The British Virgin Islands (BVI) Government announced that the deadline for registration under its newly launched Financial Account Reporting System (BVIFARS) to facilitate FATCA compliance is the 1st of June, 2015.
According to the provisions of the announcement, financial institutions are required to submit information to the Government under the US Foreign Account Tax Compliance Act (FATCA) Intergovernmental Agreement (IGA) between the BVI and the US must register to use BVIFARS. For financial institutions outside the US, FATCA requires them to report information on financial accounts held by their US customers to the Inland Revenue Service (IRS).
Source:
lowtax.net, 2015
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