Saint Kitts and Nevis: Guidance on process to deregister from AEOI portal

The Inland Revenue Department (IRD) of Saint Kitts and Nevis on February 26, 2025, issued an industry advisory providing guidance for reporting financial institutions on the new process and requirements for deregistering from the automatic exchange of information (AEOI) portal.

Reporting financial institutions that no longer meet the FATCA and common reporting standard (CRS) reporting obligations are eligible to deregister from the AEOI portal. The eligibility criteria for deregistration include:

• Ceased operations: The entity has ceased operations and has formally dissolved or liquidated.
• Regulatory changes: The entity no longer qualifies as a reporting financial institution under CRS or FATCA due to structural or regulatory changes.
• Mergers and acquisitions: The entity has merged with, or been acquired by, another institution that assumes its reporting obligations.
• Jurisdiction transfer: The entity has relocated outside the jurisdiction.
• Termination of a trust.

The deregistration process involves:

• Submitting a request via the AEOI portal, along with supporting documents such as dissolution certificates, merger agreements, or updated regulatory classifications
• Application review by the International Taxation Unit (ITU) of the IRD

Read a March 2025 report prepared by the KPMG member firm in the Caribbean region