Saint Kitts and Nevis Tax Authority Issues Update on FATCA and CRS Reporting Requirements for Financial Institutions

The Saint Kitts and Nevis tax authority has issued an industry advisory to financial institutions regarding updated automatic exchange of information (AEOI) compliance forms under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) regimes.

Reporting Requirements

Financial institutions with FATCA and CRS obligations must complete and submit the updated AEOI compliance form by the extended deadline of March 15, 2024. The form requires reporting data for both 2022 and 2023, and institutions are advised to submit separate forms for each reporting period.

Submission Details

• Access the form and guidelines on the tax authority’s website
• Contact the AEOI team for any queries or concerns

Update to Guidelines

On January 15, 2024, the tax authority issued an updated version of the AEOI compliance form guidelines. The new guidelines contain instructions for completing the form and do not introduce any substantive changes from the previous version. The update aims to ensure that financial institutions have the necessary information to comply with the reporting requirements.

Additional Resources

For more information, KPMG’s Caribbean member firm has prepared a report providing further insights into the FATCA and CRS regimes in Saint Kitts and Nevis. The report is available in PDF format and offers valuable guidance for financial institutions navigating these complex regulations.