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Economy and Banking Sector of the British Virgin Islands

Double Taxation Agreements

Double Taxation Agreement (DTA) is an agreement between two or more countries for the avoidance of double taxation.

DTAs of the British Virgin Islands: 1 Signed Agreements

British Virgin Islands signed DTAs which already came info force with the following jurisdictions (for agreements which came into force after 1 January 2013 the date of coming into force is given in brackets):

 Switzerland

Information Exchange

There are 3 ways for jusrisdictions to exchange information on tax matters:

  • spontaneously;
  • on request;
  • automatically.

Spontaneous exchange of information is provision of information that is forseeably relevant to another party without a request being previously sent.

Tax Information Exchange Agreements (TIEAs) enable exchange of information on request relating to a specific tax investigation, either criminal or civil.

Automatic information exchange allows jurisdictions to exchange information automatically, without having a specific tax investigation.

Exchange on Request: 25 Signed Agreements

British Virgin Islands signed TIEAs which already came info force with the following jurisdictions (for agreements which came into force after 1 January 2013 the date of coming into force is given in brackets):

 Aruba (Apr 2013)
 Australia
 Canada (Mar 2014)
 China
 Czech Republic
 Denmark
 Finland
 France
 Germany
 Iceland
 India
 Ireland
 Netherlands (Jul 2013)
 Norway
 Sweden
 United Kingdom
 United States

There are also several agreements between British Virgin Islands and other jurisdictions which was signed but haven't yet come into force (for agreements signed after 1 January 2013 of signing the agreement is given in brackets):

 Curacao
 Faroe Islands
 Greenland
 Guernsey (Apr 2013)
 New Zealand
 Poland (Nov 2013)
 Portugal
 Sint Maarten (Dutch part)

Automatic Exchange: Starts in September 2017

British Virgin Islands signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.

Automatic Excnange: 48 Bilateral Agreements to Receive Information

the British Virgin Islands has signed bilateral agreements with 48 jurisdictions to automatically receive information:

 Argentina
 Australia
 Austria
 Belgium
 Brazil
 Bulgaria
 Canada
 China
 Colombia
 Croatia
 Czech Republic
 Denmark
 Estonia
 Faroe Islands
 Finland
 France
 Germany
 Greece
 Greenland
 Hungary
 Iceland
 India
 Ireland
 Italy
 Japan
 Korea, Republic of
 Latvia
 Liechtenstein
 Lithuania
 Luxembourg
 Malaysia
 Malta
 Mauritius
 Mexico
 Monaco
 Netherlands
 New Zealand
 Norway
 Poland
 Portugal
 San Marino
 Seychelles
 Slovakia
 Slovenia
 South Africa
 Spain
 Sweden
 United Kingdom

Automatic Excnange: 0 Bilateral Agreements to Send Information

the British Virgin Islands has not singed any bilateral agreements to automatically send information.

Further Information

FATCA

Foreign Account Tax Compliance Act (FATCA) which became law in the United States in March 2010, focuses on reporting made by foreign financial institutions about financial accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest. The FATCA-reporting is facilitated by Intergovernmental Agreements (IGAs).

FATCA Status in the British Virgin Islands
IGA in effect since 30 June 2014, Model 1

British Virgin Islands has FATCA agreement with the U.S. in effect since 30 June 2014 (Intergovernmental Agreement Model 1). Financial institutions operating in British Virgin Islands are required to identify U.S. taxpayers by January 1, 2017 and to report the information for 2017 and the subsequent years. The agreement is non-reciprocal: the British Virgin Islands' financial accounts hold in U.S. financial institutions will not be reported to the British Virgin Islands' authorities.

Further Information