What is CRS?

The Common Reporting Standard (CRS) is a new regulation initiated by the Organisation for Economic Co-operation and Development (OECD) for the automatic exchange of customer and account information between countries for their tax residents with the aim to help fight against tax evasion.

Countries participating in CRS

More than 90 countries are participating in CRS, including all EU countries.

The CRS has been implemented at European Union level through the Directive on Administrative Cooperation (Directive 2014/107/UE), known as “DAC 2”. Relationships between Cyprus with non-EU countries are ruled by means of multilateral agreements.

Cyprus, as a European Union Member State, has implemented the "DAC 2" in the national legislation. As a consequence, Cyprus Financial Institutions such as USB Bank PLC must report information to the Cyprus Tax Department that will in turn forward the information to the tax authorities of the account holder’s countries of tax residence.

CRS requirements

CRS requires Financial Institutions to:

  • Obtain information on tax residencies;
  • Comply with verification and due diligence procedures;
  • Report annually information related to these accounts maintained by customers who are tax residents of other countries;
Information to report:
  • The name, address and tax identification numbers or date and place of birth of each customer who is a Tax Resident of another country;
  • The account number;
  • The account balance or value as of the end of the relevant calendar year or other appropriate reporting period or, if the account was closed during such year, immediately before closure;
  • The financial income on these accounts, including gross proceeds;

The first reporting will occur in 2017 and will cover the year 2016.

More information can be found on: