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International Tax Compliance

We support international tax compliance and transparency initiatives. Find out more about the information we report to the relevant tax authorities.

Please note - It is your responsibility to establish whether or not you may be liable for any taxes in the country in which you are resident during the term of any account held with us or on their closure. If you are uncertain as to how or whether you will be affected, you should seek appropriate independent professional advice. Santander International cannot provide you with any advice.

Common Reporting Standard (CRS)

The Common Reporting Standard is the global standard for the automatic exchange of financial account information reported to governments by financial institutions and covering financial accounts held by individuals and entities. The Standard aims to prevent cross-border tax evasion.

The Isle of Man and Jersey, along with 52 other jurisdictions, have committed to the early adoption of the CRS. This means, from 1 January 2016, all reporting financial institutions in these jurisdictions, are required to identify, review and report on accounts maintained by them and which are held by residents for tax purposes (individuals and entities) of the other jurisdictions. Reports are made to the competent authority of the jurisdiction in which the reporting financial institution is resident and sent by that competent authority to the competent authority of the jurisdiction in which the account holder is resident.

We are required to make the first report in relation to the 2016 information to the Isle of Man or Jersey Tax Authority by 30 June 2017, who will pass the information to the relevant CRS participating jurisdictions, by September 2017.

What does this mean for you?

As a result of the CRS we will be asking all our clients for additional information to enable us to verify their tax residency status for CRS purposes. This additional information will supplement what is already needed for our existing “Know Your Customer” requirements.

In addition, where we believe clients to be reportable, on the basis of current information held or revised information provided to us, we will be required to provide certain information about the accounts held with us to the Isle of Man or Jersey Tax Authority, who will make onward reporting to the relevant CRS participating jurisdictions.

We will report the following information to the Isle of Man or Jersey Tax Authority with respect to each Reportable Account:

  • Title
  • Name
  • Address
  • Account Number
  • Date of Birth
  • Tax Identification Number (TIN)
  • Account Balance
  • Amount of Gross Interest Paid

To understand the terms used, please see our International Tax Compliance Glossary.

Intergovernmental Agreement between Isle of Man/Jersey and the United States implementing the Foreign Account Tax Compliance Act (US IGA)

The Isle of Man and Jersey Government's signed an Intergovernmental Agreement (IGA) with the United States (US) to implement FATCA (Foreign Account Tax Compliance Act).

FATCA is legislation introduced by the United States (US) Department of the Treasury and Internal Revenue Service (IRS). It requires Financial Institutions outside the US to report information on Reportable Financial Accounts held by Specified Persons in Financial Institutions outside the US.

Under the US IGA, all Financial Institutions in the Isle of Man and Jersey, including ourselves, are obliged to identify all account holders who are Specified US Persons for tax purposes and to exchange certain information with the Isle of Man or Jersey Tax Authority in respect of those US account holders and the accounts held by them.

What does this mean for you?

If our records indicate that you are a Specified US Person, we will have to provide information about you and your account to the Isle of Man or Jersey Tax Authority. They will then pass this information on to the Internal Revenue Service (IRS) in the US.

We will report the following information to the Isle of Man or Jersey Tax Authority:

  • Title
  • Name
  • Address
  • Account Number
  • Tax Identification Number (TIN) and, if not available, Date of Birth
  • Account Balance
  • Amount of Gross Interest Paid

To understand the terms used, please see our International Tax Compliance Glossary.

UK Tax Disclosure Facility

In line with our obligations under the law in the Isle of Man and Jersey, we, along with other financial institutions, wrote to our clients to make them aware of the disclosure facilities made available by Her Majesty’s Revenue & Customs (HMRC) to those who may have been resident in the UK for tax purposes in the period commencing on 6 April 1999 and ending on 31 December 2013. This disclosure facility has now been closed by HMRC.

In September 2016 a Worldwide Disclosure Facility was made available, by the HMRC, to anyone disclosing a UK tax liability that relates wholly or in part to an offshore matter, provided the underlying requirements are met.

This Worldwide Disclosure Facility will run until September 2017, when the automatic exchange of information under the CRS will take effect between the UK and participating countries.

Full details of the facilities can be found at the following address: www.gov.uk/offshore-disclosure-facilities

What does this mean for you?

If you are, or have ever been, resident in the UK for tax purposes and believe that you may have undeclared income eligible for UK tax, the disclosure facility offers a clear way to declare this income to HMRC. The HMRC website introduces you to the disclosure facilities and explains why you should disclose information, how you can disclose and what happens if you do not, click here.