Thursday, November 14, 2024

Banks in these CBI/RBI countries automatically exchange tax information

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.

 

Jurisdiction Committed to first exchange in
Antigua and Barbuda_small Antigua and Barbuda 2018
Australia_small Australia  2018
Bahamas_small Bahamas 2018
 Canada  2018
Dominica_small Dominica 2018
Grenada_small Grenada 2018
Hong Kong, China_small Hong Kong (China) 2018
Malaysia_small Malaysia 2018
Monaco_small Monaco 2018
New Zealand_small New Zealand  2018
Saint Kitts and Nevis_small Saint Kitts and Nevis 2018
Samoa_small Samoa 2018
Saint Lucia_small Saint Lucia 2018
Singapore_small Singapore‌‌ 2018
Turkey_small Turkey  2018
United Arab Emirates_small United Arab Emirates 2018
Vanuatu_small Vanuatu 2018

 

These countries started to report since 2017

 

‌ Anguilla_smallAnguilla    2017
Bulgaria_small Bulgaria  2017
Cayman Islands_small Cayman Islands  2017
Cyprus_smallCyprus  2017
Greece_small Greece  2017
 Ireland  2017
Italy_small Italy  2017
Latvia_small Latvia  2017
Luxembourg_small Luxembourg  2017
Malta_small Malta  2017
Netherlands_small Netherlands  2017
Portugal_small Portugal  2017
 Spain_small Spain  2017
United Kingdom_small 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

Prabhu Balakrishnan
Prabhu Balakrishnan
Founder of Citizenship by Investment News. Chief Editor with over 15 years experience in PR and News publishing. He Loves writing about citizenship, residency and wealth migration. CIP Journal is a Leading publication founded in 2017 bringing latest news from CBI/RBI market.

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