Common Reporting Standard on Automatic Exchange of Information | RBS International

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Common Reporting Standard (CRS)

Common Reporting Standard on Automatic Exchange of Information

What is CRS?

CRS is The Common Reporting Standard on Automatic Exchange of Information. This is a legal framework created by the Organisation for Economic Co-operation and Development with close cooperation with the G20 and EU.

It requires financial institutions to report information (to the appropriate tax administration), about financial assets held on behalf of taxpayers, from jurisdictions with which their tax administration exchanges information. This information is exchanged "automatically" every year.

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Common questions

Will I be affected by CRS?

RBS International reviews its customers reporting status (including tax residency) and reports annually to local tax authorities. The term 'resident' will differ for each tax jurisdiction.

 

How we classify you will not affect your day-to-day banking service, but will help us identify customers whose account details may need to be shared with the appropriate tax authority.

What do I need to do about CRS?

If you're an existing RBS International customer, you may need to provide specific declarations, in order to apply the right CRS classification to your account(s). If we need more information we'll write to our customers.

What does CRS mean for me if I am a resident outside of my bank's tax jurisdiction?

If you are considered a resident of a country participating in the CRS Automatic Exchange of Information you may be asked to provide RBS International with additional information/documentation. We will also have to report information about you and your account(s) to the local tax authority each year.

What does CRS mean for me if I am NOT a resident outside of my bank's tax jurisdiction?

CRS will have minimal impact on most customers, who won't have to take any action. However, RBS International may still contact you to confirm your status as a resident of your bank's tax jurisdiction.

Where can I get more information about CRS?

To find out more you can either visit http://www.oecd.org/tax/automatic-exchange/common-reporting-standard/ or your local tax authority website.

How to contact us

We are here to help, however please be aware that RBS International can't offer any tax advice. We recommend you contact a professional and independent tax advisor to discuss your personal tax situation.

Contact us
How to contact us

We are here to help, however please be aware that RBS International can't offer any tax advice. We recommend you contact a professional and independent tax advisor to discuss your personal tax situation.

If you have any queries please contact your Relationship Manager on their dedicated number otherwise call Telephone Banking on:

 


Jersey

+44 (0)1534 285200
 


Guernsey
+44 (0)1481 710051
 


Isle of Man
+44 (0)1624 646464


London

+44 (0)2070 855000
 


Luxembourg

+352 270 330 260
 


Gibraltar
+350 200 73033

 

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