How we can help
We support individuals and businesses by identifying what steps they need to take in order to comply with the Automatic Exchange of Information regimes.
Our advice will ensure that the right information reporting forms are filed in a timely fashion and the right declarations are made to the financial institutions you have accounts with.
For financial institutions, we can advise on their status under these rules. However, the definition of a financial institution under both regimes is widely drawn. As well as the obvious multinational banks and investment houses, it also includes many privately owned investment companies and trusts that have been set up for tax planning or other financial planning purposes.
Our first step is identifying how the entity is classified for FATCA/CRS purposes. Then, if there is a requirement to register with the relevant tax authorities, we can assist with the registration. There may then be a due diligence obligation in respect of account holders or beneficial owners of the financial institution and, if there are accounts that need to be reported, there will be an annual filing requirement.
Most participating jurisdictions have implemented a penalty regime for financial institutions that do not comply with their obligations under FATCA and CRS so compliance is essential. Whatever the circumstances, we can help you to navigate your way through these complex requirements.