Isle of Man: Updated CRS 2.0 guidance
The first reporting is due on June 30, 2027, and will cover the 2026 reporting period.
July 9, 2026
The Income Tax Division of the Isle of Man government issued version 6 of its CRS guidance.
The update reflects the OECD’s 2023 amendments to the CRS 2.0, which were incorporated into the Isle of Man’s domestic legislative framework, effective January 1, 2026. The first reporting under CRS 2.0 is due on June 30, 2027, and will cover the 2026 reporting period.
The key updates include:
- Nil reporting requirements (Section 3.4.2)
- Treatment of discretionary beneficiaries (Section 3.5.4)
- Enhanced due diligence requirements
- Expanded scope under CRS 2.0
- Exemption from duplicate gross proceeds reporting (Section 5.9.8)
- Non-reporting financial institutions (NRFIs)
- Transition to CRS XML schema v3.0 (Section 7.2.2)
The guidance also introduces a new Section VII in the appendix to reflect the key changes under CRS 2.0, in line with the OECD’s CRS commentary.
Read a July 2026 report prepared by the KPMG member firm on the Isle of Man