The British Virgin Islands opens its Financial Account Reporting System to enable financial institutions to register and submit information on their U.S. clients in line with the BVI's agreement with the U.S. on its Foreign Account Tax Compliance Act. The system is available to financial institutions that need to register in order to submit information to the government under the intergovernmental agreement between the BVI and the U.S., according to a news release.
Financial institutions must register by June 1 and report information regarding the 2014 tax year by June 30.
The British Virgin Islands has opened its Financial Account Reporting System (BVIFARS) to enable financial institutions to register and submit information on their U.S. clients in line with the BVI's agreement with the U.S. on its Foreign Account Tax Compliance Act.
The
system is available to financial institutions that need to register in
order to submit information to the government under the
intergovernmental agreement between the BVI and the U.S., according to
an April 15 news release.
Financial
institutions must register by June 1 and report information regarding
the 2014 tax year by June 30. The BVI government will then transmit the
information to the Internal Revenue Service.
The government said financial institutions that have nothing to report aren't obligated to file a “nil report.”
“As
such, if there is nothing to report, there is no mandatory requirement
to enroll with BVIFARS,” the government said. “However, BVIFARS has the
capability to accept nil reports and if a financial institution chooses
to submit a nil report, then that financial institution will have to
enroll.”
Bahamas – FATCA
Bahamas gears up for FATCA – video - Guidelines regarding the US Foreign Accounts Tax Compliance Act are nearing completion, according to government officials.
As we previously posted on Friday, February 27, 2015, FATCA Update! - 112 FATCA Agreement To Date!,where we discussed that there was a total to 112 jurisdictions with FATCA agreement with the United States, including the BVI & Bahamas.
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Is Your Foreign Account in
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See Below For Types of FATCA Agreements Signed
By Each Country and Links to the Actual Agreements.
The following jurisdictions are
treated as having an intergovernmental agreement in effect (scroll down for a
list of jurisdictions with agreements in substance):
Jurisdictions that have signed
agreements:
Model 1 IGA
- Australia (4-28-2014)
- Bahamas (11-3-2014)
- Barbados (11-17-2014)
- Belgium (4-23-2014)
- Brazil (9-23-2014)
- British Virgin Islands (6-30-2014)
- Bulgaria (12-5-2014)
- Canada (2-5-2014)
- Cayman Islands (11-29-2013)
- Costa Rica (11-26-2013)
- Curaçao (12-16-2014)
- Cyprus (12-2-2014)
- Czech Republic (8-4-2014)
- Denmark (11-19-2012)
- Estonia (4-11-2014)
- Finland (3-5-2014)
- France (11-14-2013)
- Germany (5-31-2013)
- Gibraltar (5-8-2014)
- Guernsey (12-13-2013)
- Hungary (2-4-2014)
- Honduras (3-31-2014)
- Ireland (1-23-2013)
- Isle of Man (12-13-2013)
- Israel (6-30-2014)
- Italy (1-10-2014)
- Jamaica (5-1-2014)
- Jersey (12-13-2013)
- Latvia (6-27-2014)
- Liechtenstein (5-19-2014)
- Lithuania (8-26-2014)
- Luxembourg (3-28-2014)
- Malta (12-16-2013)
- Mauritius (12-27-2013)
- Mexico (4-9-2014)
- Netherlands (12-18-2013)
- New Zealand (6-12-2014)
- Norway (4-15-2013)
- Poland (10-7-2014)
- Qatar (1-7-2015)
- Singapore (12-9-2014)
- South Africa (6-9-2014)
- Spain (5-14-2013)
- Slovenia (6-2-2014)
- Sweden (8-8-2014)
- United Kingdom (9-12-2012)
- Turks and Caicos Islands (12-1-2014)
Model 2 IGA
- Austria (4-29-2014)
- Bermuda (12-19-2013)
- Chile (3-5-2014)
- Hong Kong (11-13-2014)
- Japan (6-11-2013)
- Moldova (11-26-2014)
- Switzerland (2-14-2013)
Jurisdictions that have reached
agreements in substance as of June 30, 2014 and have consented
to being included on this list (beginning on the date indicated in
parenthesis):
Model 1 IGA
- Algeria (6-30-2014)
- Anguilla (6-30-2014)
- Antigua and Barbuda (6-3-2014)
- Azerbaijan (5-16-2014)
- Bahrain (6-30-2014)
- Belarus (6-6-2014)
- Cabo Verde (6-30-2014)
- China (6-26-2014)
- Colombia (4-23-2014)
- Croatia (4-2-2014)
- Dominica (6-19-2014)
- Dominican Republic (6-30-2014)
- Georgia (6-12-201)
- Greenland (6-29-2014)
- Grenada (6-16-2014)
- Guyana (6-24-2014)
- Haiti (6-30-2014)
- India (4-11-2014)
- Indonesia (5-4-2014)
- Kosovo (4-2-2014)
- Kuwait (5-1-2014)
- Malaysia (6-30-2014)
- Montenegro (6-30-2014)
- Panama (5-1-2014)
- Peru (5-1-2014)
- Portugal (4-2-2014)
- Romania (4-2-2014)
- St. Kitts and Nevis (6-4-2014)
- St. Lucia (6-12-2014)
- St. Vincent and the Grenadines (6-2-2014)
- Saudi Arabia (6-24-2014)
- Serbia (6-30-2014)
- Seychelles (5-28-2014)
- Slovak Republic (4-11-2014)
- South Korea (4-2-2014)
- Thailand (6-24-2014)
- Turkey (6-3-2014)
- Turkmenistan (6-3-2014)
- Ukraine (6-26-2014)
- United Arab Emirates (5-21-2014)
- Uzbekistan (6-30-2014)
Model 2 IGA
- Armenia (5-8-2014)
- Iraq (6-30-2014)
- Nicaragua (6-30-2014)
- Paraguay (6-6-2014)
- San Marino (6-30-2014)
- Taiwan (6-23-2014)*
*Consistent with the Taiwan
Relations Act, the parties to the agreement would be the American Institute in
Taiwan and the Taipei Economic and Cultural Representative Office in the United
States.
Jurisdictions that have reached
agreements in substance as of November 30, 2014 and have consented to
being included on this list (beginning on the date indicated in parenthesis):
Model 1 IGA
- Angola (11-30-2014)
- Cambodia (11-30-2014)
- Greece (11-30-2014)
- Holy See (11-30-2014)
- Iceland (11-30-2014)
- Kazakhstan (11-30-2014)
- Montserrat (11-30-2014)
- Philippines (11-30-2014)
- Trinidad and Tobago (11-30-2014)
- Tunisia (11-30-2014)
Model 2 IGA
- Macao (11-30-2014)
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