FATCA/DAC2-CRS

The Foreign Account Tax Compliance Act (FATCA)

FATCA is an information sharing agreement between Ireland and the United States of America. In December 2012, both countries agreed to exchange financial account information supplied by Irish and US financial institutions. US financial institutions report details of accounts held by Irish tax residents. Irish financial institutions report details of accounts held by US citizens and US tax residents.

When and how the information is exchanged

Irish financial institutions must report the details of accounts annually to Revenue by 30 June regarding the previous calendar year. Revenue exchanges this information with the US by 30 September each year. The first exchange of information between the US and Ireland happened in 2015.

How to file a FATCA return

Use the Revenue Online Service (ROS) to register for the FATCA reporting obligation if you are a financial institution. If you do not have access to ROS, you must register as a reporting entity. This can be done by completing a Reporting Entity Registration Form. If you are an agent representing a reporting entity, you can register your client through ROS. Once registered as a reporting entity you will be able to access ROS and register for the FATCA reporting obligation.

Once registered, FATCA returns can be sent to Revenue through ROS. Please see the IRS guidance and Tax and Duty Manual Part 38-03-25 for more information regarding the return format.

Please see Tax and Duty Manual Part 38-03-25 for more information on:

  • how to register as a reporting entity
  • registering for a reporting obligation
  • and
  • filing a return.

Irish legislation and guidance on FATCA

The legislation that implements FATCA in Ireland is contained in:

Further details for Financial Institutions are available in Tax and Duty Manual Part 38-03-22.

Further details for account holders are available in Tax and Duty Manual Part 38-03-24.

Next: The Common Reporting Standard (CRS) and DAC2