Guide to Completing the Additional Information Forms

Summary

This is ITA guidance explaining a new feature added to the BVI Financial Accounts Reporting System (BVIFARs) requiring Financial Institutions with Common Reporting Standard (CRS) obligations to submit an Additional Information Form alongside their usual CRS filings. It applies separately to Reporting Financial Institutions (RFIs) and Non-Reporting Financial Institutions (NRFIs), each of which has a different version of the form, and walks users through creating and submitting the filing in BVIFARs.

• NRFI form: Two questions asking whether the entity's activities or structure changed during the reporting period; if yes, the NRFI must describe the changes and may upload supporting documentation, since such changes could affect CRS classification.
• RFI form: Nineteen questions covering financial account and reportable account totals, jurisdictions of account holders, preexisting/new account breakdowns, self-certifications collected, excluded accounts, and descriptions of due diligence procedures, governance, training programmes, and TIN collection, intended to demonstrate the RFI's CRS systems and compliance.
• Filing deadline: The Additional Information Form must be filed within 9 months of the end of each financial period; late submissions will be penalised.
• Extensions: Any request for an extension to the filing deadline must be made to the ITA compliance team by email.
• Legal status: The guide expressly states it does not have the force of law and recommends independent professional advice where obligations are uncertain.

FIs should first confirm whether they are classified as an RFI or NRFI under CRS, as this determines which version of the Additional Information Form applies and what information must be reported.

Key obligations

• Financial Institutions with CRS obligations (RFIs and NRFIs) must submit an Additional Information Form via BVIFARs within 9 months from the end of each financial period
• NRFIs must disclose and provide supporting documentation for any changes in their activities or structure during the reporting period
• RFIs must complete all 19 questions in the Additional Information RFI form, including account totals, jurisdictions of account holders, preexisting/new account breakdowns, self-certifications collected, excluded account categories, and descriptions of due diligence, governance and training procedures, before the filing can be validated and submitted
• FIs must review their CRS classification (RFI or NRFI) to ensure they are correctly registered and reporting in BVIFARs
• Any request for extension of the filing deadline must be made to the ITA compliance team
• Late submissions of the Additional Information Form will be penalised

Applies to

Reporting Financial Institutions (RFIs), Non-Reporting Financial Institutions (NRFIs), Financial Institutions with CRS obligations, Virgin Islands Financial Institutions (VIFIs)

Deadlines

• 9 months from the end of each financial period: Deadline for filing the Additional Information Form (RFI or NRFI) in BVIFARs; late submissions are penalised