Dear clients,
On 29 October 2014, over fifty countries signed a Multilateral Competent Authority Agreement implementing the new Automatic Exchange of Information standard, signalling a new step towards greater transparency.
The new standard, known as the Common Reporting Standard (CRS), provides for an annual automatic exchange of information between governments, including details of balances, interest, dividends, and sales proceeds from financial assets, and covers accounts held by individuals and entities, including trusts and foundations.
It takes effect from 1 January 2016 with the first exchange of information taking place in 2017 and further countries exchanging information in subsequent years.
There are 58 jurisdictions which have committed to the first exchange of information in 2017, known as the ‘Early Adopters’ and a further 35 jurisdictions, known as ‘Fast Followers’, have committed to making their first exchange in 2018.
| Committed to AEOI 2017 “Early Adopters” | Committed to AEOI 2018 “Fast Followers | ||
|
Anguilla Argentina Barbados Belgium Bermuda British Virgin Islands Bulgaria Cayman Islands Chile Colombia Croatia Curacao Cyprus Czech Republic Denmark Dominica Estonia The Faroe Islands Finland France Germany Gibraltar Greece Greenland Guernsey Hungary Iceland India Ireland |
Isle of Man Italy Jersey Korea Latvia Liechtenstein Lithuania Luxembourg Malta Mauritius Mexico Montserrat Netherlands Niue Norway Poland Portugal Romania San Marino Seychelles Slovak Republic Slovenia South Africa Spain Sweden Trinidad and Tobago Turks and Caicos Islands United Kingdom Uruguay |
Albania Andorra Antigua and Barbuda Aruba Australia Austria The Bahamas Belize Brazil Brunei Darussalam Canada China Costa Rica Grenada Hong Kong (China) Indonesia Israel Japan Marshall Islands Macau (China) Malaysia Monaco New Zealand Qatar Russia Saint Kitts and Nevis Saint Lucia Saint Vincent and the Grenadines Samoa |
Saudi Arabia Singapore Sint Maarten Switzerland Turkey United Arab Emirates |
A further five jurisdictions, including Panama have committed to the standard but not yet agreed a timeline for exchange. (The US will be undertaking automatic information exchange pursuant to FATCA from 2015.)
Please do not hesitate to contact us at info@cardwell-capital.com, should you have any questions or comments.
Kind regards,
Cardwell Advisory Desk
