Automatic Exchange of Information Requirements
This section explains the Automatic Exchange of Information regulations and how they may affect applicants for RL360's products and existing plan owners.
What is AEOI?
The Isle of Man like many other jurisdictions around the world has signed Intergovernmental Agreements to improve International Tax Compliance. These are referred to as the Automatic Exchange of Information for Tax Matters (AEOI).
More specifically these agreements are the US Foreign Account Tax and Compliance Act (FATCA) and the Common Reporting Standard (CRS).
US FATCA started on 1 July 2014 and CRS started on 1 January 2016.
How does AEOI affect me/my clients?
RL360 may need to disclose details of plan owners/controlling persons who are identified as being reportable under the US FATCA and CRS regulations. We are therefore required to collect specific information to ascertain whether or not a plan owner/controlling person is reportable.
Information in respect of plan owners/controlling persons that are identified as being reportable will be provided to the Isle of Man Income Tax division (IOMITD) and they will then provide the same information to the jurisdiction that the plan owner has confirmed as their country of residence for tax purposes.
RL360 does not send any plan owner information direct to other jurisdictions.
Self-certification
In order for RL360 to correctly identify whether a plan owner or controlling person is reportable, we may ask for a self-certification form to be completed. The information provided by the plan owner/controlling person in the self-certification form allow RL360 to determine whether or not they are resident in a reportable jurisdiction.
Individual Plan Owners should complete this form.
Entity Plan Owners should complete this form.
(Entities include Companies, Corporate/Non-Corporate Trustees)
Please note that depending on the structure of the entity, its controlling persons may also be required to complete the Individual Self Certification form
For Entities that require further clarification of their classification under US FATCA & CRS, please read our Automatic Exchange of Information Definitions.
More information can be found here.