What's the Common Reporting Standard?
The Common Reporting Standard for Automatic Exchange of Financial Account Information (CRS) is a global tax compliance measure designed by the Organisation for Economic Co-operation and Development to combat tax evasion. The Irish Government has agreed to amend its laws to implement CRS.
From 1 January 2016, we’re obliged to report information to the Irish Revenue about reportable persons who aren’t resident in Ireland for tax purposes. By reportable persons we mean:
• individual policyholders;
• trustees, settlors, beneficiaries and protectors for trusts; and
• beneficial owners for companies.
Irish Revenue will then, in turn, exchange this information with the relevant tax authorities. We’re required to submit our first CRS report to the Irish Revenue by 30 June 2017, and every June after that.
Please see revenue.ie(Opens new window) for further details.
What this means for new applicants
During our new business process, we're obliged to identify jurisdictions of tax residence and taxpayer identification numbers. We do this through our application forms and share this information with the Irish Revenue.
What this means for existing customers
We’re obliged to determine jurisdictions of tax residence and taxpayer identification numbers for our existing customers. In order to for us to comply with our obligations, you must complete and return our Self-certification declaration(Opens new window).
Please also complete our Self-certification declaration(Opens new window) should there be a change to your details.