What is Common Reporting Standard (CRS)
The Common Reporting Standard (CRS) was developed by the Organisation for Economic Co-operation and Development (OECD) in 2014 for the automatic exchange of information between partner countries to fight tax evasion. It applies to each country that has committed to the CRS and transposed it into its law.
CRS requires Financial Institutions (FIs) located in a country involved in the CRS to identify non-resident customers and report their financial account information on an annual basis to their local tax administrations located in a country involved in the CRS.
CRS took effect in the British Virgin Islands (BVI) in December 2015 when the Mutual Legal Assistance (Tax Matters) Act, as amended (CRS Law) was enacted. The CRS Law requires all FIs to, inter alia, identify reportable accounts under the CRS and report information about these accounts to their local tax authorities for onward transmission to partner jurisdictions.
How does CRS affect our customers?
Whether you are an individual customer or you have a business relationship with the Bank, the CRS may affect you. The impact will depend on factors such as:
(i) The type of account or product you hold with the Bank
(ii) Your residence status or where you operate as a business
The Bank shall contact all impacted customers to obtain self-certification forms so that we can determine your residence for tax purposes and obtain your tax identification number (TIN), if applicable. Without a self-certification form, the Bank is legally obliged to consider you as a reportable person.
The Tax Residency Self-Certification Form must be completed by any customer or account holder who wishes to establish a customer relationship with the Bank.
For more information regarding CRS, you may visit the OECD website or contact your professional tax advisor. Please note that the Bank does not offer tax advice.
How can I stay informed?
As information on new developments is released, we will keep you informed by posting updates on our website.
Need more information?
The RBVG Customer FAQs are intended to provide a general and high-level overview of tax residency for customers and should not the sole source for determining your tax residency status.
Click here to see answers to frequently asked questions about CRS.
Forms
Contact your branch for further information.