FATCA & CRS Compliance in Mauritius: Are You on Track for the 31 July 2025 Deadline?

Financial institutions in Mauritius are reminded that 31 July 2025 marks the deadline to meet their FATCA and CRS reporting obligations for the 2024 calendar year.

Timely, accurate reporting is essential. Missing the deadline or submitting incomplete data could lead to fines, heightened regulatory attention, and reputational risk. The earlier you begin reviewing your data, the smoother the process will be.

FATCA, A quick overview

FATCA, a regulation introduced by the United States, requires financial institutions worldwide to report on accounts held by U.S. taxpayers.

Institutions based in Mauritius are expected to:

• Determine whether they fall under the category of a Financial Institution or Non-Financial Foreign Entity.

• Register with the IRS and obtain a GIIN.

• Conduct due diligence to identify any reportable U.S. accounts.

• Submit FATCA returns through the Mauritius Revenue Authority (MRA) by 31 July 2025.

If no qualifying accounts exist, a nil return may still be required.

Understanding CRS requirements

CRS, developed by the OECD, extends similar obligations to accounts held by non-residents for tax purposes.

Institutions must:

• Collect self-certification forms to confirm tax residency.

• Identify reportable accounts based on the jurisdictions published by the MRA.

• Prepare returns in XML format and file them electronically with the MRA.

Access the full list of reportable jurisdictions: View Here

Key information to report

Basic information to be reported are subject to the guidelines and requirements imposed by the MRA and IRS but in a nutshell are:

• Account holder’s full name, address, and Tax Identification Number (TIN)

• Account number and year-end balance

• Income earned during the year, including interest and dividends

Even financial institutions without reportable accounts shall be required to confirm this through a nil return.

Suggested timeline to stay compliant

With the 31 July deadline approaching, it is commendable that institutions follow a phased approach:

May – Early June

• Review 2024 account data

• Ensure self-certifications are in place

• Identify reportable accounts and begin compiling required information

Mid-June – Early July

• Validate XML files

• Conduct internal checks or seek external review

• Confirm access to the MRA e-filing system

July

• Submit FATCA and CRS returns ahead of deadline

• Retain proof of submission and supporting records

Need support?

If you need assistance, whether it's with account classification, compiling your data, or reviewing your XML files, our team is here to help.

FATCA – What needs to happen

• Classify Your Entity
  Identify whether your organisation is considered a Financial Institution or falls under a Non-Financial Foreign Entity.

• Register with the IRS
  If you're a Financial Institution, make sure you're registered with the IRS and have obtained a valid GIIN.

• Review Your Account Holders
  Carry out due diligence to check for U.S. persons. This includes reviewing self-certifications and verifying information on file.

• Submit Your FATCA Return
  If you hold any reportable U.S. accounts, these must be reported to the MRA by 31 July 2025. Even if none apply, a nil return may still be required.

CRS – Steps to stay compliant

• Confirm Tax Residency
  Use self-certification forms to determine whether any account holders are tax residents of a reportable jurisdiction.

• Refer to the MRA’s Jurisdiction List
  This list will guide you on which accounts need to be disclosed under CRS. Make sure you’re using the most current version.

• Prepare and Format Your Return
  Compile the required data in XML format, ensuring it includes all relevant account details and income information.

• Submit Before the Deadline
  The CRS return (or nil return, if applicable) must also be filed with the MRA by 31 July 2025.

Quick Recap: What financial institutions should be doing

Summary of the key FATCA and CRS requirements for Mauritius-based institutions.

Let’s make sure your reporting is complete, accurate, and submitted on time.

We’re here to support your team with clear, accurate and timely FATCA and CRS filings, so you can meet your obligations with confidence.

Reach out to us to find out more.