CRS will have significant and wide reaching implications (more than 152 countries have committed to it already) in relation to tax and banking transparency. CRS will implement an automatic disclosure of the identity of the ultimate beneficial owners and beneficiaries of offshore companies / bank accounts / Trusts / Foundations to your local taxing authority, without them having to demand the information to the tax authorities of the countries where the offshore company / Trust / Foundation/ Bank account ’s financial assets are held. The local tax authorities will receive information about their residents who are holding, directly or indirectly, assets abroad without having to identify these residents, their assets, the holding financial institutions nor the countries where the assets are held. We encourage you to not sign your compulsory bank account CRS form without knowing its massive correlative implications.
Automatic exchange of financial foreign bank account information made by tax authorities of foreign banks to tax authorities of the residence country of the client.