British Virgin Islands Double Taxation Agreements

In addition to the TIEA, BVI and the UK have signed an agreement to avoid double taxation on income, which will bring benefits to BVI and UK residents. Both governments also stated that neither party intended to introduce discriminatory, harmful or restrictive measures based on harmful tax practices while the TIEA was in force. In May 2009, the Government of the British Virgin Islands announced the signing of bilateral tax information exchange agreements with the six Nordic countries, including the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden, at the Embassy of Iceland in Copenhagen, Denmark, on 18 May. In November 2009, the Prime Minister of the British Virgin Islands, Ralph O`Neal, announced that he would travel to the Netherlands to sign the thirteenth agreement on the exchange of tax information of the islands on 11 September, in line with the court`s obligation to act as a responsible financial services centre. The agreements were signed by dancia Penn, BVI`s Minister of Health and Social Development, and senior officials from the Nordic group. The OECD Model Conventions provide for the exchange of information in tax matters, both in the field of civil taxation and on concrete evidence of tax evasion. At the ceremony, Penn also entered into double taxation agreements with the Nordic group on behalf of the British Virgin Islands. Two of the United Kingdom`s double taxation treaties, with Japan and Switzerland, are extended to the British Virgin Islands, although these agreements are not applied in practice. In June 2009, Ralph O`Neal, CEO of BVI, announced the conclusion of a tax information agreement with France. The signing of the agreement brings to eleven the number of such agreements in the British Virgin Island, one of which is not considered “fully compliant” with the OECD`s principles of transparency and exchange of information. If you are using the HMRC intranet, both agreements can be viewed via the “New Contracts/Protocols in Force” link in the sidebar and the TIEAs link in the next sidebar. If you search for “TIEA British Virgin Islands” on HMRC`s website, you will get a link to the agreement. Since the OECD restored its tax transparency at sea with the publication of its black/grey/white list, the BVI has concluded numerous tax and information exchange treaties in order not to qualify as a non-cooperative tax (see below).

In addition, an amendment to the tax treaty with the United Kingdom was signed in 2008 and double taxation treaties were signed in 2009 with seven Nordic countries. . . .