Global tax transparency starts here

In today’s regulatory landscape, financial institutions operating in the UAE must comply with international tax transparency standards under the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). These regimes, implemented by the UAE Ministry of Finance, require the automatic exchange of financial account information with foreign tax authorities.

At Grant Thornton UAE, we provide end-to-end FATCA and CRS compliance solutions to help you meet your obligations efficiently and confidently.

What Are FATCA & CRS?

  • FATCA is a U.S. federal law requiring foreign financial institutions to report information on accounts held by U.S. taxpayers.
  • CRS, developed by the OECD, mandates financial institutions to report on account holders who are tax residents in jurisdictions other than the UAE or the U.S.
     

Both frameworks aim to combat offshore tax evasion and promote global tax transparency.

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Why choose us?

  • UAE regulatory expertise: We work closely with the UAE Ministry of Finance, Central Bank, DIFC, ADGM, and other authorities.
  • Global standards alignment: Our solutions are built on OECD and IRS guidelines.
  • Risk mitigation: Avoid penalties and reputational damage through proactive compliance.
  • Tailored solutions: Customized support for your institution’s structure and jurisdictional footprint.

Our FATCA & CRS services

  • Determine your classification under FATCA and CRS.
  • Assess operational impact and reporting obligations.
  • Specialized reviews for FATCA / CRS compliance to assist the management in strengthening their compliance framework.
  • Develop or enhance your FATCA/CRS compliance framework and alignment of internal policies with UAE regulatory requirements.
  • Preparing and designing FATCA / CRS Compliance Manuals and Self Certification Forms
  • Register with the IRS to obtain a Global Intermediary Identification Number (GIIN).
  • Assist with annual submissions to the UAE Ministry of Finance and other regulatory bodies.
  • Implement onboarding procedures for new accounts.
  • Review pre-existing accounts for reportable status.
  • Prepare and validate self-certification forms.
  • Conduct staff training on FATCA/CRS obligations.
  • Provide ongoing technical advice and updates on regulatory changes.