CIBC Caribbean is required to collect information and documentation from individual and entity customers to establish their tax residency. For most individual clients this is usually the jurisdiction where they reside and pay taxes. US Citizens, however, are also treated as US residents for tax purposes, regardless of their country of residence. If you are unsure about your tax residency or US Status, you should seek advice from a professional tax adviser or the relevant tax authority. CIBC Caribbean does not provide tax advice.

FATCA was enacted in 2010 by the US Congress to target non-compliance by U.S. taxpayers using foreign accounts. FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. In most Caribbean jurisdictions, FATCA is implemented locally through an Intergovernmental Agreement (IGA). In jurisdictions where no IGA is in effect, CIBC Caribbean has entered into an FFI agreement directly with the US IRS

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The Organization for Economic Cooperation and Development (OECD) developed the Common Reporting Standard (CRS) in response to the G20 request for jurisdictions to obtain information from financial institutions and to automatically exchange that information with other jurisdictions on an annual basis. The CRS, based on FATCA, is being adopted by a large and growing number of countries including most Caribbean jurisdictions. It requires CIBC Caribbean to collect information from individuals and entities to establish their tax residency. Depending on the account holder’s tax residency, the bank may also be required to report financial account details to the relevant tax authorities.

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The United Kingdom has signed agreements similar to FATCA with the governments of its Overseas Territories (OT) including; British Virgin Islands, Cayman Islands and Turks and Caicos Islands. CIBC Caribbean is required under these agreements to submit financial account details for all UK reportable persons that hold accounts in these jurisdictions. 

Customers may be asked to download, complete and print the relevant self-certification form. CIBC Caribbean will notify clients if this is required.

Individual Self-Certification Form

Entity Self-Certification Form - Simple

Entity Self Certification Form - Complex