British Virgin Islands: Updated CRS guidance

British Virgin Islands: Updated CRS guidance

The tax authority of the British Virgin Islands issued a notice advising that “reporting financial institutions” are required to produce written policies and procedures as part of the risk-based common reporting standard (CRS) compliance regime.


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The policies and procedures (required since 2015) must:

  • Identify the jurisdictions in which account holders, or a controlling person, are residents for the purpose of income tax, corporation tax or other similar taxes
  • Apply due diligence procedures required for CRS reporting
  • Provide that any information in respect of a financial account is retained for a minimum of six years from the end of the year to which the information relates or in which compliance steps were taken

Read a May 2020 report [PDF 80 KB] prepared by the KPMG member firm in the British Virgin Islands

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