Automatic Exchange of Information
How we can help you
To combat tax evasion and avoidance, many governments now investigate where their citizens hold overseas assets. The Operational Tax Team at Isle of Man Bank supports the bank's compliance of a range of operational tax regulations, such as the US Foreign Account Tax Compliance Act (FATCA) and The Common Reporting Standard on Automatic Exchange of Information (CRS).
We also consider the broader response of the bank to these regulations and how we meet our obligations to them.
The Operational Tax Team doesn’t provide tax advice however if you have any doubts on your FATCA or CRS classification we will help you to understand the applicable legislation and guidelines. We recommend you contact a professional and independent tax advisor to discuss your tax classification.
What is the Common Reporting Standard?
The Common Reporting Standard agreement requires financial institutions (in participating areas) to identify customers who are tax resident in jurisdictions other than where their account is held.
What is the Foreign Account Tax Compliance Act?
The Foreign Account Tax Compliance Act requires non-US financial institutions to provide reports to the US regarding their customers who are 'US persons' for US tax purposes and who hold accounts with the financial institution.
How to contact us
We are here to help, however please be aware that Isle of Man Bank can't offer any tax advice. We recommend you contact a professional and independent tax advisor to discuss your personal tax situation.
If you have any queries please contact your Relationship Manager on their dedicated number otherwise call Telephone banking on:
Telephone: 01624 637290
From abroad: +44 1624 637290
Calls may be recorded.