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Additional filing requirements for FFI located in Monaco - 17/10/2013


The Principality of Monaco did not enter into negotiations with US tax authorities in order to sign an Intergovernmental Agreement (“IGA”). As a consequence, local FFI will need to register and sign they own agreement with the IRS (US tax authorities) if they want to be considered as participating FFI. Based on such an agreement, local FFI will need to report to the IRS banking information related to US persons as well as global information on recalcitrant account holders and other non-participating FFI (who will also be subject to a 30% withholding tax on US source income/proceeds).

In this context, FFI located in Monaco will also need to comply with local requirements related the Monaco data protection law.

Further to the deliberation issued by the “Commission de contrôle des informations nominatives” (“CCIN”) on 16 September 2013, local FFI will need to ask for an authorization to CCIN before starting any reporting with the IRS.

The application should include the following documents :

  • Name of the responsible Officer;
  • Type and purpose of the information to be provided to the IRS;
  • Template of the waiver form (client approval regarding information to be transmitted to the IRS);
  • Copy of the FFI registration request (FFI agreement should be available upon request);
  • Description of the procedure allowing US persons to check/correct the information to be reported to the IRS.

For additional details concerning this announcement, please find enclosed the CCIN publication.
If you have any queries regarding the above, please do not hesitate to contact us.

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