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Common Reporting Standard
Common Reporting Standard (CRS) is an international framework for the automatic exchange of tax information.
What is the CRS?
- The Common Reporting Standard (CRS) is an international framework for the automatic exchange of tax information between countries around the world developed by the OECD.
- All financial institutions report clients' account details to the local tax authority, which then exchange the information with the relevant jurisdictions.
- There are more than 90 countries that have signed up to CRS, including Norway, Sweden, Denmark, the UK and the Netherlands.
- Norway implemented CRS on 1 January 2016, and the first batch of reporting was done in 2017.
What legal framework for CRS is in place in Norway?
- The CRS requirements have been incorporated into the relevant tax law and regulations on third party disclosure requirements.
- Read the CRS requirements (in Norwegian)
- Read the respective guidance (in Norwegian)
How does this affect SKAGEN's new clients?
Onboarding for new accounts
- All new SKAGEN clients - both retail and professional - have to fill in a self-declaration form which contains all relevant details for the reporting, including tax residence information.
What kind of reporting does SKAGEN provide?
According to Norwegian law, SKAGEN has to report some of its client's accounts.
The reporting contains:
- Name, address, date of birth, foreign ID
- Account number(s) and account balance
- In the case of an institution: the name, address, tax residency and identifying number of the Reporting Financial Institution
- Financial Institution or Non Financial Institution
Whom in SKAGEN can I contact with my questions?
- SKAGEN has a dedicated CRS team to ensure the correct implementation of the regulations.
- All questions should be directed to the following email address: email@example.com
What is the difference between FATCA and CRS?
- FATCA requires the identification of US citizens or residents; CRS requires financial institutions to identify the residency of all their reportable customers.
- CRS is based on tax residency while FATCA is based on nationality and the broad concept of "Specified US Persons".