The UAE Ministry of Finance has opened the annual FATCA and CRS reporting portal for the 2024 reporting calendar year. If your company holds or manages financial accounts, it’s time to confirm whether you need to register and report.

Deadline: 30 June 2025

This is more than an annual checkbox, it’s a critical part of demonstrating your global compliance posture. Here’s what you need to know:

What Are FATCA and CRS?

These are global tax transparency frameworks designed to combat tax evasion:

• FATCA (Foreign Account Tax Compliance Act) applies to U.S. related financial accounts.
• CRS (Common Reporting Standard) applies more broadly to accounts held by reportable persons across participating jurisdictions.

In the UAE, Reporting Financial Institutions (RFIs) must identify accounts held by:

• Foreign reportable individuals
• Passive NFEs (non-financial entities that primarily earn passive income like dividends or rent and are controlled by reportable persons)

And submit that information to the Ministry of Finance or their designated regulator.

Who Must Report?

You likely fall under FATCA/CRS obligations if your company qualifies as a Reporting Financial Institution in one of these categories:

1. Custodial Institution– You hold financial assets (like stocks or bonds) on behalf of others.– Example: Licensed brokerage or investment advisory firm
2. Depository Institution– You accept deposits or provide financing.– Example: Banks, finance companies, or credit unions.
3. Investment Entity– Your business invests, administers, or manages financial assets or portfolios.- Example: Private equity firms, real estate fund managers, or holding companies managed by external FIs.
4. Specified Insurance Company– You issue or maintain Cash Value Insurance or Annuity Contracts.– Example: Life insurance companies with investment-linked products.
5. Entity Managed by an FI– You are not directly involved in asset management, but over 50% of your income comes from investments, and your assets are managed by a bank or fund manager.– Example: Family office holding companies managed externally.

Who Is Exempt?

Entities classified as Non-Reporting Financial Institutions (NFIs) include:

• Government bodies and central banks
• Registered pension or retirement funds
• Certain investment funds with trustee-level reporting
• Some credit card issuers or exempt collective investment vehicles

📌 Note: All legal entities, whether reporting or exempt, must access the portal to register and confirm their classification.

How to Report

Use the UAE Ministry of Finance portal:

🔗 MoF Reporting Portal

Our Support at Dawia Family Office

For many of our clients, FATCA and CRS obligations can appear complex but they don’t have to be. We help:

• Determine your reporting status
• Register and file accurately, and on time, on the MoF portal
• Maintain audit-proof documentation

If you’re unsure whether your entity qualifies, or want clarity before the June deadline, get in touch with our compliance team.

Because when it comes to cross-border compliance, silence isn’t golden, documentation is.