Gibraltar introduces CRS legislation

Gibraltar introduces CRS legislation

On 22 December 2016 the Government of Gibraltar published its long awaited Regulations that implement the Common Reporting Standard (“CRS”) into Gibraltar law.

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These regulations also implement the EU Directive which implements the CRS between EU Member States.  The first reporting period is 2016 with the first report due to be filed with the Gibraltar Government by no later than 31 July 2017.

Key points that Gibraltar financial institutions will need to consider include:

  • Accounts that are reportable to the UK in 2017 under the existing Inter- Governmental Agreement with the UK need not be reported under these regulations in 2017
  • All high value (ie greater than USD1 million) accounts held by individual account holders as at 31 December 2015 should have been reviewed by 31 December 2016 
  • There is no requirement for nil returns if a financial institution does not have any reportable accounts
  • The Gibraltar Government has not yet published its list of CRS reportable jurisdictions for 2016, so the exact list of which non-EU jurisdictions’ accounts will be reportable by 31 July 2017 is not yet known
  • As with US FATCA, reporting must be made in the prescribed electronic format.

Financial institutions in Gibraltar will now need to act quickly to finalise their CRS implementation programmes.  If you have any questions in this area, or require assistance with a reporting solution, please contact Darren Anton.

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