24 February 2017 - Article
If you are considered resident for tax purposes in a country that has signed up to CRS, and you have global interests in another participating country, you need to think about your tax plan.
Your bank, your insurance company, trust company or provider or other financial advisor will pass information about your finances via the central portal. This data will be used to identify anyone who might have evaded or avoided tax in one of the 100 or so countries, or who might have made a mistake and missed a tax liability.
Think carefully about whether this might affect you. If you are a director or a shareholder in the UK running a company established offshore, CRS will affect you. If you are a beneficiary or trustee of an Channel Islands trust, CRS will affect you. If you donate to a charity that manages sizeable investments that are externally managed, CRS will affect you.