Stay up to date with all CRS and FATCA reporting requirements in Jersey.
Law, tax, and compliance professionals can stay up to date with all of the CRS ( Common Reporting Standard ) and FATCA (Foreign Account Tax Compliance Act) reporting requirements worldwide thanks to KENDRIS. In this article, we will take into consideration the requirements for the Island of Jersey, the largest of the Channel Islands.
Jersey has implemented the CRS into domestic law in 2015. The latest, revised version of the law can be found here and should be read together with the Jersey CRS guidance notes . Furthermore, an overview of all bilateral exchange relationships of Jersey is provided by the OECD.
Jersey and the United States of America have signed an agreement (IGA) to improve international tax compliance and to implement FATCA on 13th December 2013. Since Jersey is a Model 1 jurisdiction, financial institutions are required to report specified information about US accounts to the Jersey government. The exchange of information with the USA under the IGA is governed by the relevant regulations in Jersey, which can be found on the Jersey Legal Information Board website .
CRS Nil Returns
Special attention should be paid to the fact that CRS nil returns are mandatory for all Jersey FIs for the first time in 2020 with regard to 2019 reporting period. Hence, all FIs are required to submit a report even if they do not have any reportable accounts.
Accordingly, each Jersey FI has to register as soon as possible on the AEOI portal . In order to register a new FI, the FI must provide its details and chose a password. It will then receive an email with the registration details including a unique User ID. A second email containing a one-time activation PIN will be sent to the FI once the registration has been reviewed and approved. The User ID, the password and the PIN are needed for the activation of the AEOI account.
Reporting Period and Deadline
Please also note that reporting on a calendar year basis is required for FATCA and for CRS. Further, it is possible to file consolidated CRS reports relating to multiple jurisdictions. The deadline for submitting CRS and FATCA returns is 30 June in the year following the calendar year to which the return relates.
Policies and procedures
It is not mandatory to have policies and procedures relating to the above-mentioned due diligence and reporting requirements. However, authorized persons are allowed to examine any business documents relating to compliance with the relevant regulations. Therefore, it is generally recommended to define and implement policies and procedures which are in line with the legal due diligence and reporting requirements.
Useful KENDRIS links
Other CRS & FATCA Reporting Guides
- Belize CRS & FATCA Reporting Guide
- BVI CRS & FATCA Reporting Guide
- Liechtenstein CRS & FATCA Reporting Guide