The Bahamas issued revised CRS Guidance Notes on August 3, 2018. Included in the revisions is a change in the definition of Controlling Person. The Bahamas will now use a 10% threshold for CRS reporting commencing in 2019.
To comply with FATCA regulations, each Sponsored Entity must enter into a written agreement with its Sponsoring Entity. The Sponsoring Entity’s Responsible Officer is required to certify to the IRS that this agreement is in place.