Which accounts are reportable according to CRS?

[Jessie]

CRS is the exchange of financial information for "reportable accounts"
However, I couldn't find clear definition of what is reportable account.
Seems to be different for every country but what are the common parameters for the western countries?

 

[Martin Everson]

Examine the local guidance provided by each country you are interested in. Alternatively the OECD provides a nice general guide on this below (page 65) however reading the complete guide from beginning to end is important to get the context before asking further questions.

http://www.oecd.org/tax/exchange-of...e-of-financial-information-in-tax-matters.pdf

btw example of local AEOI guidance provided by Bahamas thu&¤#

Bahamas AEOI/CRS Guidance Notes | Bahamas Financial Services Board

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Jessie]

I glanced it since right now time doesn't allow for more and so far it seems that
- reportable account is every account even partially connected to reportable person
- and reportable person is everyone that is citizen of a country that has signed to participate

so in human language every account related to country participating is reportable regardless of amounts and activity?
Did i get it right?

 

[Martin Everson]

Jessie said:
I glanced it since right now time doesn't allow for more
Click to expand...

Read the entire document please when you get the time then. If in doubt get the local guidance for the country you are interested in. What I said in my original post is very important. There is no one size fits all for CRS in each country. Local guidance paper needs to be observed.

Jessie said:
so in human language every account related to country participating is reportable regardless of amounts and activity?
Did i get it right?
Click to expand...

CRS is only concerned with reportable accounts as per the guide not "every account". Refer to the guide. thu&¤#

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Jessie]

Well if you've read it and know so much about it why just dont share your expeience with us and save many people some time.

I mean the forums are to share experience and knowledge right? Otherwise we could just google everything and not have any human interaction at all.

 

[Martin Everson]

Jessie said:
Well if you've read it and know so much about it why just dont share your expeience with us and save many people some time.
Click to expand...

Share what "experience" exactly?

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.