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Common Reporting Standard
The Common Reporting Standard (CRS) is an international framework for the automatic exchange of tax information.
What is the CRS?
- The Common Reporting Standard (CRS) is an international framework, developed by the OECD, for the automatic exchange of tax information between countries around the world.
- All financial institutions will report clients' account details to the local tax authority, which will then exchange the information with the relevant jurisdictions.
- There are more than 90 countries that have currently signed up to CRS, including Norway, Sweden, Denmark, the UK and the Netherlands.
- Norway has committed to implementing CRS as an 'early adopter' with the new regime coming into force on 1 January 2016 and the first batch of reporting will be done in 2017.
How does this affect SKAGEN's clients?
Onboarding for new accounts
- As of 1 January 2016, SKAGEN has implemented new account opening procedures.
- All new SKAGEN clients – both retail and professional – will have to fill in a self-declaration form which will contain all relevant details for the reporting, including tax residence information.
Existing accounts
- For existing clients SKAGEN will be required to perform certain due diligence procedures to determine if the accounts are reportable accounts.
- SKAGEN may contact clients for additional information if relevant.
What kind of reporting will SKAGEN provide?
According to Norwegian law, SKAGEN will have to report its clients' accounts for the first time in 2017.
The reporting will contain:
- Name, address, date of birth, foreign ID
- Account number(s) and account balance
- In the case of an institution: the name, address, tax residency and identifying number of the Reporting Financial Institution
- Financial Institution or Non Financial Institution
What are the timelines?
New accounts:
01.01.2016: Introduce new routines to establish new accounts
Checking of existing accounts:
31.12.2016: Individual accounts with more than USD 1 000 000 as of 31.12.2015
31.12.2017: Other accounts as of 31.12.2015
Reporting:
2017: First batch of reporting to the Norwegian tax authority
Whom in SKAGEN can I contact with my questions?
- SKAGEN has a CRS project and dedicated team to ensure the correct implementation of the regulations
- All questions should be directed to the following email address: kiod@skagenfunds.co.uk
What is the difference between FATCA and CRS?
- FATCA requires the identification of US citizens or residents; CRS requires financial institutions to identify the residency of all their reportable customers.
- CRS is based on tax residency while FATCA is based on nationality and the broad concept of "Specified US Persons".
Where can I find more information about CRS?
You can contact us on contact@skagenfunds.co.uk