Differences between FATCA and CRS
The main differences between FATCA and the CRS regarding which FIs must report are as follows:
Issue |
CRS versus FATCA IGA |
Reporting nexus |
CRS uses residence of the Entity while IGA uses residence or where organised |
Investment Entity |
Definition differs between CRS and IGA |
Non-reporting FIs |
IGA includes Exempt Beneficial Owners and Deemed Compliant FFIs and other categories not in the CRS |
There are some variations in terminology between FATCA and CRS. When the context requires, the following CRS terms should be read interchangeably with FATCA terms:
CRS |
FATCA |
Reporting Financial Institution (RFI) |
Reporting South African Financial Institution |
Non-Reporting Financial Institution |
Non-Reporting South African Financial Institution |
Non-Financial Entity (NFE) |
Non-Financial Foreign Entity (NFFE) |
Reportable Person |
Specified US Person |
Reportable Account |
US Reportable Account |
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