Automatic Exchange of Information - FATCA and CRS

Automatic Exchange of Information - FATCA and CRS

What is Automatic Exchange of Information (“AEOI”)?

AEOI is the Automatic Exchange of Information between competent authorities of different jurisdictions pursuant to international agreements as implemented into domestic law to cooperate in the global effort towards tax transparency.
The UAE is committed to the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”) regimes as a form of AEOI in the UAE.
FATCA and CRS regimes require UAE Reporting Financial Institutions (“UAE RFIs”) to report information on certain financial accounts maintained by reportable account holders and/or controlling persons to the UAE Ministry of Finance (“UAE MoF”) on an annual basis.
UAE MoF then exchanges the data with the IRS and peer jurisdictions for FATCA and CRS, respectively. The UAE MoF may also have adhoc requests from time to time pursuant to the FATCA and CRS regimes.

First: Foreign Account Tax Compliance Act (FATCA)

  1. Communication from SCA Regarding Implementation of Foreign Account Tax Compliance Act (FATCA)
  2. Intergovernmental Agreement between the U.S and the UAE ​​
  3. Cabinet of Minesters Reolution No. (63) of 2022
  4. Flowchart for identification of FATCA reporting financial institutions
  5. FATCA Frequently Asked Questions (“FAQs”)

Second: Common Reporting Standard (CRS)

  1. Cabinet Resolution No.93 of 2021 Implementing Certain Provisions of the Multilateral Administrative Agreement for Automatic Exchange of Information
  2. Circular on CRS Undocumented Accounts
  3. Circular on What Should be Included in CRS Reporting
  4. Circular on Residence by Investment and Citizenship by Investment Schemes
  5. Guidance Notes for the Common Reporting Standard CRS
  6. Flowchart for identification of CRS reporting financial institutions
  9. CRS List of Participating Jurisdictions

Third: Others

  1. Satisfactory Practices and Unsatisfactory Practices

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