Common Reporting Standard (CRS) - Financial definition
Concise definition of the term Common Reporting Standard
The Common Reporting Standard (CRS), is a regulation developed by the OECD in 2014 in order to promote fiscal transparency, in particular through an automatic exchange of information between jurisdictions.
Comprehensive definition of the term Common Reporting Standard
The CRS sets out the financial account information to be exchanged, the financial institutions which are required to report, the different types of accounts and taxpayers covered by the regulation, as well as common due diligence procedures to be followed by financial institutions.
CRS is also known as the Global FATCA
Jurisdictions committed on 19 August 2016 to an automatic exchange of information in the context of the CRS
The following jurisdictions will exchange from 2017:
Anguilla, Argentina, Barbados, Belgium, Bermuda, British Virgin Islands, Bulgaria, Cayman Islands, Colombia, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Greenland, Guernsey, Hungary, Iceland, India, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mauritius, Mexico, Montserrat, Netherlands, Niue, Norway, Poland, Portugal, Romania, San Marino, Seychelles, Slovakia, Slovenia, South Africa, South Korea, Spain, Sweden, Turks and Caicos Islands, United Kingdom.
The following jurisdictions will exchange from 2018:
Albania, Andorra, Antigua and Barbuda, Aruba, Australia, Austria, Belize, Canada, Chile, China, Cook Islands, Costa Rica, Ghana, Grenada, Indonesia, Israel, Japan, Kuwait, Malaysia, Marshall Islands, Monaco, New Zealand, Russian Federation, Saint Kitts And Nevis, Saint Lucia, Saint Vincent and the Grenadines, Samos, Sint Maarten, Switzerland.