Registration of Reporting Financial Institutions under the Automatic Exchange of Financial Account Information Act, 2016

Posted on: April 10, 2017

Pursuant to Section 4(2)(a) and (b) of the Automatic Exchange of Financial Account Information Act, 2016, Reporting Financial Institutions are required to register with the Competent Authority within 90 days of the commencement of the Act, i.e. by April 1st, 2017. Please be advised that the Common Reporting Standard/Automatic Exchange of Information portal will be available for registration at a date to be announced by the Competent Authority and until such time, there will be no penalty for failure to register.”



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Initial List of Countries The Bahamas intends to Automatically Exchange Financial Account Information with under the Automatic Exchange of Financial Account Information Act, 2016

1. Antigua & Barbuda 2. Argentina 3. Aruba 4. Australia 5. Austria 6. Belgium 7. Brazil 8. Bulgaria 9. Canada 10. Cayman Islands;* 11. Chile 12. China 13. Colombia 14. Costa Rica 15. Croatia 16. Cyprus 17. Czech Republic 18. Curacao 19. Denmark 20. Estonia 21. Faroe Islands 22. Finland 23. France 24. Germany 25….

Bahamas Approach to Common Reporting Standard and Key Dates

Pursuant to the commitment of The Bahamas to effectively implement the Common Reporting Standard (“CRS”)/Automatic Exchange of Information, The Competent Authority wishes to advise all financial institutions (FIs) as follows: 1. The Government of the Bahamas has taken a policy decision to implement CRS by way of the Multilateral Convention on the Mutual Administrative Assistance…

The Bahamas signs Competent Authority Arrangement with the United States in Accordance with the Intergovernmental Agreement, IGA, to implement the Foreign Account Tax Compliance Act (FATCA)

The Ministry of Finance and the Ministry of Financial Services is pleased to announce the signing of a Competent Authority Arrangement between the United States and the Bahamas.  The Competent Authority Arrangement was signed in accordance with the Intergovernmental Agreement, IGA, signed in November 2014 entitled, “Agreement between the Government of the Commonwealth of The…

The Automatic Exchange of Financial Account Information Act, 2016 comes into force on the 1st day of January, 2017

“An Act To Provide For The Implementation Of The Common Standard On Reporting And Due Diligence For Financial Account Information In Tax Matters And For Connected Purposes No. 37 of 2016 – Date of Assent – 29th December, 2019 has been published in the Official Gazette, The Bahamas on the 29th December, 2016,  Supplement Part…

FATCA Appointed Day Notice

THE BAHAMAS AND THE UNITED STATES OF AMERICA FOREIGN ACCOUNT TAX COMPLIANCE AGREEMENT ACT, 2015 (No. 36 of 2015) THE BAHAMAS AND THE UNITED STATES OF AMERICA FOREIGN ACCOUNT TAX COMPLIANCE AGREEMENT ACT, 2015 (APPOINTED DAY) NOTICE, 2015 In exercise of the powers conferred by section 1 (2) of The Bahamas and the United States…