The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.
There are some 130 countries who have signed on for the Exchange of Information for Tax Purposes
If you have a bank account in these jurisdictions, you may be asked to declare tax residence and provide tax number to comply with CRS standards.
- China, India, Russia, Pakistan, United Arab Emirates also participate in the CRS.
- Albania, Kazakhstan, Maldives to join CRS reporting by 2020.
- Bahamas, Dominica, Serbia joined CRS reporting in 2019
What information will be shared?
Each participating country will annually automatically exchange with the other country the below information in the case of Jurisdiction A with respect to each Jurisdiction B reportable account, and in the case of Jurisdiction B with respect to each Jurisdiction A reportable account:
- Name, address, Taxpayer Identification Number (TIN) and date and place of birth of each Reportable Person.
- Account number
- Name and identifying number of the reporting financial institution;
- Account balance or value as of the end of the relevant calendar year (or other appropriate reporting period) or at its closure, if the account was closed.
- Capital gains, depending on the type of the account (dividends, interest, gross proceeds/redemptions, other)
Moldova and Montenegro are the only two CBI countries that are not in the CRS list of tax exchange. Banks in Moldova or Montenegro currently do not participate in the Automatic Exchange of Information (AEOI) or Common Reporting Standards (CRS) schemes. It may happen in the future.
The full list of countries that comply to CRS standards are available here
These are the list of CBI and RBI countries that automatically exchange tax information to comply with CRS, according to the OECD standards.
Antigua and Barbuda
Australia
Dominica
Grenada
Malaysia
Monaco
Samoa
Saint Lucia
Singapore
Vanuatu
These countries started to report since 2017
 Anguilla |
2017 |
 Bulgaria |
2017 |
 Cayman Islands |
2017 |
 Cyprus |
2017 |
 Greece |
2017 |
 Ireland |
2017 |
 Italy |
2017 |
 Latvia |
2017 |
 Luxembourg |
2017 |
 Malta |
2017 |
 Netherlands |
2017 |
 Portugal |
2017 |
 Spain |
2017 |
 United Kingdom |
2017 |
Non-CRS participating nations
Banks in these countries do not participate in CRS exchange of information:
Armenia, Azerbaijan, Botswana, Burkina Faso, Cameroon, Chad, Côte d’Ivoire, Djibouti, Dominican Republic, Ecuador, Egypt, El Salvador, Gabon, Georgia, Guatemala, Guyana, Jamaica, Kenya, Kingdom of Lesotho, Liberia,, Mauritania, Moldova, Montenegro, Morocco, Niger, Nigeria, Papua New Guinea, Paraguay, Peru, Philippines, North Macedonia, Senegal, Tanzania, Thailand, Togo, Tunisia, Uganda, Ukraine, United States
Please check for updates are more countries signup for tax exchanges through CRS
United States
The United States does not participate in the CRS but all countries that don’t report under CRS still report under FATCA. The number of Americans renouncing their citizenship has risen each year since the enactment of FATCA.
Boris Johnson, who was Mayor of London and a favorite candidate for becoming future prime minister , renounced his US citizenship after the IRS taxed the sale of his house in London
