Fatca CRS reporting – Features

Fund XP developed an effective solution to produce your FATCA CRS XML reports in the required format (XML).
  • Ergonomic XLS spreadsheets based
  • Automatic production based on extracts.

We build reports using complete automatic processes and automated validation checks. We stay up-to-date with the latest specifications, ensuring that our software reflects any changes or updates. This way, your reports are always compliant with the current regulatory standards.

Optionally, we can act as a technical sender and do the filing to the authorities.

  1. SCALABILITY AND FLEXIBILITY

    The FUND XP solution is able to automate the process of gathering and organizing the required information from multiple sources.

  2. ACCURACY

    Robust controls in place to prevent errors or omissions.

  3. FLEXIBILITY

    The solution is able to handle multiple jurisdictions reporting formats.

  4. TIMELINESS

    Our fully automatic solution enables AIFMs to meet the required reporting deadlines.

  5. USER FRIENDLY

    The solution is easy for users to understand and use, with clear instructions and intuitive interfaces.

  6. SUPPORT

    Free adequate support and helpdesk.

What is FATCA CRS reporting?

The Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) are measures designed to combat tax evasion by requiring financial institutions to report information about financial accounts held by foreign individuals to the tax authorities in the individual’s home country.

Under FATCA CRS, financial institutions are required to report certain information about financial accounts. This information may include the account holder’s name, address, tax identification number, and the balance or value of the account. Financial institutions may also be required to report information about any income earned on the account, such as interest or dividends.

FATCA CRS reporting is typically done electronically, using a standardized format (XML) that allows tax authorities in different countries to exchange information about financial accounts held by their citizens. Financial institutions are required to report this information on an annual basis.

It is important for financial institutions to ensure that they are compliant with FATCA and CRS requirements, as failure to report the required information can result in penalties and fines. It may be helpful to consult with a financial professional or legal expert to ensure that you have a robust process in place for FATCA and CRS reporting.

FATCA NIL reporting / CRS NIL reporting

Luxembourg Reporting Financial Institutions are required to communicate a zero value message (ZeroReporting) when they do not have Reportable Accounts.

We can provide cost efficient solution to produce your Zero reporting including the filing to the ACD.

Which CRS account holders should be reported?

CRS account holder flow chart

Which FATCA account holders should be reported?

Fatca account holder flow chart

What should be reported?

  • Financial Institution Information: This includes the name, address, and tax identification number of the financial institution holding the account.
  • Account Holder Information: This includes the name, address, tax identification number (TIN), date of birth, and country of tax residence of the account holder.
  • Account Information: This includes the account number, type of account, and the balance or value of the account.
  • Income Information: This includes details of interest, dividends, and other income generated by the account.
  • Controlling person: This includes the name, address, tax identification number (TIN), date of birth, and country of tax residence of the controlling person.

What is the consequence of incorrect or delayed submission of Fatca / CRS reports?

In the event of either a complete failure to submit a report or a delayed filing of a NIL return, these institutions may be held accountable for a fixed fine of EUR 10,000. However, Luxembourg reporting financial institutions have the opportunity to present justifications, such as a change in legal status, to the ACD before this fixed fine is enforced.

Additionally, these reporting financial institutions could face fines of up to EUR 250,000 if, following an audit by the ACD, it is determined that they have not fulfilled their obligations as required.

Which countries are participating jurisdictions for CRS?

  • 2016:
    • South Africa, Germany, Argentina, Austria, Barbados, Belgium, Bulgaria, Cyprus, Colombia, Korea, Croatia, Curacao, Denmark, Spain, Estonia, Finland, France, Gibraltar, Greece, Greenland, Guernsey, Hungary, Isle of Man, Faroe Islands, India, Ireland, Iceland, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Malta, Mexico, Montserrat, Niue, Norway, Netherlands, Poland, Portugal, Slovak Republic, Czech Republic, Romania, United Kingdom, San Marino, ​​Seychelles, Slovenia, Sweden.
  • 2017:
    • Andorra, Antigua and Barbuda, Saudi Arabia, Aruba, Australia,  Azerbaijan, Belize, Brazil, Canada, Chile, China, Costa Rica, Ghana, Pomegranate, Hong Kong, Cook Islands, Indonesia, Israel, Japan, Lebanon, Macau, Malaysia, Mauritius, Monaco, New Zealand, Pakistan, Panama,  Russia, Saint Kitts and Nevis, Saint Lucia, St. Martin, Saint Vincent and the Grenadines, Samoa, Singapore, Switzerland, Türkiye, Uruguay, Vanuatu.
  • 2018
    • Nigeria.
  • 2019
    • Albania, Dominica, Ecuador, Kazakhstan, Liberia, Oman.
  • 2020
    • Brunei Darussalam, Morocco, New Caledonia, Peru.
  • 2021
    • Kenya, Maldives.
  • 2022
    • Jamaica, Moldova, Montenegro, Uganda, Thailand.