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Posts Tagged ‘BVI’

Treasury Acknowledges More Favorable FATCA IGA Terms for BVI

Posted by William Byrnes on August 5, 2015


Based on the BVI IGA for FATCA, the United States considers the language in italics to be “more favorable Treasury-Dept.-Seal-of-the-IRSterms” in Annex I, except in those cases where the Agreement already includes such language: (excerpted below in relevant part) –

Annex I: G. Alternative Procedures for New Accounts Opened Prior to Entry Into Force of this Agreement. …

2. Alternative Procedures. 

a) Within one year after the date of entry into force of this Agreement, Reporting British Virgin Islands Financial Institutions must:

(i) with respect to a New Individual Account described in subparagraph G(1) of this section, request the self-certification specified in section III of this Annex I and confirm the reasonableness of such self-certification consistent with the procedures described in section III of this Annex I, and

(ii) with respect to a New Entity Account described in subparagraph G(1) of this section, perform the due diligence procedures specified in section V of this Annex I and request information as necessary to document the account, including any self-certification, required by section V of this Annex I. 

c) By the date that is one year after the date of entry into force of this Agreement, Reporting British Virgin Islands Financial Institutions must close any New Account described in subparagraph G(1) of this section for which it was unable to collect the required self-certification or other documentation pursuant to the procedures described in subparagraph G(2)(a) of this section.

In addition, by the date that is one year after the date of entry into force of this Agreement, Reporting British Virgin Islands Financial Institutions must: (i) with respect to such closed accounts that prior to such closure were New Individual Accounts (without regard to whether such accounts were High Value Accounts), perform the due diligence procedures specified in paragraph D of section II of this Annex I, or (ii) with respect to such closed accounts that prior to such closure were New Entity Accounts, perform the due diligence procedures specified in section IV of this Annex I. 

 Treasury’s Notices of More Favorable Terms:

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Public Disclosure of All Beneficial Owners of BVI and Cayman Corporations?

Posted by William Byrnes on March 31, 2015


read about this development at International Financial Law Prof Blog.

image from www.lexisnexis.comThe International Financial Law Professor Blogger William Byrnes is the author of Money Laundering, Asset Forfeiture and Recovery, and Compliance- A Global Guide is an eBook designed to provide the compliance officer, BSA counsel, and government agent with accurate analyses of the AML/CTF Financial and Legal Intelligence, law and practice in the nations of the world with the most current references and resources.  Special topic chapters will assist the compliance officer design and maintain effective risk management programs.  Over 100 country and topic experts from financial institutions, government agencies, law, audit and risk management firms have contributed analysis to develop this practical compliance guide.

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BVI Guidance Notes for the US and UK FATCA Agreements

Posted by William Byrnes on July 30, 2014


 

BVI

 

This document is a DRAFT of the proposed Guidance Notes for the US and UK FATCA Agreements with the Government of the British Virgin Islands and at this stage it is for discussion purposes ONLY!  

153 page draft FATCA guidance issued by BVI available > here <.

 

3. DEEMED COMPLIANT FINANCIAL INSTITUTIONS – US AGREEMENT ONLY

4. NON-REPORTING FINANCIAL INSTITUTIONS – UK AGREEMENT ONLY

13.4. Pre-existing Cash Value Insurance Contracts or Annuity Contracts unable to be sold to US residents – US Agreement only

13.4.1. Assignment of Pre-existing Insurance Contracts

13.5. Lower Value Accounts
13.6. Electronic Record Searches and Lower Value Accounts
13.6.1. Identifying Indicia – US Agreement
13.6.2. Curing Indicia – US Agreement
13.6.3. Identifying Indicia – UK Agreement
13.6.4. Curing Indicia – UK Agreement

UK AGREEMENT – SPECIFIC ELEMENTS
1. Annex IV – Alternative Reporting Regime for UK Resident
Non-Domiciled Individuals
2. Other differences to the US Agreement

 

 

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