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Saint Kitts and Nevis Tightens Compliance Requirements for Financial Institutions

The Saint Kitts and Nevis tax authority has issued a stern warning to reporting financial institutions, informing them of updated automatic exchange of information (AEOI) compliance requirements under the FATCA and common reporting standard (CRS) regimes.

Updated AEOI Compliance Requirements

According to an industry advisory released on February 21, 2024, all reporting financial institutions with obligations under FATCA and CRS are required to submit an updated AEOI compliance form containing data from 2022 and 2023 by the extended deadline of March 15, 2024. This means that institutions will need to complete and submit separate forms for each reporting period to the tax authority or via email.

Submission Details

• Submission details 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

An updated version of the AEOI compliance form guidelines was issued by the tax authority on January 15, 2024. Although the new guidelines do not contain any significant changes from the previous version, institutions are still required to adhere to these instructions when completing their forms.

What Financial Institutions Need to Do

In light of this development, financial institutions in Saint Kitts and Nevis would be wise to ensure that they are fully compliant with the updated requirements to avoid any potential penalties or fines.