British Virgin Islands Financial Institutions ("VIFIs') must ensure that they meet their regulatory obligations by registering on the BVI Financial Account Reporting System ("BVIFARS") portal and submitting the relevant annual reporting as set forth in the regulations governing the implementation of the Common Reporting Standard ("CRS"). This includes NIL filings if there are no reportable accounts and full information being filed for all reportable accounts. Beginning June 2025, all reporting and non-reporting BVIFIs must also submit an annual CRS form via the BVIFARS portal.

The CRS form is extensive and requests additional information that was not previously required. This additional reporting requires in-depth knowledge of the VIFI's investor base as well as the CRS procedures for due diligence and reporting. This training is to assist those persons tasked with the governance of the VIFI understand the obligations as set out in the updated CRS regulations.

Useful links:
https://bvifars.bviita.vg/bviportal/PublicForm/PublicForm.aspx
https://bviita.vg/wp-content/uploads/2025/04/BVIFARS_User_Guide_Version_10.0.1.pdf
https://bvifars.gov.vg/vizorportal/

CRS resources:
Mutual Legal Assistance (Tax Matters) Act
BVI-CRS-Guidance-Notes-update-2.1.1.pdf
BVI Financial Account Reporting System Login
BVIFARS User Guide 2025
Guide to Completing the Additional Information Form - BVI ITA