Go to
Classification made easy for FATCA & CRS compliance
As a business owner or director of a BVI or Cayman entity, compliance with FATCA and CRS regulations is crucial to avoid legal and financial consequences. Our CRS & FATCA Entity Classification Solution simplifies this process for you, so you can focus on your business operations.
How does it work?
Easy and efficient classification process
Our solution provides a straightforward approach to entity classification. By guiding you through a series of yes-or-no questions, we make sure that you receive accurate results quickly without any complicated or time-consuming steps. Once the solution determines your entity's classification status, you can download your self-certification form and classification results with ease.
Seamless assistance from compliance experts
If our solution determines that your entity has ongoing regulatory obligations, our team of regulatory and compliance experts are ready to provide additional assistance. You can easily connect with them for any questions or concerns you may have about your regulatory obligations.
Overview of your regulatory obligations
Our solution gives you an overview of your entity's regulatory obligations. You can easily access and review your classification results and self-certification form at any time, ensuring you are always ahead of the game regarding regulatory compliance.
Why self-certification matters
Even if your entity is classified as having no ongoing regulatory obligations, you may still need to self-certify your entity's classification status when dealing with Financial Institutions such as Banks, custodians, asset managers, certain types of funds, and insurance companies. These institutions are obligated to collect, review and report information about their account holders/investors. Our solution simplifies this process by making it easy for you to download your self-certification form.
Key features
Our CRS & FATCA Entity Classification Solution provides everything you need to ensure your entity's compliance with regulatory obligations:
Simple user interface
Easy to understand question and answer options.
Download and share results
Downloadable PDF of your classification results and self-certification form.
Regulatory obligations
Clear overview of your regulatory obligations based on classification results.
Compliance solutions
Seamless connection with our compliance and regulatory experts for bespoke solutions.
FAQ
Who needs to classify?
All BVI and Cayman Islands entities should identify their classification under the CRS and FATCA regimes.
Why do CRS and FATCA regimes exist?
Over recent years, governments worldwide have agreed to the Automatic Exchange of Information (AEOI) to enable participating countries to collect information on where their tax residents or citizens have financial assets.
This enables those countries to combat tax evasion and ensure that their citizens or residents pay all taxes they are liable to pay concerning financial assets held overseas.
Both the British Virgin Islands and the Cayman Islands are signatories to the various international agreements required to exchange information automatically under CRS and FATCA and have adopted local legislation and regulations to apply to entities in the British Virgin Islands and the Cayman Islands.
What happens after classification?
Depending on the results of the classification exercise, entities may be required to:
- implement AEOI due diligence policies and procedures
- maintain records for reporting purposes
- prepare CRS/FATCA board resolutions
- report on an annual basis to the relevant tax authority
For clients that do need assistance with any or all of the above activities, our regulatory and compliance experts are perfectly positioned to provide bespoke compliance solutions.
Related content
Read more about the latest FATCA/CRS developments on our regulatory blog by clicking on the links below.
