The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the Organization of Economic Co-operation and Development (OECD) Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.
It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions. For more information, please click here.
PROVEN Bank (Saint Lucia) Limited has issued customized Self-Certification Forms for Entities (CRS-E), Individuals (CRS-I) and Controlling Persons (CRS-CP).
Selected definitions are provided in the appendix to assist with the completion of CRS forms. Please note this document is only for informational purposes.
Frequently Asked Questions
Why are PROVEN Bank (Saint Lucia) Limited account holders required to submit CRS documentation?
PROVEN Bank (Saint Lucia) Limited is required to determine where an entity is ‘tax resident’ (this will usually be where you are liable to pay corporate income taxes). If you are tax resident outside the country where your account is held, PROVEN Bank (Saint Lucia) Limited may need to give the national tax authority this information. Furthermore, information relating to your accounts may then be shared with the tax authorities where you are a tax resident.
Completing CRS documentation will ensure that PROVEN Bank (Saint Lucia) Limited holds accurate and up to date information about your tax residency. If your circumstances change and any of the information provided in this form becomes incorrect, please inform PROVEN Bank (Saint Lucia) Limited immediately and provide an updated Self-Certification form.
When was the commencement date for CRS at PROVEN Bank (Saint Lucia) Limited?
PROVEN Bank (Saint Lucia) Limited rolled out CRS on April 11, 2018; reporting commenced in September 2018, for the year ended December 31, 2017.
How does CRS impact PROVEN Bank (Saint Lucia) Limited clients?
All PROVEN Bank (Saint Lucia) Limited clients are required to complete a CRS self-certification form.
Is CRS applicable to individual and business customers?
Yes, all PROVEN Bank (Saint Lucia) Limited clients are required to complete a CRS self-certification form. In the instance where a joint account is held, each individual will need to complete a copy of this form.
What is a Reportable Account?
The term “Reportable Account” means an account held by one or more Reportable Persons or by a Passive Non-Financial Entity (NFE) with one or more Controlling Persons that is a Reportable Person.
How is tax residency defined?
PROVEN Bank (Saint Lucia) Limited is not at liberty to provide tax advice, however, if you have any questions on how to define your tax residency status, please visit the OECD website or speak to a professional tax adviser.
In what scenario will PROVEN Bank (Saint Lucia) Limited report my account?
If your account has been deemed reportable based on OECD regulations, PROVEN Bank (Saint Lucia) Limited will automatically report in accordance with OECD guidelines. Further information can be found at https://www.oecd.org/tax/automatic-exchange/.
PROVEN Bank (Saint Lucia) Limited’s actions as they relate to CRS, will be in strict compliance with the local regulations and legal framework of the countries in which we operate.
I have submitted Foreign Account Tax Compliance Act (FATCA) documentation, do I also need to submit CRS documentation?
Yes, even if you have already provided information in relation to the United States Government’s Foreign Account Tax Compliance Act (FATCA), you still need to provide additional information for the CRS as this is a separate regulation.
Who should complete the CRS Individual Self-Certification form?
Personal banking customers and sole traders should complete the CRS-I form. In the instance where a joint account is held, each individual will need to complete a copy of this form.
If you are completing this form on behalf of an Account Holder, please ensure that you inform them that you have done so and state in what capacity you are signing in Part 3. For example, you may be completing as a nominee of an account, under a Power of Attorney.
Who should complete the CRS Entity Self-Certification Form?
Corporate banking customers are required to self-certify on behalf of an entity (which includes all companies, trusts, foundations and partnerships); they should complete the CRS-E Form.
Within Part 4, please state in what capacity you are signing, for example, you may be an authorized officer of the company or a trustee.
Who should complete the CRS Controlling Person Self-Certification form?
When an account is held with PROVEN Bank (Saint Lucia) Limited on behalf of a Passive Entity, e.g. certain trusts or investment vehicles, individuals identified as having ultimate control of the entity are required to complete a CRS-CP form. These individuals are known as Controlling Persons.
If you are completing this form on behalf of a controlling person, please ensure that you inform them that you have done so and state in what capacity you are signing within Part 4. For example, you may be a representative of the entity, or completing the form under a power of attorney.
Is there a requirement to periodically complete CRS forms?
No, in general the forms do not expire. However, changes in circumstances which makes the information previously submitted incorrect, would require an updated CRS form to be submitted.
Can my financial institution provide CRS advice?
Your financial institution can provide general CRS information, however customers are advised to seek tax advice from a relevant tax professional, where more in depth advice is required.
Where can additional CRS information be found?
For general information on the CRS pertinent to Saint Lucia, please consult the IRD website at http://irdstlucia.gov.lc/index.php/eoi/exchange-of-information-3. For further information in relation to CRS, please visit https://www.oecd.org/tax/automatic-exchange/common-reporting-standard/.