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FATCA and Common Reporting Standard

This page is relevant to all Isle of Man Financial Institutions, Sponsors and Third Parties and provides important information in respect of the Common Reporting Standard (‘CRS’) and Foreign Account Tax Compliance Act “FATCA”.

Common Reporting Standard (CRS)

The CRS was developed by the Organisation for Economic Co-operation and Development (OECD) to put a global model of automatic exchange of information into practice. The Isle of Man made an early commitment to the CRS and in 2014 signed the Multilateral Competent Authority Agreement. As an ‘early adopter’ of the CRS, the Isle of Man completed its first exchanges of financial account information in September 2017.

Foreign Account Tax Compliance Act

On 13 December 2013 the Isle of Man and the United States of America signed an Agreement to Improve International Tax Compliance and to implement FATCA. Isle of Man Financial Institutions are required to provide the Assessor of Income Tax with financial account information on an annual basis which the Assessor will then forward that information to the US Competent Authority. The Isle of Man completed its first exchange of financial account information with the US in September 2015.

Registration and Keeping Updated

Any Isle of Man Financial Institution, Sponsor or Third Party that needs to register with the Isle of Man Income Tax Division to report under either CRS or FATCA should complete an Information Providers’ registration form.

If you would like to be added to our mailing list in order to receive regular AEOI updates, please supply your details on the Mail List Contact Form.

Format and Submission Method

CRS and FATCA files must be sent to the Assessor in the relevant prescribed xml formats using the Information Providers’ Online Service. Details of xml formats can be obtained from the relevant guidance notes and Industry Updates.

CRS and Competent Authority Agreements
Document
Industry Advisory Notice – AEOI May 2018
Industry Advisory Notice – AEOI March 2018
Isle of Man CRS Guidance Note – December 2017 Updated
Industry Advisory Notice - AEOI June 2017
Industry Advisory Notice - AEOI March 2017
Income Tax (Common Reporting Standard) (Amendment) Regulations 2017 - 22 February 2017
Industry Advisory Notice AEOI - December 2016
Agreement between the competent authorities of the Isle of Man and the United Kingdom on the automatic exchange of financial account information – 13 December 2016
Agreement between the competent authorities of the Isle of Man and the Turks and Caicos Islands on the automatic exchange of financial account information to improve international tax compliance - 01 July 2016 (Turks and Caicos Islands) and 03 July 2016 (Isle of Man)
Industry Advisory Notice - AEOI 01 June 2016
Agreement between the competent authorities of the Isle of Man and the British Virgin Islands on the automatic exchange of financial account information to improve international tax compliance - 21 March 2016 (Isle of Man) and 30 March 2016 (British Virgin Islands)
Isle of Man CRS Guidance Note - 1 March 2016 (Replaced December 2017)
Industry Update - AEOI - 1 March 2016
Joint Declaration between the Isle of Man and Switzerland - 20 January 2016
Industry Update – Common Reporting Standard (CRS) Update - 23 December 2015
Agreement between the Competent Authorities of the Isle of Man and The Cayman Islands on Automatic Exchange of Financial Account Information to Improve International Tax Compliance - Signed 25 September 2015
Agreement between the Competent Authorities of the Isle of Man and Guernsey on Automatic Exchange of Financial Account Information to improve International Tax Compliance - Signed 13 February 2015
Agreement between the Competent Authorities of the Isle of Man and Jersey on Automatic Exchange of Financial Account Information to improve International Tax Compliance - Signed 13 February 2015
Multilateral Competent Authority Agreement on Automatic Exchange of Financial Information - Signed 29 October 2014
Income Tax (Common Reporting Standard) Regulations 2015 - 23 October 2015
Industry Update – Transition From UK IGA – CRS - 15 October 2015
FATCA Agreements and Regulations
Document
Alternative Reporting Regime (ARR) - Reporting Template  - 1 March 2016
Competent Authority Agreement Between The Competent Authorities of the United States of America and the Isle of Man - 14 October 2015
Agreement between the Government of the United States of America and the Government of the Isle of Man to Improve International Tax Compliance and to Implement FATCA - Effective 1 July 2014
The International Tax Compliance (United States of America) Regulations 2014 - In Operation 30 June 2014
Agreement Between The Government Of The United Kingdom Of Great Britain And Northern Ireland And The Government Of The Isle Of Man To Improve International Tax Compliance - Effective 1 July 2014
Agreement Between The Government Of The United Kingdom Of Great Britain And Northern Ireland And The Government Of The Isle Of Man To Improve International Tax Compliance - Amended Annex II and III
The International Tax Compliance (United Kingdom) Regulations 2014 - In Operation 30 June 2014
Current Guidance (Clean)
Document
FATCA Guidance Notes – 21 December 2017
IOM FATCA/CRS Self Certification Example – Individual - 23 December 2015
IOM FATCA/CRS Self Certification Example – Entity - 23 December 2015
Archive of Guidance and Tracked Documents
Document
FATCA Guidance Notes - Issued 15 December 2014
Pensions Annex – Isle of Man - Issued 28 July 2014
FATCA Guidance Notes (Tracked) - Issued 15 December 2014
FATCA Guidance Notes (Clean) - Issued 28 July 2014
FATCA Guidance Notes (Tracked) - Issued 28 July 2014
FATCA Guidance Notes (Clean) - Issued 1 April 2014
FATCA Guidance Notes (Tracked) - Issued 1 April 2014
FATCA Guidance Notes (Clean) - Issued 31 January 2014

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