A. COMMON REPORTING STANDARDS SELF-CERTIFICATION: Please read this ENTIRE section before completing this ENTIRE form.
Why are we asking you to complete this form?
To help protect the integrity of tax systems, governments around the world introduced a new information-gathering and reporting requirement for financial institutions known as the Common Reporting Standard (the “CRS”).
The Automatic Exchange of Financial Account Information Act 2016 of Saint Lucia makes the CRS law in Saint Lucia and requires Bank of Saint Lucia (BOSL, our, or we) to determine where you are tax resident (usually where you are liable to pay income taxes). If you are tax resident outside of Saint Lucia, we may be legally obligated to give this information along with information relating to your accounts at BOSL to our local tax authority. Our local tax authority may then share⁄exchange this information with tax authorities of other jurisdictions pursuant to intergovernmental agreements to exchange financial account information.
Completing this form will ensure that we hold accurate and up-to-date information about your tax residency. Each individual or their agents who are identified as having ultimate control of a Passive Entity (e.g. certain trusts or investment vehicles), must complete this form whether or not they qualify as reportable. The information indicated on this form remains valid unless affected by a change in circumstances relating to information such as your tax status and/or other mandatory information. Changes to such information makes this form incorrect or incomplete. Therefore, if your circumstances change please inform BOSL immediately and provide an updated Self-Certification.
Who should complete the CRS CONTROLLING PERSON self-certification form?
- You must complete this form if you are a Controlling Person (or the agent of such a Controlling Person) of an Entity Account Holder. An Entity Account Holder is any of the following which holds the account on its own behalf and not on behalf of another:
- A company registered under the Companies Act of Saint Lucia as a local or external company; an international business company; a body corporate established by or under an Act of Parliament of Saint Lucia; a partnership; foundation or any other legal person or legal arrangement other than an individual; or
- The owner, beneficiary, settlor or protector of a trust or, if owner, beneficiary, settlor or protector is an entity, the individual that controls that entity.
- Even if you have already provided information in relation to the United States Government’s Foreign Account Tax Compliance Act (FATCA), you must provide additional information for the CRS if you qualify as reportable. CRS is a regulatory regime separate from FATCA with its own criteria/stipulations to which BOSL must adhere.
- If you are completing this form on behalf of an account holder, please ensure that you inform the holder that you have done so.
- The Entity Account Holder, if the Entity is a Passive NFE, of which you are a controlling person is also required to complete a CRS Entity Tax Residency Self-Certification Form (CRS-E).
- If you (or your principal) is an Individual Account Holder (whether as a sole trader or sole proprietor of a business) you (or your principal) are required to, complete a CRS Individual self-certification form (CRS-I).
You are a Controlling person of an Entity Account Holder if you have controlling ownership interest in the Entity; or, in absence of such individual, the individual who holds the position of senior managing official. Further:
You can find the aforementioned CRS-E and CRS-I forms at our website www.bankofsaintlucia.com/crs.
You can find summaries of defined terms such as Account Holder in the Appendix section of this form.
Where can you go for further information?
- If you have any questions about this form or these instructions please visit:
- Our website www.bankofstlucia.com/crs, where you can find a list of definitions in a separate Appendix found under the CRS FORMS tab.
- One of our branches to speak to a Customer Relationship Officer
- Contact us via the following:
1 (758) 456 6999 or
1 (305) 501 2931
- The Automatic Exchange of Financial Account Information Act of Saint Lucia which has made the CRS law in Saint Lucia and may be obtained from the Government of Saint Lucia.
- The Organisation for Economic Co-operation and Development (OECD) Automatic Exchange of Information (AEOI) website: www.oecd.org/tax/automatic-exchange/
- As a financial institution, we are not allowed to give tax advice. Therefore, you may speak to a professional tax adviser to assist you in answering specific questions on this form.
- Your domestic tax authority/authorities can provide guidance regarding how to determine your tax status.
Sign up for email updates
ABOUT SSL CERTIFICATES