CRS
The Common Reporting Standard (CRS) was developed by the Organisation for Economic Co-operation and Development (OECD) on the mandate of the G20. It is the global standard for the automatic exchange of financial account information for tax purposes.
Under the CRS, jurisdictions obtain specified financial account information from their Financial Institutions and automatically exchange that information with reportable jurisdictions on an annual basis.
Further to a comprehensive review of the CRS, the OECD has adopted a set of amendments which together with the original CRS now form the basis of the global standard. The amended CRS brings new financial assets, products, and intermediaries within scope as they are alternatives to traditional financial products and will avoid duplicative reporting under CARF.
The scope of the CRS has been expanded to include specific electronic money products and central bank digital currencies. Amendments also ensure indirect investments in crypto-assets through derivatives and investment vehicles are now subject to the CRS, strengthen the due diligence and reporting requirements and provide a carve out for genuine non-profit organisations.
Legislation & Resources
Current laws and regulations in effect for CRS in the Cayman Islands.
Press Room
Industry advisories from the DITC relating to CRS.
FAQs
Frequently asked questions regarding CRS in the Cayman Islands.
LEGISLATION & Resources
Current laws and regulations in effect for CRS in the Cayman Islands.
Press Room
Industry advisories from the DITC relating to CRS.
FAQs
Frequently asked questions regarding CRS in the Cayman Islands.