CRS (Common Reporting Standard)

The Common Reporting Standard is an international framework developed by the OECD for the automatic exchange of financial account information between tax authorities. Over 100 jurisdictions have committed to CRS, requiring their financial institutions to identify the tax residency of account holders and report relevant financial data to their domestic tax authority, which then shares it with treaty partners. CRS was modelled on FATCA but is multilateral rather than US-specific. It has significantly reduced the ability to maintain undisclosed offshore bank accounts.