Nil returns for FATCA and CRS

The Cyprus Tax Department has issued an announcement to financial institutions that registration to the “Ariadne” Internet portal for submission of FATCA or CRS returns is not obligatory if they have nothing to report, unless they have already registered for the e-submission service.

Financial institutions which already registered but have no reportable information must either submit a nil return or request deregistration, in either case using the forms provided on the Ministry of Finance website.