About the Regulatory Blog and our contributors
The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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BVI publishes new guidance to strengthen risk management in third-party introductions
On 28 October 2024, the British Virgin Islands Financial Services Commission and Financial Investigation Agency jointly released new guidance to help financial institutions and designated non-financial businesses and professions manage risks associated with third-party introducers. This guidance is aimed at strengthening compliance with anti-money laundering regulations and related local legislation by offering a structured, risk-based approach.
19 Nov 2024
Amendments to the BVI Beneficial Ownership Secure Search System Act and economic substance reporting regime
The British Virgin Islands Beneficial Ownership Secure Search System Act has been amended by the Beneficial Ownership Secure Search System (Amendment) Act, 2024, which was published in the Gazette on 24 July 2024.
31 Jul 2024
Update to the BVI’s Mutual Legal Assistance (Tax Matters) Act 2003
The Minister, on the advice of the BVI International Tax Authority, made the Mutual Legal Assistance (Tax Matters) (Fees) Order 2024.
23 Apr 2024
Update to BVI Economic Substance Rules: Important update for entities claiming non-residence via UAE corporate income taxes
On 2 April 2024, the BVI International Tax Authority published version four of its economic substance rules and explanatory notes, following the introduction of a federal corporate income tax system in the United Arab Emirates in respect of financial years beginning on or after 1 June 2023.
10 Apr 2024
BVI ITA publishes its lists of CRS Participating Jurisdictions and Reportable Jurisdictions for 2024
On 5 February 2024, the BVI International Tax Authority published its updated Common Reporting Standards lists of Participating Jurisdictions and Reportable Jurisdictions for 2023. Both lists were gazetted on 8 February 2024.
04 Mar 2024
Mandatory annual fee and reporting procedures for FATCA, CRS, and CbCr in the BVI
On 6 December 2023, The BVI International Tax Authority announced that the BVI Financial Accounting Reporting System payment portal will go live in January 2024 and entities subject to reporting obligations concerning the United States Foreign Account Tax Compliance Act, the Organisation for Economic Co-operation and Development, the Common Reporting Standards, and Country by Country Reporting under British Virgin Islands law are required to remit an annual fee of US$185.
14 Feb 2024
BVI locally resident companies may now apply for exclusion from tax and economic substance reporting
In October 2023, the BVI International Tax Authority reminded the public about a new provision introduced under the International Tax Authority (Amendment) Act, 2023, introduced earlier in 2023, which permits local companies (as defined) to be excluded from certain economic substance tax reporting requirements. In order to qualify, the local company must submit an application for exclusion to the ITA.
29 Jan 2024
BVI economic substance reporting changes and deadlines
Most companies and limited partnerships registered in the BVI have an economic substance “financial period” of 30 June to 29 June. Reports to the International Tax Authority are due within six months of the financial period end, typically falling around the end of the calendar year.
28 Sep 2023
BVI ITA updates industry on mandatory TIN information for Financial Institutions, relevant to US IRS filings
On 12 May 2023, the International Tax Authority issued a reminder to all Financial Institutions regarding the inclusion of mandatory Tax Identification Number information in filings, for the 2020 reporting year onwards. Additionally, the ITA provided an update on the acceptable sequential codes issued by the United States Internal Revenue Service for reporting purposes from calendar year 2022 onwards.
23 May 2023