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Reporting requirments

We’d like to help you understand what the international reporting requirements, such as Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA), mean for you.

FATCA

General Information

General Information

On the 18th of March 2010 the United States Government enacted the Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons invested in accounts outside of the US and for certain non-US entities to provide information about any US owners.

CSB and subsidiaries are considered FFIs and therefore required to comply. CSB and all subsidiaries are committed to upholding customer confidence and to keeping customer and client information confidential and secure. Our actions as they relate to FATCA are in strict compliance with the local regulations and legal framework of the Cook Islands.

COMMON REPORTING STANDARD

General information

General information

To help fight against tax evasion and protect the integrity of tax systems, governments around the world are introducing a new information-gathering and reporting requirement for financial institutions. This is known as the Common Reporting Standard (CRS) and we’d like to help you understand what it means for you.

Under the CRS, we are required to determine where you are «tax resident» (this will usually be where you are liable to pay income or corporate taxes). We will base this on information we have already or we may ask you for additional details.

If you are tax resident outside the country where you bank then we may be required to provide details, including information relating to your accounts, to the national tax authority in the country where the account is held. They may then share that information with the tax authority of the country (or countries) where you are tax resident.