Update on BVI

The British Virgin Islands ("BVI") government announced in a statement before the House of Assembly on 9 March 2023 that it has succeeded in its request for a supplementary review to more accurately reflect its current legislative status following the EU's decision on 14 February 2023 to add the BVI to its list of non-cooperative jurisdictions for tax purposes.

The BVI Government issued a statement highlighting that it had already introduced legislation to address the EU Council's concerns but the legislative changes, which came into effect in January, were not recognised in the most recent OECD peer review rating. The BVI Government immediately requested a supplementary review with a view to having the BVI removed from the list as soon as possible. Permission for the review has been given by the Peer Review Group of the Global Forum on Transparency and Exchange of Information for Tax Purposes.

The BVI is confident that a “largely compliant” or “compliant” rating will be given, which would see the BVI removed from the non-compliant list.

While the inclusion of the BVI will have limited or no direct immediate consequences for investors or clients using BVI structures, the announcement of the supplementary review will be welcomed by the BVI government and investors.

Primary Contacts


BRITISH VIRGIN ISLANDS
Matthew Cowman Managing PartnerT +1 284 852 2208matthew.cowman@walkersglobal.com
Lucy FrewPartnerT +1 345 814 4676lucy.frew@walkersglobal.com
Iona WrightSenior CounselT +1 284 852 2233iona.wright@walkersglobal.com
Nicholas QuinManaging DirectorT +1 345 914 4295nicholas.quin@walkersglobal.com
Hannah SagalaTeam Manager, Corporate ServicesT +1 284 542 2286hannah.sagala@walkersglobal.com

CAYMAN ISLANDS
Lucy FrewPartnerT +1 345 814 4676lucy.frew@walkersglobal.com
Andrew HowarthPartnerT +1 345 814 4561andrew.howarth@walkersglobal.com
Steven ManningChief Executive Officer – WPST +1 345 814 7612steven.manning@walkersglobal.com
Nicholas QuinManaging DirectorT +1 345 914 4295nicholas.quin@walkersglobal.com
Dorothy ScottManaging DirectorT +1 345 914 4202dorothy.scott@walkersglobal.com

DUBAI
Daniel WoodManaging PartnerT +971 4 363 7912daniel.wood@walkersglobal.com

HONG KONG
Colm DawsonPartnerT +852 2596 3357colm.dawson@walkersglobal.com

LONDON
Jack BoldarinManaging PartnerT +44 (0)20 7220 4995jack.boldarin@walkersglobal.com
Sara HallPartnerT +44 (0)20 7220 4975sara.hall@walkersglobal.com

SINGAPORE
John RogersManaging PartnerT +65 6595 4673john.rogers@walkersglobal.com

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