The British Virgin Islands and the Cayman Islands reporting financial institutions (FIs) are reminded that to remain compliant, they must complete their FATCA and CRS reporting on the following key dates:
In the BVI
- 1 April – FATCA notification deadline for all new reporting FIs (initial reporting year only)
- 30 April – CRS notification for all new reporting FIs (initial reporting year only)
- 31 May – FATCA/CRS reporting
- 30 April – FATCA/CRS notification for all new reporting FIs (initial reporting year only)
- 31 July – FATCA/CRS reporting
- 15 September – CRS Compliance Form filing
Compliance or enforcement measures will be taken, or penalties will be applied for late filing.
Do these deadlines apply to me?
An entity is a reporting financial institution under the FATCA and CRS regimes if it is a depository institution (eg bank), custodial institution, an insurance company, or an investment entity such as an investment fund. Investment managers, general partners of funds or investment advisers, or any other entity that provides professional fund management services is likely to be considered a financial institution but may have limited registration or reporting obligations under each regime.
Why is this important to me?
Understanding your FATCA and CRS obligations is important because non-compliance with these regulations can result in legal and financial consequences for individuals and organisations.