Banks and the Common Reporting Standard 2017

Below is a very brief summary of the Common Reporting Standard.  It is quite a complex regime in practice.

The Common Reporting Standard (CRS) is an information standard for the automatic exchange of information developed in the context of the Organisation for Economic Co-operation and Development (OECD). The legal basis for exchange of data is the Convention on Mutual Administrative Assistance in Tax Matters and the idea is based on the United States Foreign Account Tax Compliance Act (FATCA) implementation agreements.
The information is shared with the jurisdiction in which the relevant person is tax resident.

Each participating country will annually automatically exchange with the other country the following information for each Reportable Account:

1. the name, address, Taxpayer Identification Number and date and place of birth of each Reportable Person.
2. the account number
3. the name and identifying number of the Reporting Financial Institution;
4. the account balance or value as of the end of the relevant calendar or, if the account was closed during such year or period, the closure of the account

This together with the 720 Hacienda return could have significant consequences for anyone not fully declaring their foreign assets.

Below are the participating countries and the effective date when they will be automatically sharing information with each other.

These are the first fifty four Jurisdictions who will be providing exchanges in 2017

Anguilla, Argentina, Barbados, Belgium, Bermuda, British Virgin Islands, Bulgaria, Cayman Islands,
Colombia, Croatia, Curaçao, Cyprus, Czech Republic, Denmark, Estonia, Faroe Islands, Finland,
France, Germany, Gibraltar, Greece, Greenland, Guernsey, Hungary, Iceland, India, Ireland, Isle of
Man, Italy, Jersey, Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Montserrat,
Netherlands, Niue, Norway, Poland, Portugal, Romania, San Marino, Seychelles, Slovak Republic,
Slovenia, South Africa, Spain, Sweden, Trinidad and Tobago, Turks and Caicos Islands, United
Kingdom.

A list of a further forty seven countries who will be participants by 2018

Albania, Andorra, Antigua and Barbuda, Aruba, Australia, Austria, The Bahamas, Bahrain, Belize,
Brazil, Brunei Darussalam, Canada, Chile, China, Cook Islands, Costa Rica, Dominica, Ghana,
Grenada, Hong Kong (China), Indonesia, Israel, Japan, Kuwait, Lebanon, Marshall Islands, Macao
(China), Malaysia, Mauritius, Monaco, Nauru, New Zealand, Panama, Qatar, Russia, Saint Kitts and
Nevis, Samoa, Saint Lucia, Saint Vincent and the Grenadines, Saudi Arabia, Singapore, Sint Maarten,
Switzerland, Turkey, United Arab Emirates, Uruguay, Vanuatu

Thank you to the Gibraltar/Spain based accountancy company for this information.

For more information or for contact with the accountants, email: myra@citizensadvice.org.es

Please note: The information provided is based upon our understanding of current legislation. It is not legal advice but is provided freely to enable you to be properly informed. We recommend that if you are considering taking action, you should seek professional advice.