FS Newsflash - FATCA/CRS guidance updated on 2 July 2020

15/07/20

On 2 July 2020, the Dutch Ministry of Finance published its updated official FATCA/CRS guidance notes (“guidance”). The updated guidance introduces new technical guidance, incorporates the guidance of the 2018 ‘Question and Answer’ Decree and revokes the previous issued guidance of 14 January 2016.

In this newsflash we have summarised the key technical changes and provided the practical takeaways for you.

Previous newsflashes about FATCA/CRS you can find here.

The Dutch guidance notes are amended and expanded on multiple topics, such as the relation between FATCA/CRS and other regulations, such as GDPR and the right on a basic payment account, that were introduced after FATCA and CRS became effective, the treatment of holding companies in a private equity structure, multiple guidance points on ‘accidental Americans’, the UBO of a STAK, and the certification requirements under the sponsoring entity regime.

General observation

The guidance is primarily updated for developments since FATCA and CRS was introduced, and it is helpful to see that the FATCA/CRS guidance aligns with the various regulations. Most changes in the guidance are textual or a confirmation of positions that market parties developed over time.