This section gives you quick and easy access to the answers to the questions we're asked most frequently. If you don't find your question here, please contact us via email and we will be happy to answer your question.
The Common Reporting Standard (“CRS”) is a new information-gathering and reporting requirement for financial institutions in participating countries, to help fight against tax evasion and protect the integrity of tax systems. CRS stands for the Common Reporting Standard. It is a commonly used term for the Standard for Automatic Exchange of Financial Account Information (“AEOFAI”) in Tax Matters. CRS is published by the Organization for Economic Co-operation and Development (“OECD”), and supported by G20 countries. It is intended to give participating countries transparency on the financial assets held offshore by their residents.
Over 100 countries have committed and major financial institutions across the globe. For a list of countries participating in the CRS, please see the OECD CRS portal. For further information on your tax residency, please refer to the rules governing tax residence that have been published by each national tax authority. You can also find out more at the OECD Automatic Exchange of Information portal
CRS requires all financial institutions to identify customer tax residencies and to report financial accounts held by foreign tax residents to the local tax authorities. It further requires tax authorities in participating countries to exchange this information.
CRS applies to individuals and legal entities, resident in any Participating CRS Jurisdiction.
To comply fully with CRS as are all other financial institutions.
The Form must be completed by any customer or account holder who wishes to establish a customer relationship with the Bank.
The FAQs are intended to provide a general and high level overview of tax residency for customers and should not be used solely to determine your tax residency status. Your country(s) of tax residency is based on your own personal circumstances. If you are unsure of your tax residency status please contact a professional tax advisor. You may find more information on how to determine tax residency by visiting the OECD website on the following link - rules governing tax residence.
The Bank may be obligated to decline any requests for new accounts, and decline any further transactions for existing clients that do not provide a completed CRS self-certification form and applicable documentation. Generally, all new clients are expected to provide the relevant CRS form to open any new financial account with the Bank. If you do not respond to the Bank’s request for a self-certification and depending on the details on your record, the Bank may need to treat your account as a reportable account.
All financial institutions – that includes banks, insurers and asset management businesses – in participating countries are required to be compliant with the CRS.
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