CRS requires financial institutions around the world to determine where their customers are tax resident and report that information to the government.
CRS may affect you as an individual or business customer if you purchase or hold a policy that is within the CRS scope.
We will contact you to make a declaration regarding your tax residency if you are affected.
The following will be reported to the local tax authority:
Legal enforcement of AEOI
Each jurisdiction is able to decide whether it will implement AEOI or not. Consequently, AEOI is implemented on a country-by-country basis.
In addition, in order for two jurisdictions to be able to exchange information, they must have an intergovernmental agreement – a so-called Competent Authority Agreement (CAA) – in place.
Status of commitments
More than 100 jurisdictions have committed to the implementation of AEOI. However, the enforcement is subject to local law and needs to be enacted by every single jurisdiction.
The list with current status of commitments can be found under http://www.oecd.org/tax/transparency/AEOI-commitments.pdf.
Jurisdictions committed to undertake first exchanges by 2017 (early adopter jurisdictions) are expected to implement the due diligence procedures as of 1 January 2016.
Jurisdictions committed to undertake first exchanges by 2018 (late adopter jurisdictions) are expected to implement the due diligence procedures as of 1 January 2017.