FATCA/CRS Reporting

The past few years have seen the advent of a number of initiatives goaled with improving global cross border tax compliance by monitoring the matter of tax reidency and teh lack of tax related declarations. These, in turn, have led to the establishment of various reporting regimes related to the exchange of taxpayer information. The most known are FATCA - Foreign Account Tax Compliance Act, which focuses on the reporting of financial account information with respect to U.S. taxpayers, and the OECD's CRS - Common Reporting Standard, a global standard for the automatic exchange of financial account information. 

The exchange of taxpayer information under FATCA and CRS is effectively achieved by obligations imposed on Financial Institutions – such as banks, custodians, asset managers, certain types of funds, and insurance companies – to collect, review and report information about their account beneficiaries. Such information is eventually reported to the tax authorities of each beneficiary's country(ies) of tax residence. As part of the services we provide, Mellius works with top international legal and financial experts who will be able to provide you with tailored advice and support on the technical and operational implications of FATCA and CRS.