London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

'Virgin Islands tax cooperation with France overlooked'- Premier Fahie

'Virgin Islands tax cooperation with France overlooked'- Premier Fahie

The Premier and Minister of Finance of the British Virgin Islands Honourable Andrew A. Fahie has said the good tax cooperation between the British Virgin Islands and France has been overlooked in the French Government's decision to include the jurisdiction, among others newly added, to its list of non-cooperative states and territories in tax matters.

In a statement Premier Fahie said: “As our treaty partner, we continue to cooperate with France on an ongoing basis to meet our treaty obligations. However, there appears to be a misunderstanding and possible miscommunication on certain matters which we are working with our French partners to resolve.

For the duration of our relationship we have diligently followed the processes laid out in the BVI-France Tax Information Exchange Agreement (TIEA) and will continue to do so. Thus, it is unfortunate that we were included on the French list while working through French requests.

I am confident, however, that all outstanding issues will be addressed within the terms of our TIEA and the BVI will be delisted in due course.

The BVI is a jurisdiction that has always adhered to international standards and maintains good cooperation with jurisdictions around the world.

As a leading international finance centre, our international partners can trust we will continue to do so. We will continue to diligently uphold our obligations and commitment to them, which we take very seriously. I will provide a further update at the appropriate point in time.”


Background to the issue and steps taken by the relevant Competent Authority in the VI:

The VI’s first introduction to this listing issue was via the announcement by the French Government made on 1 December 2019. There was no engagement that the VI received before December 1, in accordance with Article 12 of the Tax Information Exchange Agreement (TIEA), which details the procedures to be followed to ensure effective exchange of information.
Immediately following the December 1, 2019 announcement, the BVI’s Competent Authority (CA) contacted the French Competent Authority to determine the root of the issues. To date the French Competent Authority has not responded to these communications in line with the TIEA process, despite a letter from the French Minister to the Premier pledging its engagement and cooperation.
Furthermore, the French Government has not been able to offer a singular clear basis for the listing of the VI. In fact, the VI has now received three lists which all have differences, one which includes requests for information that date back to 2015.
It is also important to note that the initial French requests (i.e. those identified in media reports as 230 requests unanswered by the VI) were received in May and June 2017, immediately before the destruction caused by Hurricanes Irma and Maria in September 2017.
In late 2017, the VI wrote to all jurisdictions where it has Exchange of Information (EOI) relationships - including France - requesting their patience as the Territory recovered from the devastation.
These particular requests from France pertain to the ‘Panama Papers’ of 2016. The VI registered agent for all those entities affected by the leak was Mossack Fonseca & Co. (BVI) Ltd., but on May 31, 2018 the firm surrendered its Class 1 Trust Licence and is no longer a registered agent in the VI and ceased trading.
Liquidators appointed by the Eastern Caribbean Supreme Court in the High Court of Justice (Commercial Division) of the VI continue to identify, protect and realise any remaining assets for the benefit of the creditors of Mossack Fonseca & Co. (BVI) Ltd. As such, the Competent Authority wrote to all jurisdictions outlining this process and asked if they could wait until the conclusion of the liquidation process before receiving a response.
This letter was sent to France on May 15, 2019 and subsequent reminders have been sent concerning every request for information relating to Mossack Fonseca & Co. (BVI) Ltd., entities.


About the TIEA:

The VI has a Tax Information Exchange Agreement (TIEA) with France which was signed in 2009. A TIEA is a bilateral agreement that has been negotiated and signed between two countries’ tax authorities to establish a formal regime for the direct exchange of information relating to tax matters. The VI currently has 28 such agreements with nations around the world.

The TIEA includes Article 12, a commitment to a mutual agreement procedure for the resolution of any concerns.

In addition to its 28 TIEAs, the VI was an early adopter of the Common Reporting Standard (CRS) in tax matters which sees the jurisdiction exchanging relevant information with over 100 countries.

Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×