CRS

Bermuda Common Reporting Standard

The Common Reporting Standard (“CRS”) is a standard for information sharing on financial matters between certain countries’ tax authorities.

Bermuda’s Common Reporting Standard regime kicked off in 2017, when the first reporting became due.  Since then Bermuda’s financial institutions have been required to collect and report certain data from investors such as their name, address, tax information, account balances, and capital gains.

Bermuda, as a Common Reporting Standard (“CRS”) participating country, has an obligation to guarantee that financial institutions’ CRS requirements are effectively implemented, as well as to monitor and ensure that these institutions’ continued compliance with both the Standard and the CRS Regulations.

Compliance Reviews

To date, the Bermuda Ministry of Finance has undertaken a number of measures to ensure that Bermuda Financial Institutions effectively execute the CRS standards, mostly in the form of communication, guidance, desk-based evaluations, and outreach. The Ministry will issue notices requiring specified Bermuda Financial Institutions to conduct a CRS Independent Compliance Review in order to provide additional confidence that the CRS requirements are being followed correctly.

In September 2021, the Ministry of Finance issued the “CRS Independent Compliance Review” guidelines.  These guidelines lay out the requirements and procedures that should be followed when a review is undertaken.  Section 4.2 of the guidelines state that the reviewer should be in good standing and fit and proper to fulfill the role.  Regent has sound knowledge of the guidelines and our Managing Director, who will sign off on all reviews undertaken, is in good standing with CPA Bermuda.

If you are told by the Ministry that you need to undertake an independent review of your CRS implementation, we have the necessary skills in order to undertake this review for you.  Please contact us to find out how we can help you.