Isle of Man: Updated FATCA and CRS guidance
The Income Tax Division issued updated FATCA and CRS guidance.
The Income Tax Division issued updated FATCA and CRS guidance.
The Income Tax Division on 5 January 2024 issued updated FATCA and common reporting standard (CRS) guidance.
The updates to the FATCA guidance are not considered to be significant and largely relate to the coding to be used in the taxpayer identification number (TIN) field when an account is reportable, but no TIN has been provided to the financial institution.
The updates to the CRS guidance are as follows:
- Section (1.3): Confirmed that the Isle of Man has committed to introduce the cryptoasset reporting framework and amendments to the CRS with effect from the reporting period ending 31 December 2026.
- Section (5.8): Residence by investment (RBI) and citizenship by investment (CBI) schemes: Reporting Isle of Man financial institutions need to consider the OECD’s assessment of high-risk CBI/RBI schemes in their CRS due diligence obligations.
- Section (7.4.5): Starting in 2024, the reporting of date of birth using the “BirthDate” element within the “BirthInfo” section is mandatory for all individual account holders and controlling persons and when a date of birth is not available, the financial institution must populate the element with either 0001-01-01 or 1900-01-01.
The participating, reportable, and provisional list of jurisdictions have been updated.
Read a January 2024 report [PDF 461 KB] prepared by the KPMG member firm on the Isle of Man
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