calendar year 2018. We strongly recommend that clients review this list to ensure that all reportable accounts have been identified and filed accordingly.

Key Dates

• 1 April 2019: FATCA notification deadline for all new Reporting FIs – now passed
• 30 April 2019: CRS Notification deadline for all new Reporting FIs – now passed
• 31 July 2019: Extended 2018 FATCA and CRS reporting deadline including NIL reports for CRS

Please get in touch your usual Harneys contact if you would like advice on any aspect of the BVI AEOI regime.