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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.

Consolidated Regulations

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.

CRS Competent Authority Agreements

CRS Guidance

DocumentDateStatus
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

FATCA Competent Authority Agreements

DocumentDateStatus
United States of America - Competent Authority Agreement 14 October 2015 Current
United States of America - Implementation of FATCA 13 December 2013 Current

FATCA Guidance

DocumentDateStatus
GN55 - FATCA Guidance Note 26 November 2020 Current
GN55 - FATCA Guidance Note 21 December 2017 Historic
GN55 - FATCA Guidance Notes - Old 15 December 2014 Historic

United Kingdom Intergovernmental Agreement and ARR

DocumentDateStatus
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
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