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.
In June 2014 Tynwald approved the FATCA regulations and in October 2015 the CRS. Amended regulations have since been approved by Tynwald for both FATCA and CRS. In order to assist with reading the regulations, the Division has published unofficial consolidated regulations, which can be found within the document accordions below.
|Unofficial Consolidated Regulations – Common Reporting Standard||18 June 2021||N/A|
|Income Tax (Common Reporting Standard) (Amendment) Regulations 2021||16 June 2021||Current|
|Income Tax (Common Reporting Standard) (Amendment) Regulations 2019||20 March 2019||Current|
|Income Tax (Common Reporting Standard) (Amendment) Regulations 2017||21 February 2017||Current|
|Income Tax (Common Reporting Standard) Regulations 2015||21 October 2015||Current|
CRS Competent Authority Agreements
|Bermuda - Competent Authority Agreement||28 August 2020||Current|
|Anguilla - Competent Authority Agreement||03 December 2019||Current|
|Gibraltar- Competent Authority Agreement||26 June 2019||Current|
|United Kingdom - Competent Authority Agreement||22 February 2019||Current|
|United Kingdom - Competent Authority Agreement||13 December 2016||Terminated|
|Turks and Caicos Islands - Competent Authority Agreement||03 July 2016||Current|
|British Virgin Islands - Competent Authority Agreement||30 March 2016||Current|
|Switzerland - Joint Declaration||20 January 2016||Current|
|Cayman Islands - Competent Authority Agreement||25 September 2015||Current|
|Guernsey - Competent Authority Agreement||13 February 2015||Current|
|Jersey - Competent Authority Agreement||13 February 2015||Current|
|Multilateral Competent Authority Agreement (AEOI)||29 October 2014||Current|
|GN53 - Common Reporting Standard Guide||26 November 2020||Current|
|GN53 - CRS Guidance Notes||21 December 2017||Historic|
|GN53 - CRS Guidance Notes - Old||01 March 2016||Historic|
|IOM FATCA/CRS Self Certification Example – Individual||23 December 2015||Current|
|IOM FATCA/CRS Self Certification Example – Entity||23 December 2015||Current|
CRS and FATCA Industry Advisory Notices
|Unofficial Consolidated Regulations – FATCA||18 June 2021||N/A|
|International Tax Compliance (United States of America) (Amendment) Regulations 2021||16 June 2021||Current|
|Pensions Regulations 2014||28 July 2014||Current|
|The International Tax Compliance (United States of America) Regulations 2014||17 June 2014||Current|
FATCA Competent Authority Agreements
|United States of America - Competent Authority Agreement||14 October 2015||Current|
|United States of America - Implementation of FATCA||13 December 2013||Current|
United Kingdom Intergovernmental Agreement and ARR
|The International Tax Compliance (United Kingdom) Regulations 2014||30 June 2014||Terminated|
|United Kingdom - UKIGA||10 October 2013||Terminated|
|United Kingdom Amended Annex II and III||10 October 2013||Terminated|
|Alternative Reporting Regime (ARR) - Reporting Template||01 March 2016||Terminated|