Common Reporting Standard (CRS)

What is CRS?

CRS (Common Reporting Standard) contains the common due diligence procedures on how tax-related information is exchanged between financial institutions in certain countries. It sets out the rules and the reporting for automatic exchange of financial information.

Who will be affected by CRS?

The measures and the rules set out in CRS apply to any private individual or legal entity, residing in any participating CRS jurisdiction. However, it is mostly applicable to accounts of foreign tax residents.
CRS is applicable to our clients, who are tax residents of a country different from the host countries of the Financial institutions servicing the LeoPay Platform, such as all EEA countries and others, which start the exchange of tax information in 2017.

What are we required to do under the CRS?

To implement CRS LeoPay Ltd. and the Financial institutions servicing the LeoPay Platform apply the following due diligence procedures:

1. Identify account holders (new and existing) who are likely to be residents for tax purposes in another country.

For individual customers, the criteria are as follows:

  • Being a resident of another country
  • Physical or mailing address in another country (post office box and care of address (c/o) included)
  • One or more telephone numbers in another country and no phone number in the country of residence of the reporting
  • Power of attorney or signatory authority granted to a person with a physical or mailing address (including post office or c/o address) in another country
  • Standing instructions issued from a LeoPay Ltd. account (other than a current or savings account) to an account in another country

For legal entities, the criteria include the following:

  • The country of incorporation or residence is another country
  • Current physical or mailing address (including post office box or c/o address) in another country

2. Report information to the local tax authorities

The details that we are required to provide are related to:

  • The account holder identity
  • The account number
  • The year-end account balance
  • The income (interest, dividends, gross proceeds, etc.)

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