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A FATCA Compliance Program for Fiduciaries (BVI Edition)
This document sets out a FATCA Compliance Program for fiduciaries connected to BVI private wealth management structures and is designed to satisfy the requirement mandating the adoption of “arrangements” sufficient to identify FATCA reportable accounts. Non-compliance with this requirement is a criminal offence and is punishable by a fine of up to USD 5,000 and/or up to two (2) years in prison. While this document is BVI-specific, it can also be adapted to meet the requirements for Compliance Manuals for other jurisdictions.
The British Virgin Islands mandates that Reporting BVI Foreign Financial Institutions “establish and maintain arrangements” to comply with the BVI’s FATCA IGA-. These “arrangements” must be sufficient to identify US reportable accounts and accounts held by Nonparticipating FFIs pursuant to the required due diligence processes and retain for six years any information relied upon in the process. Section 15 of the 2022 BVI FATCA legislation authorizes the ITA to inspect upon demand a Reporting BVI FFI’s compliance arrangements and any underlying documentation necessary to evidence its FATCA compliance. Failure to comply with the obligation to establish and maintain a FATCA compliance program is a criminal offence and is punishable by a fine of up to USD 5,000 and/or up to two (2) years in prison.
This document sets out a FATCA compliance program for fiduciaries connected to BVI private wealth management structures and is designed to satisfy the requirements in the BVI legislation.
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This resource covers:
- Qualification and FATCA classification of BVI Financial Institutions;
- Identification, due diligence and monitoring of FATCA Account Holders;
- Preparation and submission of FATCA reporting; and
- Payment withholding, deposit and reporting.