CRS

CRS — the Common Reporting Standard — is the OECD-developed framework for the automatic exchange of financial account information between participating tax jurisdictions. Operational since 2017 and now adopted by over 100 jurisdictions, CRS is the international counterpart to FATCA's US-specific regime.

Under CRS, financial institutions classify account holders and controlling persons by tax residence, then report account balances and income to their local tax authority, which exchanges the information with the relevant residence jurisdictions. The framework is extensive: trusts, foundations, holding companies, and investment vehicles all fall within scope under specific entity classifications.

For family offices, CRS compliance is a continuous operational discipline. Every entity in the structure must be classified, every controlling person identified, and the documentation maintained as residency, ownership, and control evolve. CRS reporting is one of the principal reasons that the substance and beneficial-ownership regimes have tightened in parallel.