The Common Reporting Standard is the agreed global standard for Automatic Exchange of Financial Account Information (AEOI), approved by the Organization for Economic Co-operation and Development (OECD) in February 2014.

CRS is an information gathering and reporting requirement for financial institutions in participating countries/jurisdictions to help the fight against tax evasion and protect the integrity of tax system.

Its purpose is to combat tax evasion and was based on the US Foreign Account Compliance Act (FATCA).

97 countries have already signed the agreement with more countries intending to sign later. The first reporting occurred in 2017.

1. What is AEOI?

The Automatic Exchange of Financial Account Information (AEOI) became a global standard in 2013 and was derived from Article 26 of the OECD Model Tax Convention. Under this regime financial institutions are required to provide information related to reportable financial accounts held by non-resident individuals from reportable jurisdictions.

2. What are the Legal Obligation?

Saint Lucia signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) and the Multilateral Competent Authority Agreement (MCAA) in November 2016 and October 205 respectively.  Saint Lucia Government has to collect from their Financial Institutions information for participating jurisdictions. Information is exchanged on an annual basis.  September 7, 2018 was the first reporting date.

3. Who are Reportable Persons?

• Residence Address
• Residence Status
• Telephone number (s)
• Standing Order Instructions
• In-care-of address or hold mail
• Power of attorney

Common Reporting Standard (CRS) Required Documentation

• Self- Certifications

            Individual, Controlling person & Entity

For more information on CRS, please visit:

http://irdstlucia.gov.lc/index.php/fatca-section/automatic-exhange-of-information