Common Reporting Standard (CRS)

21 Jan Common Reporting Standard (CRS)

In an effort to improve global tax transparency, the Cyprus government has adopted the standard of automatic exchange of information developed by the Organization for Economic Co-Operation and Development (OECD) known as Common Reporting Standard (CRS).

Starting from 1 January 2016, the Cyprus Tax Authorities require financial institutions to confirm their clients’ jurisdiction of tax residence and respective tax identification number.