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FATCA/DAC2-CRS

  1. Overview
  2. The Foreign Account Tax Compliance Act (FATCA)
  3. The Common Reporting Standard (CRS) and DAC2
  4. Types of Financial Institution obliged to report to Revenue under FATCA and DAC2-CRS
  5. Information reported to Revenue under FATCA and DAC2-CRS
  6. What FATCA and the CRS mean for an account holder
  7. When and how the information is exchanged

Types of Financial Institution obliged to report to Revenue under FATCA and DAC2-CRS

Financial institutions, for the purpose of the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard and Directive for Administrative Cooperation (DAC2-CRS) can be:

  • custodial institutions
  • depository institutions
  • investment entities
  • and
  • specified insurance companies.

These include banks, investment traders, fund management companies and trust managers. Credit unions are considered financial institutions for DAC2-CRS but not for FATCA.

For more details on Financial institutions, please see the Guidance notes for FATCA and the CRS and related commentary.

Types of accounts which are reported

If you are non-resident and hold a financial account, your details may be sent to Revenue. This occurs if your account is:

  • a depository account
  • a custodial account
  • a cash value insurance contract
  • an annuity contract
  • or
  • an equity or debt interests in an investment entity.

For more details on reportable account types, please see the Guidance notes for FATCA and the CRS and related commentary.

Trust accounts shared through AEOI

Accounts held in trust are also considered reportable for FATCA and DAC2-CRS. If you are a non-resident controlling person (for example a settlor, trustee or beneficiary), your details may also be reported to Revenue.

Next: Information reported to Revenue under FATCA and DAC2-CRS

Published: 23 July 2024 Print this page

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