Isle of Man issues Industry Advisory Notice on AEOI

On 4 February 2019, the Isle of Man Treasury released an Industry Advisory Notice to all Isle of Man Financial Institutions and third parties and provided important updates with respect to the Automatic Exchange of Information (“AEOI”) (Link).

  • The list of Isle of Man Reportable Jurisdictions that Isle of Man Financial Institutions can rely upon for 2018 reporting can be found in Appendix I of this notice. Isle of Man Financial Institutions and Third Parties reporting on behalf of Isle of Man Financial Institutions are reminded that they should only report in respect of Financial Accounts held by Individuals, Entities or Entities with Controlling Persons resident in the jurisdictions included in the Isle of Man Reportable Jurisdiction list for the year in question.
  • A provisional list of Isle of Man Reportable Jurisdictions that Isle of Man Financial Institutions can rely upon for 2019 reporting can be found in Appendix II of this notice.
  • All jurisdictions that have made a commitment to undertake their first CRS exchanges between 2017 and 2022, as listed in Appendix III of this notice will be treated as a Participating Jurisdiction.

Guidance Note 53 on the Common Reporting Standard (“CRS”) (Link) will be updated within the next days accordingly.

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