Bvi Fatca Agreement

Companies whose activities would lead to being considered financial institutions should therefore register and receive a GIIN and implement a FATCA compliance program. Depending on where the company actually operates, it could make disclosures under another relevant FATCA agreement, which may also apply. The draft guidelines address the issue by providing that, if there is actual knowledge/confirmation that the company has already notified under another FATCA agreement, it is not obliged to report on the BVI IGA. Following our previous updates from our clients on the US Foreign Account Tax Compliance Act, we are pleased to confirm that the British Virgin Islands signed an intergovernmental model 1(b) (i.e. not reciprocal) agreement with the United States on 30 June 2014. .