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The British Virgin Islands has engaged in bilateral and multilateral agreements to facilitate tax cooperation and information exchange with other countries and jurisdictions. These agreements enhance the territory's credibility as a responsible financial center and provide a framework for addressing cross-border tax-related challenges.
The BVI Financial Services Commission is an autonomous regulatory authority responsible for the regulation, supervision and inspection of all the British Virgin Islands financial services including insurance, banking, trustee business, company management, mutual funds business, the registration of companies, limited partnerships and intellectual property.
The Foreign Account Tax Compliance Act (FATCA) is a 2010 U.S. federal law requiring all non-U.S. foreign financial institutions (FFIs) to search their records for customers with indicia of a connection to the U.S., including indications in records of birth or prior residency in the U.S., or the like, and to report such assets and identities of such persons to the United States Department of ...
In 2010, the United States introduced the Foreign Account Tax Compliance Act (FATCA). Later the Organisation for Economic Co-operation and Development (OECD) expanded these directives and proposed a new international system for the automatic exchange of information – known as the Common Reporting Standard (CRS).
[141] [142] U.S. citizens abroad, like U.S. residents, are defined as "U.S. persons" and thus are also subject to various reporting requirements regarding foreign finances, such as FBAR, FATCA, and IRS forms 3520, 5471, 8621 and 8938. The penalties for failure to file these forms on time are often much higher than the penalties for not paying ...
The Letter of Entrustment dated 14 July 2010 was originally provided to the Government of the British Virgin Islands and authorised the Government of the BVI "to negotiate and conclude Agreements relating to taxation that provide for exchange of information on tax matters to the OECD standard" (Paragraph 2 of the FATCA Agreement).
[206] [207] The majority of clients came from mainland China, Hong Kong, Taiwan, the Russian Federation, and former Soviet republics; with the British Virgin Islands identified as the most important tax haven for Chinese clients, and Cyprus an important tax haven location for Russian clients. [208]
The British Virgin Islands company law is the law that governs businesses registered in the British Virgin Islands. It is primarily codified through the BVI Business Companies Act, 2004, and to a lesser extent by the Insolvency Act, 2003 and by the Securities and Investment Business Act, 2010. The British Virgin Islands has approximately 30 ...