Regulatory Environment

The OECD Common Reporting Standard / Automatic Exchange of Information

On 15 July 2014 the OECD Council approved the Common Reporting Standard (“CRS”), which calls on jurisdictions to obtain client information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.

In Switzerland the CRS was implemented through the law on the Automatic Exchange of Information (“AEoI”), which entered into force on 1 January 2017 and which applies to all financial institutions including Crestcore Offshore Bank. Accordingly, Crestcore Offshore Bank has to determine the tax domicile of its clients and will request documentation in this respect.

If the client is resident in a partner jurisdiction of Switzerland’s, i.e. a country that has signed a bilateral AEoI agreement with Switzerland, the relevant financial information will be reported by Crestcore Offshore Bank to the Swiss tax authorities, which will in turn pass on the information to the tax authorities of the partner jurisdictions concerned. The first exchange will take place in 2018 and will pertain to information collected between 1 January 2017 and 31 December 2017.

The link below shows the up-to-date list of countries that have signed an AEoI agreement with Switzerland (partner jurisdictions):

If you have any questions you should contact your tax advisor or your domestic tax authorities.

To confirm to Crestcore Offshore Bank your tax residence we kindly request you to fill and return the appropriate self-certification form below:

• Tax Residency Self-Certification Form for Individual Account Holders and Controlling Persons