The Common Reporting Standard (CRS)

The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged.

It has taken me a considerable period of time to get the true facts on CRS. The facts are now clear. If you have $50,000 USD (or currency equivalent) in a Private offshore account or, $250,000 USD (or currency equivalent) in a Corporate/Company account, these funds will trigger the reporting of the account to your host revenue country. There are a few Banks outside of CRS Rules, so if this affects you and your confidentiality, please feel free to contact me.

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