What is CRS?
The Common Reporting Standard (CRS) is a global standard for the collection and automatic exchange of financial information on foreign tax residents initiated by the OECD (Organisation for Economic Cooperation and Development).
Over 100 countries have agreed to participate and implement CRS. It will apply to individuals and legal entities with a foreign tax residency status.
Banks and other financial institutions from participating countries will collect financial account information from their customers with the aim of providing greater transparency on foreign income and a reduction in offshore tax evasion. All participating countries are required to report financial information to their local tax authority where it will be exchanged with other participating countries.
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