TCI News
IRS NOTICE 2017-46
#Providenciales, June 18, 2019 – Turks and Caicos – On September 25, 2017, the IRS issued Notice 2017-46 which provided for the following:
- Addressed Financial Institutions’ (“FIs”) obligations to obtain and report taxpayer identification numbers (“TINs”) and dates of birth (“DOB”) under chapters 3 and 4 of the Internal Revenue Code;
- Extension of the deadlines imposed on FIs under Model 1 Intergovernmental Agreements (“IGAs”); and
- Chapter 3 and 4 final and temporary regulations released January 6, 2017.
U.S. TIN and DOB Reporting
- Under the Model 1 IGAs, Foreign FIs (“FFIs”) are required to obtain and report U.S. TINs for all reportable account holders and controlling persons.
- For tax year 2017, an FFI failing to include a reportable person’s U.S. TIN would be considered significant non-compliance, triggering a notice from the IRS to the FFI’s tax authority.
- Where an FFI is non-compliant for 18 months after the issuance of a notification, that FFI would be classified as a nonparticipating FFI and would be subject to FATCA withholding.
- An extension is provided to FFIs that have been unable to obtain TINs, allowing them to not be deemed as non-compliant solely because they file tax year 2017, 2018, and 2019 FATCA reports without TINs.
- Where an FFI is unable to obtain TINs, they will be required to undertake the following:
- Obtain and report the DOB of each reportable account holder and controlling person missing a TIN;
- Request annually any missing TIN from such persons; and
- Undertake a search of electronically searchable data maintained by the FFI for the missing TINs prior to the submission of tax year 2017 reports.
Withholding Certificate Validity: Foreign TIN and DOB Requirements
The following amendments will be made by the IRS and Treasury Department: the temporary chapter 3 regulations:
- The circumstances in which Foreign TINs and DOBs are required for Global Financial Services Industry will be narrowed;
- Clarification of the definition of “account holder,” “account,” and “financial institution” under the temporary regulations to align with their meaning under the chapter 4 regulations;
- A Foreign TIN or DOB will not be required where a withholding certificate is obtained solely to avoid Form 1099 reporting and backup withholding;
- The requirement that any account held by a resident in a jurisdiction that does not have an information exchange agreement with the U.S will be excluded from the Foreign TIN;
- There will also be an exception for accounts held by residents in jurisdictions that do not issue Foreign TINs. The current list is limited to Bermuda, the British Virgin Islands, and the Cayman Islands;
- A phase-in period has been provided through December 31, 2019, to provide withholding agents additional time to obtain Foreign TINs. Withholding certificates signed on or after January 1, 2018, the Foreign TIN— or a reasonable explanation for its absence—must be present on the form. Such Foreign TINs are not required to be validated against any jurisdiction’s format or TIN system provided the withholding agent does not have a reason to know it is invalid;
- A withholding certificate signed before January 1, 2018, will not be treated as invalid under the amended temporary regulations solely because of a missing Foreign TIN;
- Payments made before January 1, 2018, a Foreign TIN is not required, and the withholding certificates will be valid until the earlier of “(1) December 31, 2019; (2) the expiration date of the validity period of the withholding certificate [if applicable]; or (3) if applicable, the date when a change in circumstances requiring a revised withholding certificate occurs.”;
- A withholding certificate will remain valid beyond December 31, 2019, if the withholding agent obtains a written record of the Foreign TIN or if the Foreign TIN is otherwise within the withholding agent’s files.
Form 1042-S Reporting
- Form 1042-S will be amended to provid instructions to require Foreign TINs to be reported for tax year 2018 and beyond where they are available, either from withholding certificates or the alternative procedures outlined above for obtaining Foreign TINs;
- For tax year 2017, the instructions will be amended to require DOB reporting in instances where the individual account holder’s DOB is available on the withholding certificate or within the withholding agent’s electronically searchable information;
- For tax year 2018 and beyond, the DOB will be required if it is identified in any of the withholding agent’s files, whether electronically stored or otherwise.
This Notice in its entirety can be viewed on the Internal Revenue Service website at https://www.irs.gov/pub/irs-drop/n-17-46.pdf.
PROVIDENCIALES, Turks & Caicos Islands: — Beaches Turks & Caicos continues to lead the way in sustainability by cultivating a
culture of environmental stewardship across the Turks and Caicos Islands. Through the introduction of biodegradable alternatives, agricultural education and community partnerships, the resort is setting a new standard for eco-conscious hospitality. As part of its ongoing sustainability mission, the resort has replaced single-use plastics and certain chemicals with compostable, biodegradable products derived from natural sources, to reduce pollution and minimize the resort’s carbon footprint.
“At Beaches Turks & Caicos, sustainability is woven into every part of the guest experience,” said Managing Director, James McAnally. “From the products we use to the relationships we nurture, our goal is to make responsible environmental choices that benefit our guests, team members and the wider Turks and Caicos community.”
The resort also practices on-site composting, recycling fruit and vegetable waste from its kitchens to enrich soil and sustain its lush
landscaping. This closed-loop system reduces waste and promotes biodiversity across the property.
Beyond the resort, Beaches collaborates with local partners including schools, government agencies and NGOs to extend green education into the wider community. Through the Sandals Foundation, the resort supports projects such as the installation of water filtration systems, tree-planting activities and biodegradable workshops. Schools like Enid Capron Primary have expanded their farming projects and integrated agricultural science into their curriculum thanks to this partnership. Beaches also leads regular coastal cleanups and reforestation drives which inspires residents and students to play an active role in protecting their environment. “The Earth Guardian volunteers take pride in giving back to our schools and the communities we serve,” noted Public Relations Manager, Orville Morgan. “These initiatives create a sense of shared responsibility that strengthens both our communities and our natural resources.”
With its commitment to biodegradable innovation, sustainable education and environmental action, Beaches Turks & Caicos continues to set the benchmark for biodiversity and sustainability in the Turks and Caicos Islands.
Photo Captions
1st insert: Beaches Turks and Caicos and the Sandals Foundation celebrate with students at the Enid Capron Primary School in a Reading Road Trip experience where guests and students get to experience a cultural melting pot of activity.
2nd insert: Beaches Turks and Caicos resort Simone Woodfine from the Bar Department prepares to plant a tree at one of our schools to celebrate the mission of providing a healthier environment for the Turks and Caicos Islands
TCI News
Turks and Caicos Corporate Community Join Beaches Resort to Raise Funds for Jamaica’s Hurricane Melissa Relief
Turks and Caicos Islands, December 17, 2025 – Corporate partners in and around Providenciales recently joined Beaches Turks and
Caicos Resort raising over US $54,000 to support Jamaica’s Hurricane Melissa Relief effort. The fundraising dinner, aptly titled, ‘One Caribbean, One Family, One Love’ saw over eighteen companies gather on Friday, December 12 to support the recovery of families and the rebuilding of communities affected by the category 5 storm.
“When our Caribbean family calls, we will respond with love,” said Deryk Meany, General Manager of the Beaches Turks and Caicos resort. “Today it is Jamaica that is affected, but tomorrow, it could be the Turks and Caicos or another neighbouring island. We are committed to serving our brothers and sisters and are deeply grateful to everyone who have donated to the cause.”
Since the passage of Hurricane Melissa in Jamaica on October 28, the Sandals Foundation has been working around the clock with local
agencies and international partners to provide shelter essentials, food, and clean water, restore schools, and provide medical support to hospitals. Funds raised at the recent benefit dinner will help bolster the next phase of the philanthropic organisation’s support to rebuild schools and livelihoods in affected communities.
“As we continue to provide essential first-relief support, we have already begun our long-term recovery response,” says Patrice Gilpin, Public Relations Manager at Sandals Foundation. “Many schools, which are the cornerstone of stability, learning, and emotional support for our young ones, require urgent attention. This donation will go a far way in restoring a sense of normalcy in the lives of our youngest and most vulnerable.”
The One Caribbean, One Family, One Love fundraising dinner featured, amongst other things a silent auction of Sandals and Beaches
Resort stays, airline tickets, spa services, catamaran cruise, and private chef dinner. The night’s four course meal was also spearheaded by the TCI’s 2025 Taste of the Caribbean silver medalist culinary team- all of whom volunteered for the event.
Managing Director of the Northern Caribbean and Curaçao, James McAnally expressed delight at the outcome noting, “The success of this event is indicative of the power of partnerships to effect real change. We are grateful to the TCI business community, resort guests and our resort team for coming together and making this moment count.”
Photo Captions
1st insert: Sandals Foundation Public Relations Manager Patrice Gilpin (centre) accepts the cheque from Beaches Turks and Caicos resort General Manager Deryk Meany (left) and Managing Director of the Northern Caribbean and Curacao James McAnally
2nd insert: Members of the Beaches Turks and Caicos resort’s entertainment team were on hand to provide scintillating performances at the event
3rd insert: Beaches Turks and Caicos resort General Manager Deryk Meany (5th left) poses for the cameras with representatives of the Graceway Communities as he personally thanked those who were in attendance
