The Organization for Economic Co-operation and Development (OECD) has established a model Competent Authority Agreement (CAA) and Common Reporting Standard (CRS) to create a global standard for the automatic exchange of financial account information.

The measure is a step in the efforts of world governments to improve cross border tax compliance.


Under UK FATCA IGA Model 2, those companies designated Foreign Financial Institutions (FFIs) under UK FATCA in Bermuda, will need to report information directly to Her Majesty’s Revenue & Customs (HMRC) in London in order to comply with Section 4A of the Bermuda International Cooperation (Tax Information Exchange Agreements) Act 2005. 

Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Bermuda to Improve International Tax Compliance. 

OECD Multilateral Competent Authority Agreement (CAA) for CRS

The Government’s Department of E-Government on behalf of the Ministry of Finance will soon issue an RFP for (1) the creation of a Portal for receiving from Bermuda persons and reporting to Bermuda’s treaty partners CRS and CbC (country by country) information, and (2) for the creation of Guidance Notes and draft Regulations for CRS and CbC, and provision of a helpdesk for (1) and (2) in their startup phase.

Bermuda CRS Guidance Notes

The CAA contains the detailed rules on the exchange of information between jurisdictions (previously obtained from their financial institutions) on an annual basis. 
Bermuda – MCAA – Certified
Bermuda –MCAA – PV


Bermuda has made a Declaration to the Multilateral Competent Authority Agreement (MCAA) Co-ordinating Body Secretariat and provided an Annex to the MCAA for the exchange of Country by Country Reports (CbC).

Under the MCAA for both the CbC and the Common Reporting Standard (CRS), Bermuda has provided lists to the Secretariat regarding Bermuda’s intended exchange partners.

Any reciprocal-participant to CbC and CRS who satisfies the terms and conditions of the MCAAs, including having passed either the USA IRS or the OECD AEOI Group confidentiality and data safeguards assessment, is Bermuda’s CbC and CRS participating partner, provided they include Bermuda in their lists.

Further to recent correspondence on the topic, the Ministry of Finance has confirmed it will grant a one-off extension as regards the notification requirements under CbCR MCAA Annex 1 to 1 September, 2017 and if a Reporting Fiscal Year ends after 31 August, 2017 the general notification provisions shall apply. 

Read more about the OECD CbC

Ministry of Finance provides implementation details for UK FATCA

Statement from Ministry of Finance Treaty Unit

Additional reading

International framework for the CRS 
Signatories Of The Multilateral Competent Authority Agreement 
Standard For Automatic Exchange Of Financial Account Information For Tax Matters 

Tax Information Reporting Project - Registration of Interest, June 2016

Tax Information Reporting Project - Request for Proposals (RFP)