European Institute of Management and Finance | CRS and FATCA
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CRS and FATCA

CRS and FATCA (CPD)

The Common Reporting Standard (CRS) is an effort led by the Organization of Economic Cooperation and Development (OECD) and aims to combat tax evasion by imposing mutual reporting obligations among participating countries. A large number of countries have signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Information, Cyprus being one of them. Practically speaking, reportable entities in one jurisdiction will need to identify and report foreign individuals and entities accounts holders, provided that the country where account holder has his tax residence participates in CRS.

The Foreign Account Tax Compliance Act (FATCA) is focused on strengthening information reporting and withholding compliance with respect to US persons who invest directly or indirectly through the ownership of foreign interests. To achieve its purposes, FATCA dictates non-US Financial Institutions to identify accounts falling under the FATCA scope and report certain details on these accounts to the US Authorities.

FATCA imposes a 30% withholding tax if FFIs do not comply with FATCA’s requirement. The 30% withholding tax on certain US source income is imposed regardless of whether the FFI has US owners or clients. Therefore, Financial Institutions that do not have any US clients, still need to take actions for compliance with FATCA obligations

Seminar Content:

  • The main provisions of CRS & FATCA
  • The key differences between CRS & FATCA
  • Their impact on Cyprus-based Financial Institutions
  • The IGA between Cyprus and the US for FATCA
  • Revenue’s perspectives on CRS and its implementation in Cyprus
  • The actions that CIFs and other Cyprus-based FIs need to undertake to comply with FATCA and CRS
  • Reportable entities
  • Reportable accounts
  • Deadlines
  • Exemptions
  • Obligations for financial institutions

Who should attend:

Employees and executives of financial entities (banks, CIFs, Investment Managers, etc), Lawyers, Accountants, compliance, operations, risk, tax. Also those that aim to obtain their CPD training, as required by CySEC, CyBAR, and the ICPAC.

DATES: 4, 5 September

DURATION: 6 Hours

CPD UNITS: 6

LOCATION: EIMF Premises, Nicosia

TIME: 17:00 – 20:30

FEES: €160 + VAT

Registration Form

Register here

If you need help completing the online registration form, please give us a call at 2227 4470 or email us at info@eimf.eu 

In-House Training

If you would like to discuss bringing this or another topic to your organization on an in-house basis please call us at 22274470 or email us at info@eimf.eu.

Instructor: Mr Alexis Kartalis

Mr. A. Kartalis was born in Athens in 1968. He graduated from the Department of Statistics of Athens University of Economics and Business (ex A.S.O.E.E) in 1991. In 2003 he got an MBA in Finance from ESCEM. He is a certified derivatives clearer.

He started his career from Citibank Athens, where he worked from 1994 till 197. From 1997 till 2012 he worked at BNP Paribas Securities Services Athens, initially as Head of Securities Operations and then as General Manager.

From September 2013 till today he works as General Manager in GMM Global Money Managers Ltd, a Cypriot mutual funds management company.

He is married and he has two children, while he systematically practices in long distance running