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Understanding FATCA in St. Kitts and Nevis

The Foreign Account Tax Compliance Act (FATCA) is a law that requires financial institutions to report certain information about their non-US accounts to the US government. In this article, we will provide answers to frequently asked questions about FATCA in St. Kitts and Nevis.

Enrollment Requirements

Do I have to enroll with the ST. KITTS AND NEVIS FATCA Competent Authority every year?

No, a Financial Institution is only required to enrol once.

Are Financial Institutions required to enrol with the ST. KITTS AND NEVIS FATCA Competent Authority if there is nothing to report?

No, but they can submit a Nil Report.

Submission Deadlines and Requirements

What is the submission deadline for submitting financial account information to the ST. KITTS AND NEVIS FATCA Competent Authority?

For 2014 data: March 11, 2016; for subsequent years: August 29th.

Can Financial Institutions submit multiple accounts in a single upload?

Yes, the portal allows multiple account uploads.

User Requirements

How many Users can a Financial Institution have for ST. KITTS AND NEVIS FATCA?

Up to four (4) users.

Sponsoring Entities

Are Sponsoring Entities required to enrol with the ST. KITTS AND NEVIS FATCA Competent Authority?

Yes, they must register and obtain a GIIN.

Does the Sponsoring Entity have to be located in ST. KITTS AND NEVIS?

No, it can be located within or outside of St. Kitts and Nevis.

Global Intermediary Identification Number (GIIN)

Are Financial Institutions required to obtain a Global Intermediary Identification Number (GIIN) before they can enrol with the ST. KITTS AND NEVIS FATCA Competent Authority?

Yes, a GIIN is mandatory for registration.

Are Sponsoring Entities required to obtain a GIIN before they can enrol with the ST. KITTS AND NEVIS FATCA Competent Authority?

Yes, a GIIN is mandatory for registration.

Submission Methods

Can a Financial Institution submit its filings under the US FATCA Agreement to the ST. KITTS AND NEVIS Competent Authority by any other means?

No, submissions must be electronic via the portal.

Can a Financial Institution submit its filings in another format, other than XML?

No, only XML format is accepted.