DISCLAIMER: This post was last modified on 25 January 2024. Some information in this article may not be updated.

The tax authority in the British Virgin Islands in relation to FATCA/CRS reporting, the Tax Information Authority, has announced that as of 1 January 2024, an annual fee will need to be paid to make use of the BVIFARS portal in order to arrange the FATCA/CRS reporting. This applies to all relevant entities with reporting obligations under the FATCA/CRS reporting framework.  

Payment needs to be made in the portal through direct debit or credit card. For each year, the payment needs to be made ultimately by 1 June, meaning that for this calendar year, the payment will have to be made by 1 June 2024. Entities with valid pending deregistrations from the portal before January 2024 are exempt from the payment. 

For any questions about this development or concerning the FATCA/CRS reporting requirements in the BVI or elsewhere in general, please contact your usual Bolder Group representative. 

Bolder Group does not provide financial, tax or legal advice and the information contained herein is meant for general information purposes only. We strongly recommend that before acting on any of the information contained herein, readers should consult with their professional advisers. The Bolder Group accepts no liability for any errors or omissions in the information, or the consequences resulting from any action taken by a reader based on the information provided herein.

Bolder Group refers to the global network of independent subsidiaries of Bolder Group Holding BV. Bolder Group Holding BV provides no client services. Such services are provided solely by the independent companies within the Bolder Group which are each legally distinct and separate entities and have no authority (actual, apparent, implied or otherwise) to obligate or bind Bolder Group Holding BV in any manner whatsoever. The operations of the Bolder Group are conducted independently and have no affiliation with third party financial, tax or legal advisory firms or corporations.