Common Reporting Standard (“CRS”): Determining Your Tax Residency

 

Under the CRS rules each participating tax jurisdiction is allowed to develop its own rules for how tax residency is determined. Each participating jurisdiction has made information available with respect to its rules concerning tax identification numbers (“TINs”) and tax residency, to help both taxpayers and financial institutions comply with their respective obligations under the CRS.

To aid financial institutions with identifying the tax residencies of their account holders the Business and Industry Advisory Committee (“BIAC”) to the Organisation for Economic Co-operation and Development (“OECD”) has drafted self-certification forms. These forms have not yet been approved by the OECD.