Common Reporting Standard

What is Common Reporting Standard (CRS)
The Common Reporting Standard (CRS) was developed by the Organisation for Economic Co-operation and Development (OECD) in 2014 for the automatic exchange of information between partner countries to fight tax evasion. It applies to each country that has committed to the CRS and transposed it into its law.

CRS requires Financial Institutions (FIs) located in a country involved in the CRS to identify non-resident customers and report their financial account information on an annual basis to their local tax administrations located in a country involved in the CRS.

The CRS took effect in Grenada in September 2017 when the Mutual Exchange of Information on Taxation Matters (Amendment) Act, 2017, was signed into law. As part of the Bank’s compliance with the CRS obligation, the Bank is required to report on ALL foreign tax-resident customers to the Competent Authority on an annual basis.

How does CRS affect our customers?
Whether you are an individual customer or you have a business relationship with us, the CRS may affect you. The impact will depend on factors such as:
- The type of account or product you hold with the Bank
- Your residence status or where you operate as a business.

The Bank shall contact all impacted customers to obtain self-certification forms so that we can determine your residence and obtain your tax identification number (TIN), if applicable. Without a self-certification form, the Bank is legally obliged to consider the customer as a reportable person.

For more information regarding CRS, you may visit the OECD website or contact your professional tax advisor. Please note that the Bank does not offer tax advice.

How can I Stay Informed?
As information on new developments is released, we will keep you informed by posting updates on our website.

Need more information?
The RBEC Customer FAQs are intended to provide a general and high-level overview of tax residency for customers and should not the sole source for determining your tax residency status.

Click here to see answers to frequently asked questions about CRS.

Contact your branch for further information.

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