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A few Automatic Exchange of Information (AEoI) Reminders!

A few Automatic Exchange of Information (AEoI) Reminders!

The deadlines for reporting 2021 information under the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) are approaching and there are some important items to note. Here is a quick list of references and details for some of the more common, but certainly not all, reporting jurisdictions:

United States (FATCA):

Form 8966 is required to be filed for the 2021 calendar year on or before March 31, 2022. A Reporting Model 2 FFI must file Form 8966 on the same filing dates that apply to a Participating Foreign Financial Institution (PFFI), unless a different reporting date is specified in an applicable Model 2 Intergovernmental Agreement.

Important note: Responsible officer certifications are due by July 1, 2022, for the FATCA certification period ending December 31, 2021.

Bermuda:

Bermuda FIs must report the details of their 2021 FATCA and CRS accounts to the Ministry by May 31, 2022.

Important note: In 2022, the Ministry will begin issuing notices to certain Bermuda FIs. These notices will require an Independent CRS Compliance Review (“CRS Review”). Registered Primary Users for Bermuda FIs should be on the lookout for these e-mailed notices.

Helpful Bermuda AEoI site:

https://www.gov.bm/common-reporting-standard-country-country-reporting

Bermuda CRS Reportable Jurisdictions:

https://www.gov.bm/sites/default/files/Bermuda-2021-CRS-Reportable-Jurisdictions-List.pdf

British Virgin Islands (BVI):

BVI FIs must report the details of their 2021 FATCA and CRS accounts to the International Tax Authority by May 31, 2022.

Helpful BVI AEoI site:

https://bviita.vg/bvifars/ and https://bviita.vg/automatic-exchange-of-information-aeoi/

BVI CRS Reportable Jurisdictions:

https://bviita.vg/wp-content/uploads/2021/03/List-of-Participating-Jurisdictions-Gazetted-18-March-2021.pdf

Canada:

Canadian FIs must report the details of their 2021 FATCA and CRS accounts to the Canadian Revenue Authority by May 1, 2022.

Helpful Canada AEoI site: https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/enhanced-financial-account-information-reporting/reporting-sharing-financial-account-information-other-jurisdictions.html

Canada CRS Reportable Jurisdictions:

https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/enhanced-financial-account-information-reporting/reporting-sharing-financial-account-information-other-jurisdictions/list-participating-jurisdictions.html

Cayman Islands:

Cayman FIs must report the details of their 2021 FATCA and CRS accounts to the Department of International Taxation and Cooperation by July 31, 2022.

Helpful Cayman Islands AEoI site:

https://www.ditc.ky

Cayman CRS Reportable Jurisdictions:

https://www.ditc.ky/wp-content/uploads/crs-reportable-jurisdictions.pdf

Ireland:

Irish Financial Institutions must report the details of their 2021 FATCA and CRS accounts to Revenue by June 30, 2022.

Helpful Ireland AEoI site:

https://www.revenue.ie/en/companies-and-charities/international-tax/aeoi/index.aspx

Ireland CRS Reportable Jurisdictions:

https://www.revenue.ie/en/companies-and-charities/documents/aeoi/participating-jurisdictions.pdf

United Kingdom:

UK FIs must report the details of their 2021 FATCA and CRS accounts to HMRC by May 31, 2022.

Helpful UK AEoI site:

https://www.gov.uk/government/collections/automatic-exchange-of-information-agreements

UK Reportable Jurisdictions: https://www.gov.uk/hmrc-internal-manuals/international-exchange-of-information/ieim402340

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