Common Reporting Standard (CRS)
Bank of Saint Lucia wishes to inform you of the new international reporting standards which will impact all account holders.
The Common Reporting Standard (CRS) which entails the global automatic exchange of financial account information between participating countries was effected into local law by the Automatic Exchange of Financial Account Information Act No.22 of 2016 with subsequent amendments. CRS is similar to but broader than Foreign Tax Compliance Act (FATCA). Both CRS and FATCA are laws that require financial institutions in St. Lucia to submit financial account information to the Inland Revenue Department for onward reporting. While FATCA applies to citizens and residents of the United States, CRS applies to tax residents of over 100 participating jurisdictions, with additional jurisdictions expected to join.
Under CRS Bank of Saint Lucia will be required to disclose financial account information to the Inland Revenue Department (IRD) for any individual or entity that qualifies as per the relevant legislation, including name, address, Tax Identification Number(s), date and place of birth, account details and other financial information. The Inland Revenue Department will then report that information to those jurisdictions that have implemented CRS and for which the individual or entity is a tax resident.
Accordingly, to comply with our obligations under the Law, BOSL is requesting pertinent information from all account holders of Saint Lucia including a self-certification of their tax residence/status.
For the sake of convenience and ease of administration, the Bank has issued customized Self-Certification Forms for Entities (CRS-E), Individuals (CRS-I) and Controlling Persons (CRS-CP) for completion as part of the account opening process. We are committed to keeping your personal information secure and confidential in adherence with the relevant banking and tax regulations.
Consequently, all existing account holders are required to complete the relevant CRS forms in its entirety, sign, scan and emailed to BOSL by February 21, 2019 with the original to follow via courier/post. Please feel free to contact our online support centre should you require further clarification.
For general information on the CRS pertinent to Saint Lucia, please consult the IRD website at https://irdstlucia.gov.lc/index.php/fatca-section/automatic-exchange-of-information.
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