AEOI is the transmission of financial account information automatically without a request for information being issued. In order to exchange this information automatically the Government of the Virgin Islands is required to put legislation in place to ensure that its financial institutions are collecting and maintaining the necessary customer due diligence and financial account information and as such reporting all relevant reportable accounts to the Government of the Virgin Islands and the Government in turn by way of its obligations under an Agreement or Arrangement will provide this information to the relevant jurisdiction(s) on an annual basis.
The Agreements and Arrangements entered into by the Government of the Virgin Islands that accommodate automatic exchange of information, sets out:
- the financial account information to be exchanged,
- the financial institutions that need to report,
- the different types of accounts and taxpayers covered,
as well as customer due diligence procedures to be followed by financial institutions.
For more information on Automatic Exchange of Information please click on the relevant item below:
- BVI Financial Account Reporting System (BVIFARS)
- AEOI with United Kingdom
- AEOI with United States
- Directory of Companies/Persons That Offer Assistance to US Citizens and US and UK Financial Institutions with Their Tax Filing Obligations
- AEOI Under the Common Reporting Standard
- AEOI under The European Union Saving Directive
- Competent Authority Agreements for Automatic Exchange of Information