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|
British Virgin Islands
The Faroe Islands
Isle of Man
Trinidad and Tobago
Turks and Caicos Islands
Antigua and Barbuda
Hong Kong (China)
Saint Kitts and Nevis
Saint Vincent and the Grenadines
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.)
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Cardwell Advisory Desk