The Common Reporting Standard (CRS), developed by the Organisation for Economic Co-operation and Development (OECD), requires the automatic exchange of information on financial accounts that are held, directly or indirectly, by account holders who are tax residents of countries which implement CRS. CRS effectively imposes obligations on financial institutions to collect information relating to each account holder’s tax residency(ies) and CRS status and submit specified account information to relevant tax authorities.
Cyprus signed the Multilateral Competent Authority Agreement for CRS implementation on 29 October 2014 and has taken additional steps for CRS implementation, which require financial institutions in Cyprus to comply with various CRS requirements as of 1 January 2016.
As a result, Eurobank Cyprus Limited is required to collect and review certain information in order to identify the tax residency or multiple tax residencies of each account holder, including the tax residency(ies) of an entity’s Controlling Persons in certain cases. We may also be required to report certain information relating to the account holder and its account(s) (including an entity’s Controlling Persons in certain cases) to the Cyprus Tax Department that in turn may pass this information to other relevant tax authorities.
Please note that, if necessary, additional information may be requested for CRS purposes at a later stage. Your response to the Bank’s requests for information in respect of your CRS status will be mandatory and failure to respond within the prescribed timeframe may result in incorrect reporting of your account to the Cyprus Tax Department.
It is noted, that Eurobank Cyprus Limited cannot offer advice relating to CRS or act as a tax advisor. In case you have any questions, please consult your tax or legal advisors.
More information about the OECD Common Reporting Standard can be found on the website of the OECD at: http://www.oecd.org/tax/automatic-exchange/.