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Perspectives

Tax transparency: CRS reporting in the UK

By Citi Private Bank,

May 12, 2017Posted InCiti

 

If you hold an account with a financial institution outside of your country of residence, you need to be aware of an important forthcoming change in international tax reporting rules. In 2017, Citi as well as other financial institutions may begin reporting the details of any non-resident accounts you hold to the local tax authorities in the country where the account is located. In turn, the local tax authorities may then forward your information to the tax authorities in the country where you are resident.

For example, if you are resident of Mexico and hold an account with a bank in the UK, by May 31, 2017, that bank will pass information about your account to the UK tax authorities, who may relay it to the tax authorities in Mexico. This measure is part of the global implementation of the Common Reporting Standard (CRS), which you can read more about here.

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