OECD: Challenges to CRS, misuse of residence | KPMG | US
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OECD: Challenges to CRS, misuse of residence or citizenship

OECD: Challenges to CRS, misuse of residence

The Organisation for Economic Cooperation and Development (OECD) today issued a release addressing potential situations that challenge accurate common reporting standard (CRS) compliance.

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As noted in an OECD release, there have been actions by the OECD that intend taxpayers’ financial assets held abroad to be effectively reported under the CRS, such as:

  • Issuing new model disclosure rules that require lawyers, accountants, financial advisors, banks and other service providers to inform tax authorities of any schemes they put in place for their clients to avoid reporting under the CRS
  • Reaching out to jurisdictions to make them aware of the risk of abuse of their citizenship-by-investment schemes and offer assistance in adopting mitigating measures
  • Establishing a list of high-risk schemes to raise awareness among stakeholders of the potential of such schemes to undermine the CRS due diligence and reporting requirements

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