Individuals with accounts and other assets in Financial Institutions operating in the state of Grenada, may have their account and asset information reported to the United States Internal Revenue Service (IRS) where that individual meets the criteria as a Reportable Account under FATCA. The aggregate value of these assets must exceed $50,000 to be reportable.

The United States has defined a U.S. Person for the purposes of FATCA to be:

• A U.S Citizen
• A U.S Resident (Green card holder)
• A U.S Entity, Corporation, Partnership, Estate, Trust
• Includes a foreign entity with one or more substantial U.S. owners
• A U.S. Tax Resident

Financial institutions operating within the state of Grenada that have registered with the United States Internal Revenue Service (IRS) to report under FATCA, are required to submit information to the Grenada Competent Authority for transmission to the IRS.

Information must be submitted using the Grenada Inland Revenue Division AEOI Portal. All reporting financial institutions must ensure that they are registered and obtained a (GIIN).

Reportable Financial institutions include, but are not limited to:

• Depository Institutions (e.g., Banks & Credit Unions)
• Custodial institutions (e.g., Mutual funds)
• Investment entities (e.g., private equity funds)
• Certain types of insurance companies that have cash value products or annuities.

• Implement policies and procedures to ensure compliance
• Ensure that the due diligence procedures are in place and document efforts made.
• Ensure that all new accounts contain the required information especially TIN’s
• Ensure that the Business process to facilitate FATCA compliance is in place

Who is the Competent Authority?

The Competent Authority for Grenada for FATCA purposes is the Inland Revenue Division.  Specific duties to be performed by the FATCA Competent Authority was delegated to the Comptroller of Inland Revenue Division. 
 

 

The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act in 2010 (Public Law No. 111-147), generally requires that certain foreign financial institutions report information on their U.S. accounts and that certain non-financial foreign entities report information on substantial U.S. owners or be subject to withholding on withholdable payments.

Yes. Under FATCA, foreign financial institutions are required to determine whether their customers are U.S. citizens. A U.S. citizen would have to provide a U.S. Taxpayer Identification Number (TIN) as part of the financial institution’s due diligence requirements, typically on a self-certification. A self-certification (similar to IRS Form W-9) include the customer’s name, address and U.S. TIN. The TIN for U.S. citizens is their Social Security Number (SSN).

 

Grenada Inland Revenue Division

Tel: +1 (473) 440-3556 Ext. 31067

Email: spmanager@ird.gov.gd