Jersey, Channel Islands
Intergovernmental agreements (IGAs)
On 13 December 2013, the Jersey authorities signed an IGA with the United States to facilitate tax reporting under the Foreign Account Tax Compliance Act (FATCA) regime. The Jersey authorities also signed a similar IGA with the United Kingdom on 22 October 2013. The IGA with the United Kingdom is sometimes known as UK FATCA. This is because the information exchanged under the UK IGA is similar to that exchanged with the United States under FATCA.
Tax information exchange agreements (TIEAs)
The Jersey tax authorities are committed to being tax transparent, with an increased emphasis on agreeing to further DTAs and TIEAs. Jersey has signed TIEAs with 38 countries and is negotiating DTAs with several other jurisdictions (see Foreign income in the Income determination section for a description of DTAs that have been signed).
Common Reporting Standard (CRS)
Jersey adopted the global CRS on Automatic Exchange of Information on 1 January 2016. The first reporting took place in 2017.
Mandatory Disclosure Regime (MDR)
On 9 September 2020, the government of Jersey passed legislation introducing MDR aligned to The OECD Model Mandatory Disclosure Rules for CRS Avoidance Arrangements and Opaque Offshore Structures.
At the time of writing, although the law had been made, it has yet to be brought into force. Although a date is yet to be confirmed, it is expected that this law will be implemented later in 2023.
Once in force, the law will require promoters, service providers, and, in some circumstance, users of CRS avoidance arrangements and opaque offshore structures to provide the Comptroller of Revenue with information about those arrangements and structures within a 30-day window of, broadly, the arrangement being made available.
It is intended that information relating to users resident in other jurisdictions will be exchanged with the tax authority of that jurisdiction in accordance with the terms of the Multilateral Competent Authority Agreement on the automatic exchange regarding CRS avoidance arrangements and opaque offshore structures, also ratified by the States of Jersey on 9 September 2020.