Saint Lucia: Updated FATCA and CRS guidance

The KPMG member firm in the Caribbean region has prepared reports about the following tax developments under the FATCA and common reporting standard (CRS) regimes.

• The Inland Revenue Department (IRD) of Saint Lucia in June 2025 issued an updated version (v.11) of its FATCA guidelines and procedures. This update incorporates the additional grace period granted by the U.S. tax authority (IRS) under Notice 2024-78 for reporting mandatory U.S. tax identification number (TIN) for certain pre-existing accounts. This grace period has been extended through the calendar year 2028, covering accounts reported during the reporting years 2025, 2026, and 2027. Read an August 2025 report.
• The IRD of Saint Lucia in June 2025 issued an updated version (v9.0) of its CRS guidelines to include:
  • A new Section 6.1, “Self-Certification Requirements”
  • A new Section 6.2, “Documentary Evidence”
  • Section 7.1, “General Reporting Requirements,” was revised
  • A new Section 7.2, “Entity Filing Categories”
  • A new Section 7.3, “Dormant Accounts”
  • Section 8, “Due Diligence Requirements,” has been updated
  • Section 8.1 has been updated
  • Detailed guidance on “Trusts” has been incorporated into the newly added Section 8.4.3
  • A new Section 8.4.4, “Investment Entities”
  • A new Section 8.4.13 outlines additional due diligence requirements
  • A new section, 8.4.16 clarifies that possession of a FATCA global intermediary identification number (GIIN) alone does not confirm an entity’s status under CRS
  • A new section 8.4.17 to inform reporting financial institutions about the forthcoming legislative amendments in 2026

Read an August 2025 report.