International Tax Compliance

We support international tax compliance and transparency initiatives.

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

The Common Reporting Standard (CRS) is the global standard for the automatic exchange of financial account information reported to governments by financial institutions on an annual basis which covers financial accounts held by individuals and entities. The Standard aims to prevent cross-border tax evasion.

Financial institutions in over 60 jurisdictions (including Jersey and the Isle of Man), 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 authority of the jurisdiction in which the reporting financial institution is resident and sent by that authority to the authority of the jurisdiction in which the account holder is resident.

What does this mean for you?

We will ask all our customers for information to enable us to verify their tax residency status for CRS purposes. 

Where we believe customers 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.