CRS and FATCA are twin reporting regimes serving the same purpose: Disclosure of account holder information by the financial institutions maintaining the financial accounts on behalf of reportable persons. FATCA is a US-centric reporting regime, obliging financial institutions worldwide to disclose identifying and financial information on US Persons with financial accounts held–directly or indirectly–at the financial institution. The Qualified Intermediary (QI) regime also requires reporting to the IRS, but primarily seeks to address US-source financial income paid to non-US Persons (and also imposes a withholding duty on certain parties).
CRS adopted a like-minded approach to FATCA, but targets reportable persons in other jurisdictions, which depend on the network of treaty agreements in effect for the jurisdiction of the financial institution maintaining the financial account. Virtually every jurisdiction with a significant financial services‘ sector–other than the US–implemented CRS and, over the past few years, a fairly comprehensive packet of reporting treaty agreements emerged.
Millen Tax & Legal offers an array of FATCA/QI- and CRS-related services, including:
CRS adopted a like-minded approach to FATCA, but targets reportable persons in other jurisdictions, which depend on the network of treaty agreements in effect for the jurisdiction of the financial institution maintaining the financial account. Virtually every jurisdiction with a significant financial services‘ sector–other than the US–implemented CRS and, over the past few years, a fairly comprehensive packet of reporting treaty agreements emerged.
Millen Tax & Legal offers an array of FATCA/QI- and CRS-related services, including:
- Classification of entities and compliance programs for financial institutions (both FATCA and CRS);
- Documentation and categorization of accounts, account holders and controlling persons (both FATCA and CRS);
- Guidance in the preparation and submission of reports (both FATCA/QI and CRS);
- Review of policies and procedures for financial institutions in advance of audits (QI and CRS); and
- Tutorials and materials in support of the periodic Responsible Officer Certifications (FATCA only).
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On 29 September 2022, Paul spoke at a Lexology Webinar entitled Tax Transparency and Information Disclosure Regime, during which he discussed the prospects for FATCA reporting on digital assets (e.g. crypto currencies)
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For more information, please refer to the Millen Tax & Legal blogs, publications and presentations
Book chapter: LexisNexis® Guide to FATCA Compliance, Chapter 9, FATCA and the Trust IndustrySTEP Journal Article: Are US corporate trustees about to be ambushed by FATCA? |
STEP Journal Article: Tips for Fiduciaries on the Navigation of their FATCA RO CertificationsThe audits are coming, the audits are coming, the swiss CRS audits are…here |
STEP Journal Article: The FATCA RO Certification Obligations for Sponsored FFIs in Certain Model 1 IGA JurisdictionsThe QI Agreement's Nominee Reporting Requirement |
To complement our consulting services, for your CRS and FATCA Compliance Program, training and other documentation needs, Millen Tax & Legal proudly presents
The CRS & FATCA General Store
Established in 2018 with Peter Cotorceanu of G&TCA and Trusts Compliance Associates, The CRS & FATCA General Store is your one-stop shop for the materials needed to fulfil past, on-going and future CRS, FATCA and DAC6 compliance needs.
The General Store features documents that are mandatory for these regimes, such as CRS Compliance Programs for fiduciaries in the Bahamas, Bermuda, BVI, the Cayman Islands, Singapore and Switzerland, as well as FATCA Compliance Programs and written sponsorship agreements for fiduciaries completing their FATCA Responsible Officers (RO) Certifications.
We also offer an array of operational and educational products, including a DAC6 Guide for Fiduciaries (featuring flowcharts to determine if a transaction is reportable), CRS & FATCA Reporting Information Repository and videos from our intensive RO Certification Bootcamps.
All our products will save you time and expense versus developing the needed expertise in-house or purchasing external advisory services on the topic.
The General Store features documents that are mandatory for these regimes, such as CRS Compliance Programs for fiduciaries in the Bahamas, Bermuda, BVI, the Cayman Islands, Singapore and Switzerland, as well as FATCA Compliance Programs and written sponsorship agreements for fiduciaries completing their FATCA Responsible Officers (RO) Certifications.
We also offer an array of operational and educational products, including a DAC6 Guide for Fiduciaries (featuring flowcharts to determine if a transaction is reportable), CRS & FATCA Reporting Information Repository and videos from our intensive RO Certification Bootcamps.
All our products will save you time and expense versus developing the needed expertise in-house or purchasing external advisory services on the topic.
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