Regulatory Blog

The BVI Financial Investigation Agency (Returns) Order, 2025, has been published, introducing a structured framework for the submission of returns by Designated Non-Financial Businesses and Professions and Non-Profit Organisations. This Order, effective from 27 November 2025, clarifies reporting obligations and establishes a clear legal context for compliance. The Order, gazetted as Statutory Instrument No. 99 of 2025, formalises these requirements into law.

If you are involved in the virtual assets space in the British Virgin Islands, you will want to pay attention to this. In November 2025 the BVI Financial Services Commission released Circular 43, which includes a helpful FAQ document called "Understanding Virtual Assets and VASP Regulation".

If you manage or operate a BVI limited partnership, you should take note of an important update from the BVI Financial Services Commission. On 19 November 2025, the FSC published Circular 41, which introduces the Limited Partnership (Financial Return) Order, 2025.

The Sanctions Order 2025 was published on 12 December 2025 and came into force on 11 December 2025. This updates the sanctions framework that applies across UK Overseas Territories, including the British Virgin Islands, Cayman Islands. The changes are also relevant to, by local extension, to Bermuda.

The BVI Financial Services Commission announced a temporary measure to help Registered Agents manage the current high volume of regulatory filings. On 26 November 2025, the FSC published Circular 44, which grants overseas offices of Registered Agents temporary access to the VIRRGIN Lite platform for Beneficial Ownership and related filings throughout December 2025.

The global regulatory landscape for digital assets is constantly evolving. For entities operating within the crypto space, staying ahead of these changes is paramount. Recent amendments to the Common Reporting Standard by the OECD have significant implications for BVI crypto funds. Understanding these updates is crucial for ensuring compliance and making informed strategic decisions.

The Financial Action Task Force recently published its updated lists of jurisdictions with strategic deficiencies in anti-money laundering and counter-terrorism financing measures.

Following the invasion of Ukraine by Russia, the UK Government, alongside the member states of the European Union, the United States of America and other global stakeholders issued significant new sanctions. View a table of all the sanctions here.

European Union has issued significant and far-reaching sanctions and restrictive measures on Russia and the Russian Economy. View a table of all the sanctions here.

On 20 November 2025, the British Virgin Islands International Tax Authority announced that Economic Substance reporting obligations will transition from the Beneficial Ownership Secure Search System to the Virtual Integrated Registry Regulatory General Information Network portal. The ITA has confirmed that the new VIRRGIN ES filing portal is in its final stages of preparation and will be deployed for filings due in 2026.

The British Virgin Islands introduced its first annual Frozen Assets Reporting process for 2025, aligning with the Virgin Islands’ sanctions framework and UK sanctions legislation. BVI entities, that are in scope for this reporting, are reminded of their mandatory statutory obligation to report frozen assets linked to UK-designated persons.

On 23 October 2025, the BVI International Tax Authority published a notice to advise that the Organisation for Economic Co-Operation and Development introduced significant updates to the Common Reporting Standards, now referred to as CRS 2.0, alongside the development of the Crypto-Asset Reporting Framework.