Category: British Virgin Islands
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Delay of the Implementation of Common Reporting System (CRS)
British Virgin Islands FSC has confirmed that it will delay implementation of the Common Reporting Standard (CRS) in the BVI. On the 1st of January 2016 legislation to implement the CRS rules came into effect. The BVI tax authority has now clarified that Financial Institutions will be required to notify that they will have reporting…
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BVI’s dynamic new fund products
The Securities and Investment Business (Incubator and Approved Funds) Regulations, 2015 which came into force in the British Virgin Islands on 1 June 2015, creates two new, lightly regulated open-ended funds products – the Incubator Fund and Approved Fund. These dynamic new fund products complement the existing offering of Private Funds, Professional Funds, and Public…