The Government of the British Virgin Islands has committed to signing a Model I Intergovernmental Agreement or IGA with the United States.

The Government of the British Virgin Islands has committed to signing a Model I Intergovernmental Agreement or IGA with the United States and says that it "is in discussions with the US Treasury on a continuous basis."

A Model I IGA mandates reporting by BVI resident financial institutions (reporting FIs) directly to the BVI Government, followed by the automatic exchange of this information with the United States. The annual reporting will commence in 2015. One of the key benefits of the Model I IGA is that there will be no direct reporting by BVI entities to the United States Government.

On March 14, 2014, the premier of the islands announced that the Government had 'initialled' an IGA which it expected to sign in the coming weeks. This followed an announcement last summer that the BVI had decided to negotiate an IGA with the United States. Nobody else has signed this month.