AEOI returns service

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.

Test 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.

FATCA

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;

• Addresses - the City field is required in all circumstances, even if a 'free format' address is being reported.
• Date of birth - the date of birth field is required in all circumstances for individual account holders and the file will be rejected where this data is not provided.
• Filer categories - acceptable filer categories are FATCA601, FATCA602, FATCA603 and FATCA605. For sponsoring entities the acceptable filer categories are FATCA607 and FATCA609.

Nil returns

Nil returns are not required but can be filed voluntarily.

CRS

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;

• Addresses - the City field is required in all circumstances, even if a 'free format' address is being reported.
• Tax Identification Number (TIN) - the TIN field is required in all circumstances and therefore if an FI does not hold a TIN for an account holder, the TIN field is required to be populated with "NOTIN".
• Message Ref and DocRef - the specified formats must be followed for Message Refs and DocRefIds to ensure that the report is not rejected.

Nil returns

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

CRS reportable jurisdictions

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.