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March 11, 2014: U.S. and the British Virgin Islands Conclude FATCA Negotiations

Foreign Account Tax Compliance Act (FATCA)


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The U.S. and British Virgin Islands conclude negotiations on Model 1 IGA

On March 11, 2014, the British Virgin Islands Government announced that it has concluded negotiations with the United States on a Model I Intergovernmental Agreement (“IGA”) and that signing is imminent.

Final legal and administrative procedures to facilitate the FATCA implementation as well as guidance notes are expected shortly.

The British Virgin Islands Government noticed that it had received varous exceptions for relevant entities such as Non-Profit Organisations and Pension Plans and their accounts.

The British Virgin Islands Government has also announced that a similar agreement with United Kingdom has been signed. Likewise, the British Virgin Islands Government’s commitment to the Common Reporting Standard developed by the Organization of Economic Cooperation and Development (“OECD”) has been confirmed in the communication.

Full article and press release issued by the British Virgin Island Government are are available for download. For more information please contact a Deloitte FATCA leader or click here.

As used in this document, "Deloitte" means Deloitte Tax LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

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