The British Virgin Islands (BVI) Premier Orlando Smith has said the talks between BVI and US on their compliance with the crack down of offshore tax evasion. From next year US taxpayer will have to provide fuller details of any overseas assets.
BVI are one of the largest offshore trust jurisdictions, have 30,000 residents and some half million registered companies, .
The BVI provides incorporation registration meaning that businesses and super-rich investors are able to claim to be based there in order to avoid taxes in the countries in which their work is actually carried out.
The Cayman Islands, only last week made an agreement with US to provide information on US citizens’ accounts.
I understand that the Bahamas and Bermuda also have stated they will comply with the US requirements.
Off-shore tax fans won’t be thrilled with this news.
Tax Barrister, Accountant