An OECD framework for automatic exchange of financial-account information between participating tax authorities. The non-US counterpart to FATCA.
The Common Reporting Standard (CRS) is an OECD-developed framework, in force since 2017, for the automatic annual exchange of financial-account information between participating tax authorities. Over 110 jurisdictions participate, including all major CBI / RBI states and most offshore financial centres.
Under CRS, financial institutions report each account holder's tax residence (claimed via a self-certification form), balance, and income to the local tax authority, which then exchanges the data with the tax authority of the reported residence. Acquiring a second citizenship does not, on its own, change CRS reporting — the determinant is tax residency, not nationality.
The OECD periodically reviews CBI / RBI programmes for "CRS evasion" risk. Programmes that grant tax residency too easily on the basis of investment alone have been flagged historically; the current Caribbean and EU programmes have all been restructured to mitigate the risk.