News

British Virgin Islands, United States Sign FATCA Agreement

By: Caribbean Journal Staff - July 7, 2014

Above: the British Virgin Islands

By the Caribbean Journal staff

The British Virgin Islands and the United States have officially signed an intergovernmental agreement relating to the latter’s FATCA act.

The FATCA law requires, among other provisions, US citizens living outside the US to report their foreign bank accounts to the Internal Revenue Service.

The agreement was signed by British Virgin Islands Premier Dr Orlando Smith at the US Treasury Department in Washington.

“The formal signing of the IGA is the final step in this phase of FATCA implementation,” he said. “This signing allows financial institutions organized in the Virgin Islands to prepare for the implementation of FATCA on the basis that there will be an effective IGA in place by January 1, 2015.”

The government of the British Virgin Islands first announced that it would be entering negotiations with the US government on such an agreement in April 2013.

The two sides reportedly concluded talks on the agreement in mid-March.

At the time, Smith said the move represented an “important signal of BVIs commitment to global standards on transparency.”

Popular Posts w punta cana

A New All-Inclusive W Hotel Is Opening This Year in Punta Cana 

The first-ever all-inclusive W Hotel in the Caribbean is opening this year in Punta Cana, Dominican Republic, Caribbean Journal has learned.  The hotel, part of a broad expansion for parent company Marriott International, is on the list of expected 2024 […]


Why Grenada Is a New Caribbean Luxury Hotspot

beach house silversands

From its world-renowned chocolate to its pristine beaches to a region-leading focus on sustainability, Grenada is as fascinating and unique as destination as you’ll find in the Caribbean.  But in the last few years, the lush Eastern Caribberan island has […]


5 Adults-Only Resorts to Visit Right Now in the Caribbean 

galley bay

Sometimes you just want that extra degree of serenity, of privacy, of seclusion. There is a reason, after all, that adults-only resorts are booming in popularity, particularly in the Caribbean: travelers want to know that when they arrive, they know […]


Related Posts caribbean rockefeller resort

This Former Caribbean Rockefeller Resort Is for Sale

In 1986, Laurance Rockefeller, the founder of Rock Resorts, developed 27 acres of prime beachfront land into what was for decades one of the sought after places to stay in the Caribbean. Now, the four-star, 150-room resort is for sale, […]


Vote for the 2024 Caribbean Green Awards, from Green Energy to Sustainable Hotels

caribbean green

Hotels serving organic food grown by local farmers. Airports powered by large solar fields. Pristine coastlines protected by marine parks. Real estate developments fueled by clean energy. It’s an exciting time for the Green movement in the Caribbean, a region […]


How to Fly Nonstop to Bonaire Right Now 

bonaire beach bars best

It’s easier than ever to fly to the Dutch Caribbean island of Bonaire right now, thanks to expanded service from a number of major carriers.  United Airlines, Delta Air Lines, American Airlines and WestJet are all currently operating service to […]


SUBSCRIBE!

Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.


No. Thank You