OECD Common Reporting Standard
The Common Reporting Standard (“CRS”) is the global standard for the automatic exchange of financial account information reported to governments by financial institutions and covering financial accounts held by individuals and entities. The Standard aims to prevent cross-border tax evasion. The Isle of Man, along with over 50 countries, committed to the early adoption of the CRS.
This means, from 1 January 2016, all reporting financial institutions in these countries, which includes the Isle of Man, are required to collect additional information from our customers so that we may identify those who are resident for tax purposes in CRS participating countries and to exchange certain information about those account holders and the accounts held by them with the relevant CRS countries.