Jersey Financial Institutions submit reports for FATCA and CRS via the Government of Jersey AEOI online returns service
30 June following the reporting year for both FATCA and CRS
Financial Institutions in Jersey are required to submit separate reports for FATCA and CRS to the Government of Jersey AEOI online returns service in XML format using the relevant schema. Before reports can be submitted, the submitting organisation is required to register for FATCA/CRS with Taxes Office Online Services. Once the registration is accepted, the organisation will be issued with a User ID which is required to login to the service.
A test service is available which Jersey Financial Institutions are encouraged to use to test their FATCA and CRS submissions. The test service operates in parallel to the live service. A separate user ID is required for the test service and any data entered in the test system is not carried over to the live system.
Jersey Financial Institutions are required to file reports in XML format prepared using version 2.0 of the US FATCA schema. Multiple FIs can be included in the same submisison file (for example for Sponsored FIs). Financial Institutions should refer to the Practical guidance in respect of US FATCA reporting for Jersey institutions for information about specific validation checks. Key points to note;
Nil returns are not required but can be filed voluntarily.
Jersey Financial Institutions are required to report details of CRS reportable accounts by uploading an XML file prepared using the latest OECD CRS schema. Multiple FIs may be included in the same report and details for all reportable (receiving) jurisidictions may be provided in a single file. Financial Institutions should refer to the Practical CRS guidance notes which contain important information about the reporting requirements for Jersey Financial Institutions. Key points to note;
Whilst nil returns have not yet been mandated for CRS, it is advised to submit a nil return as best practice, either by uploading a nil return in .XML format or by using the nil return tick box on the upload page of the AEOI portal
The list of jurisdictions with which Jersey exchanges information is contained within Schedule 2 (for periods from 2016 onwards), Schedule 3 (for periods from 2017 onwards) and Schedule 4 (for additional jurisdictions added in subsequent periods) of the Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Jersey) Regulations 2015.