Bank Accounts

INTERSHORES I CRS - What Does It Mean For You?

CRS (Common Reporting Standard), is a global standard for the exchange of financial account information to combat tax evasion and improve tax compliance around the globe.  As of 20 May 2018 102 countries has committed for implementation.  Under CRS, financial institutions in the participating countries must collect and analyze certain information in order to determine tax residency of account holders. The information collected at the particular country may be shared with its Revenue Administration.  The local Revenue Administration then may report these information to other relevant CRS jurisdictions.


Which Countries are Within the Scope of CRS?

1.     Committed Countries -  Commenced Reporting in 2017

Anguilla, Argentina, Belgium, Bermuda, British Virgin Islands, Bulgaria, Cayman Islands, Colombia, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, Iceland, India, Ireland, Isle of Man, Italy, Jersey, Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Montserrat, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Seychelles, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Turks and Caicos Islands, United Kingdom 


2.    Committed Countries -  Start Reporting in 2018

Andorra, Antigua and Barbuda, Aruba, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Barbados, Belize, Brazil, Brunei Darussalam, Canada, Chile, China, Cook Islands, Costa Rica, Curaçao, Dominica, Ghana, Greenland, Grenada, Hong Kong (China), Indonesia, Israel, Japan, Kuwait, Lebanon, Marshall Islands, Macao (China), Malaysia, Mauritius, Monaco, Nauru, New Zealand, Niue, Pakistan, Panama, Qatar, Russian Federation, Saint Kitts and Nevis, Samoa, Saint Lucia, Saint Vincent and the Grenadines, Saudi Arabia, Singapore, Sint Maarten, Switzerland, Trinidad and Tobago, Turkey, United Arab Emirates, Uruguay, Vanuatu


What does CRS Mean for You?

CRS introduces new obligations for you.  As a part of account opening process, the financial institution must obtain a self-certification form from you which includes tax residency and tax identification number information.  For preexisting customers, they have to fill a self-certification form of the financial institutions in order to determine the accuracy of their information under CRS.


What Happens if You do not Provide the Information the Financial Institutions Requested?

Financial institutions must comply with CRS. If you do not respond to the Bank’s request for information, and depending on the details on your record, the Bank may need to treat your account as a reportable account.


What is a Taxpayer Identification Number? Do all Countries Issue Such Number?

A Taxpayer Identification Number (TIN) is a combination of letters and numbers issued by competent authority to a person as their National Identification Number. Some countries do not issue TINs. Instead of TIN, equivalents such as personal identification number, citizenship number, social security number etc. is used for this purpose.  While some countries issue TIN automatically to its residents, application may be required for obtaining a TIN in some countries. Besides, some jurisdictions do not issue TIN to its residents.


What is Reportable Information Under CRS?

Generally the reportable information includes: 




Country (Countries) of tax residency 

Tax Identification Number (TIN)

 Date and place of birth (for natural persons)

Account number

Account balance

Certain payments made into the account


How Do You Determine Your Country of Tax Residency?

Generally you are tax resident in the country which you are permanently resident. However each jurisdiction has its own laws regarding tax residency.


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Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use.  In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice.









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