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The Impact of CRS on Barbados' Trusts

 

The Common Reporting Standard (CRS) is part of a global standard initiated by the Organisation for Economic Co-operation and Development (OECD), introduced to facilitate the adoption of a common approach towards greater tax transparency among participating jurisdictions. More than 90 jurisdictions have committed to the CRS, with more than 50 early adopters.

Barbados, as an early adopter, is earmarked to begin the automatic exchange of information with partnering jurisdictions starting in 2017 for tax year 2016.

Reporting obligations under the CRS

Financial institutions (FIs) in Barbados will have specific due diligence and reporting obligations.  They will be required to gather sufficient data to correctly establish the tax residence of each individual and entity for which they hold “reportable accounts”, to determine whether the account holder is a “reportable person” (any entity or individual who is a resident of a country that is a signatory to the CRS).

 

Written by Amanda Lashley, Vice President - Trust Services, Cidel Bank & Trust

Source: Barbados International Finance & Business 2017


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