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.
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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.