Isle of Man Financial Services Authority

From 1 July 2011 the Island moved to automatic exchange of information with EU member states under the European Union Savings Directive (EUSD). Also in 2011 the Global Forum on Transparency and Exchange of Information for Tax Purposes published its Peer Review Report of the Isle of Man. The report set out the Isle of Man's implementation of the international standards of transparency and exchange of information for tax purposes. On 3 August 2015 the Global Forum published its latest ratings which confirmed the Isle of Man is one of 21 jurisdictions (from 81 rated) to be given the top 'compliant' rating. During 2013 the Isle of Man signed Intergovernmental Agreements ("IGA") with the United Kingdom and the United States of America. These IGAs improve international tax compliance through automatic exchange of information, and in the case of the USA to facilitate the implementation of the Foreign Account Tax Compliance Act ("FATCA"). The Isle of Man is one of more than 90 countries which have committed to automatic exchange of information under the Common Reporting Standard on Automatic Exchange of Information ("CRS"). The Island is due to make its first exchanges under the CRS in 2017. Evaluations/Assessments