Guernsey Revenue Service issued a bulletin covering upcoming FATCA and Common Reporting Standard (CRS) deadlines and requirements.
Mandatory Registration for All FIs
Any Guernsey financial institution (FI) that was newly incorporated, established or transferred-in since the last reporting period must register with the Guernsey Revenue Service via IGOR by February 28, 2023.
To read more on this topic, see my December 24, 2021 blog post: New Guernsey Bulletin Mandatory Registration for Non-Reporting FIs.
Failure to Obtain Valid Self-Certs & Freezing Orders
The reporting deadline for submitting the excel Self-Certificate Report via IGOR to the Guernsey Revenue Service is March 31, 2023. The Self-Certificate Report shares information regarding failure to obtain a valid self-certification. There have been no changes made to the spreadsheet format from last year. To obtain the excel Self-Certificate Report template, send a message to the Guernsey AEOI team via the IGOR message functionality.
To read more on this topic, see my December 22, 2021 blog post: Guernsey Expounds on FATCA/CRS Enforcement Measures.
Automatic Rollover & Archiving
FIs previously registered in IGOR will have their information carried forward to the current reporting period. If the FI falls into one of the following categories, the FI should be archived within the IGOR system:
FI has transferred out of Guernsey and no longer has a reporting obligation.
FI has closed and the closure report has been submitted via IGOR prior to the archiving of the FI.
The entity is no longer properly classified as an FI under FATCA/CRS.
FATCA/CRS Deadline
The deadline for FATCA and CRS reporting is June 30, 2023.
For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com.