TIEAs - A modern day Scylla and Charybdis?

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The British Virgin Islands operates one of the most robust and accountable regulatory systems in the world. It is more compliant with global financial regulatory standards and more transparent than many G7 countries including the UK and Germany. In recognition of the Territory’s commitment to regulatory excellence, the BVI was placed on the OECD ‘White List’ in 2009. As a part of its continued commitment to promoting transparency and prevention of tax evasion, the BVI is a signatory to the Common Reporting Standard (the CRS), an OECD initiative that created a global automatic exchange of information between signatory nations. A fundamental part of the functioning of the CRS is the implementation of tax information exchange agreements (TIEAs). The BVI Government has signed and implemented 25 TIEA in recent years with jurisdictions such as Australia, Canada, China, France, Germany, India, Japan, the UK and the USA.