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 policyholders.
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).
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 policyholders/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 policyholder/controlling person is reportable.
Information in respect of policyholders/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 policyholder has confirmed as their country of residence for tax purposes.
RL360° does not send any policyholder information direct to other jurisdictions.
In order for RL360° to correctly identify whether a policyholder or controlling person is reportable, we may ask for a self-certification form to be completed. The information provided by the policyholder/controlling person in the self-certification form allow RL360° to determine whether or not they are resident in a reportable jurisdiction.
Individual Policyholders should complete this form.
Entity Policyholders 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.