Saint Kitts and Nevis Tax Authority Issues Update on AEOI Compliance Form for Reporting Financial Institutions

Industry Advisory

The Saint Kitts and Nevis Revenue Authority has issued an industry advisory informing reporting financial institutions of the updated Automatic Exchange of Information (AEOI) compliance form under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) regimes.

Extended Deadline for Submission

All reporting financial institutions with FATCA and CRS obligations are required to complete and submit the updated AEOI compliance form by the extended deadline of March 15, 2024. Separate forms must be submitted for each reporting period, which can be done either directly to the authority or via email.

Submission Requirements and Access

Details on submission requirements and access to the form and guide can be found on the tax authority’s website. Reporting financial institutions are advised to contact the AEOI team if they have any queries.

Updated Guidelines for Completing the Form

The tax authority issued an updated version of the AEOI compliance form guidelines on January 15, 2024, which provide instructions for completing the form. The updated guidelines do not contain any substantive changes from the prior version. In light of this development, reporting financial institutions are encouraged to review and update their compliance procedures accordingly.

Additional Resource

It is worth noting that a report prepared by KPMG member firm in the Caribbean region in March 2024 provides further insight into the AEOI regime in Saint Kitts and Nevis, highlighting key challenges and opportunities for financial institutions. The report can be accessed in PDF format [PDF 462 KB].