Bahamas FATCA/CRS Enforcement Notice
- Elizabeth A. McMorrow
- Jan 7
- 1 min read
The Bahamas Competent Authority (CA) issued a Notice of Enforcement of Penalties for Late Filing of Information Returns on January 7, 2026. The CA noted that there has been a continuing problem with late filings. Although the CA may have been flexible in previous years, it intends to impose penalties going forward.
Late Filing Penalty Notice
“Where a Financial Institutions receives a notice indicating that a filing is late and that a penalty is payable, the entity is required to take one of the following actions within fourteen (14) days of the date of the notice:
Dispute the notice, by contacting the relevant authority and providing documentary evidence that the filing was submitted within the applicable statutory deadline; or
Pay the assessed penalty, where no dispute is raised or where the late filing is confirmed.
Failure to respond within the prescribed fourteen (14) day period may result in further regulatory action, in accordance with applicable laws.”
Deadlines
The Bahamas FATCA and Common Reporting Standard (CRS) portal continues to be open for FATCA and CRS registration and reporting submissions for past periods until Tuesday, March 31, 2026 at 5PM ET. Once the portal closes, Financial Institutions can contact the Bahamas Competent Authority at helpdesk@taxreporting.finance.gov.bs or information@taxreporting.finance.gov.bs.
The portal will reopen for Y2025 FATCA and CRS reporting in July 2026 with a likely deadline of Friday, August 21, 2026. (The past two years the deadlines have been Friday 22-Aug-2025 and Friday 23-Aug-2024.) The Bahamas has a nil reporting requirement for FATCA but not for CRS.
For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com.