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.