Saint Kitts and Nevis Extends Deadlines for Financial Institution Reporting Regulations

New Deadline for FATCA and CRS Reporting Announced

Basseterre, Saint Kitts and Nevis - In an effort to provide financial institutions with additional time to meet compliance requirements, the country’s tax authority has issued an industry advisory extending reporting deadlines for two critical regulations.

Revised Deadlines

The deadline for submitting reports under the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) has been pushed back from May 31, 2023 to August 29, 2023.
Financial institutions now have an extended window to ensure compliance with the regulations.

Enhanced Reporting Requirements

In addition to adhering to the new deadline, financial institutions are reminded that they must report more comprehensive information on individual account holders and controlling persons. Specifically, they must provide:

Tax Identification Numbers (TINs) for each account holder
Dates of birth for each account holder, provided this data is available in their records
Self-certifications with TINs for new account openings, unless the relevant jurisdiction does not issue such numbers

FATCA and CRS Return Format Requirements

Financial institutions are required to follow a specific name format when filling out FATCA and CRS returns for the 2022 reporting period. This ensures consistency and accuracy in compliance submissions.

Relief for Financial Institutions

The announcement is seen as a relief by financial institutions operating in Saint Kitts and Nevis, which must navigate increasingly stringent regulatory requirements while maintaining operational efficiency. The revised deadlines offer a breathing space for these entities to address any outstanding compliance issues and ensure that their reporting processes are up-to-date.

Recommendations for Financial Institutions

Review the industry advisory carefully
Take necessary steps to adjust internal procedures accordingly