FAQs about the Common Reporting Standard (CRS)

It is a global standard that applies in all the EU member states by virtue of EU Council Directive 2014/107/EU (Directive of Administrative Cooperation 2 – DAC2) and in the OECD member countries that have signed the multilateral agreement on automatic exchange of financial account information.

On 01.01.2016.

The CRS addresses:

• Unreported and untaxed income.
• Problems with cross-border tax fraud and tax evasion.

The financial institutions must:

• Identify specific information relevant to accounts held directly or indirectly by foreign tax residents.
• Report the information to the local tax authority.

The tax authorities of the countries participating in the CRS agreement exchange this information between them.

The number of countries that participate in the automatic exchange of financial information on tax matters in compliance with the CRS and the European Directive on Administrative Co-operation (DAC2) keeps increasing.

Find all countries that participate in the CRS on the OECD automatic exchange portal.

The minimum information that financial institutions are obliged to report to the tax authorities regarding holders of a reportable account are:

• Full name
• Address
• Tax identification number (TIN)
• Tax residency
• Account number
• Balance or value of the account at the end of the relevant calendar year or other corresponding period
• Any interest or other payments deposited into the account

It is usually the account holder.

It is a natural person or an entity that is a tax resident in a reportable jurisdiction, in accordance with the laws of the jurisdiction.

However, if the account holder is a legal entity that has been classified as a passive non-financial entity (NFE), the controlling persons that are tax residents of a reportable jurisdiction may also be reportable persons.

It is an account that is held by:

• One or more reportable persons.
• A passive non-financial entity (NFE), with one or more controlling persons who are tax residents in a reportable jurisdiction.

A natural person who exercises direct or indirect control over a legal entity or a legal arrangement.

Usually it is the actual owner of the entity, i.e. the natural person who owns or controls, directly or indirectly, at least 25% of the entity.

The CRS affects all natural persons and entities (i.e. legal entities or legal arrangements) that hold an account.

If you opened an account or got a banking product after 01.01.2016, you can confirm your tax residency through the self-certification process.

If you opened an account or got a banking product up to and including 31.12.2015, according to the due diligence rules, Eurobank must identify and determine your tax residency details and locate your reportable accounts.

If we cannot obtain all the necessary information from your file, we ask you to follow the self-certification process so we may clarify your details. We also ask you to submit supporting documents to update your details.

The tax residency is determined by the tax laws that apply in each country / jurisdiction participating in the agreement.

Generally, you are considered a tax resident when you pay taxes for your income, housing, living etc.

If you are a natural person with dual residency, you may rely on the tiebreaker rules contained in tax conventions, if applicable, to solve cases of double residence and determine your residence for tax purposes.

To find out your tax residency you may:

• Ask your accountant.
• Read the OECD rules that govern tax residency.

Yes. You must fill in the self-certification form to confirm your tax residency.

If you are a Greek tax resident, your financial information does not have to be declared to the tax authorities of other countries.

You must declare:

• Full name / Corporate name
• Address
• Place of birth (for natural and controlling persons)
• Date of birth (for natural and controlling persons)
• Country/Countries of foreign residency
• Tax identification number(s) (TIN) or equivalent
• Controlling person details (for actual owners and controlling persons)
• Type of entity (for entities)

You must fill in a form which helps determine your tax regime for the Common Reporting Standard (CRS) and submit it along with the necessary supporting documents:

• Self-certification form for individuals.
• Self-certification form for entities.
• Self-certification form for controlling persons.

Read notification on personal data processing in the context of CRS and FATCA.

An entity is classified as active if it fulfils at least one of the following criteria:

• 50% or more of its gross income comes from active operations for the production of goods and services and at least 50% of its assets are used in active operations.
• Its shares are regularly traded on an established securities market or are related to the entity.
• It is a holding company with non-financial subsidiaries and the entity has no investment capital, such as private equity fund or venture capital fund.
• It is liquidating its assets or is reorganising and it is not a financial institution.
• It is not yet operating a business and has no prior operating history, but is investing capital into assets with the intent to operate a business other than that of a financial institution (provided that the entity does not qualify for this exception after the date that is 24 months after the date of the initial organisation of the entity).
• It is a governmental entity, an international organisation or a central bank.
• It is a tax-exempt religious, charitable, scientific, cultural, athletic, or educational organisation and fulfils certain criteria.

If you are not sure whether the entity you participate in is active or passive, consult a tax advisor or an accountant.

Passive is an entity that is not active and:

• Does not engage in active operations for the production of goods and services.
• Earns the largest part of its revenues from the possession or sale of investments that generate revenues, usually in the form of interest, dividends or earnings from capital.

If you are not sure whether the entity you participate in is active or passive, consult a tax advisor or an accountant.

Every year, the financial institutions are obliged to identify, collect and report specific information relating to their clients who are tax residents of a country that participates in the automatic exchange of financial information, according to the information and documents in their possession.

Eurobank is obliged to report your details, account balance and financial income, provided you have been recognised and identified as a reportable person, natural or legal, upon implementation of the due diligence rules.

The financial institutions in the countries that participate in the automatic exchange of information in the field of taxation are under the obligation to apply the provisions of the agreement.

If someone has an account or investment products in a country that has adopted the CRS and is a resident of another country that has also adopted the CRS, the financial institution of the former country is under the obligation to report information to its local tax authority. The local tax authority then forwards this information to the tax authority of the country of residency.