1989 - 2018 29 years in business Saturday, 20th January 2018

Update on the Automatic Exchange of Information (“AEOl”) Global Standard


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
 

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