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Common Reporting Standards

Channel Islands

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Investec Bank (Channel Islands) Limited OECD Common Reporting Standard (CRS)

 

CRS is a global standard developed by the Organisation for Economic Co-operation and Development (‘OECD’) for the automatic exchange of financial account information between tax authorities worldwide.

Under CRS, Channel Island financial institutions including Investec Bank (Channel Islands) Limited will be required to identify and report on certain accounts held directly or indirectly by tax residents in any of the overseas participating CRS countries. The reportable information is required to be sent to the Guernsey tax authorities in the case of a Guernsey account and the Jersey tax authorities in the case of a Jersey account, who will then share it with the relevant overseas tax authorities where the account holders are identified as being tax resident.

Investec Bank (Channel Islands) Limited is committed to being fully compliant with CRS regulations.In order to comply with CRS regulations, Investec Bank (Channel Islands) Limited must establish the tax status of account holders and may from time to time request further information and/or documentation from you to confirm your tax status.

If you have relationships with other members of the Investec Group, you may receive more than one request for confirmation of your tax status. It is important that you respond to all such requests.

Investec Bank (Channel Islands) Limited does not offer tax advice. If you require any further information or have any questions concerning the CRS regulations, please speak to a tax adviser.

Frequently asked questions

  • When do the CRS regulations come into effect?

    CRS came into effect on 1 January 2016 and applies to:

    • New accounts opened on or after 1 January 2016
    • Pre-existing accounts open as at 31 December 2015

  • Do CRS regulations replace FATCA (US Foreign Account Tax Compliance Act)?

    No, it is to run alongside FATCA regulations.

  • Does it apply to all Channel Island banks and financial institutions?

    Yes, all Channel Island banks and financial institutions will be required to comply with CRS regulations.

  • To which accounts does CRS apply?

    CRS applies to the following accounts held by financial institutions:

    Depository Accounts

    A Depository Account includes any commercial current, savings, time or thrift account, or any account evidenced by a certificate of deposit, investment certificate, thrift certificate, certificate of indebtedness, or other similar instrument where cash is placed on deposit with an entity engaged in a banking or similar business.

    A Depository Account does not have to be an interest bearing account.

    Custodial Accounts

    A Custodial Account is an account (other than an insurance contract or Annuity Contract) for the benefit of another person that holds one or more Financial Assets.

    Equity and debt interests in investment entities

    Equity and debt interests are financial accounts if they are interests in an investment entity.

    Cash Value Insurance Contracts

    A Cash Value Insurance Contract is an investment product that has an element of life insurance attached to it. The life insurance element is often small compared to the investment element of the contract. General insurance products, such as term life insurance, property or motor insurance, that do not carry any investment element are not financial accounts.

    Annuity Contracts

    An Annuity Contract is a contract under which the issuer agrees to make payments for a period of time, determined in whole or in part by reference to the life expectancy of one or more individuals. 

  • What is the impact for clients?

    Clients will be required to provide Investec Bank (Channel Island) Limited with a self-certification. This may form part of the account opening process and we will contact you if we require further information or a self-certification form to be completed.

    For pre-existing accounts open as at 31 December 2015, you may receive a request to provide additional information or complete a self-certification form.

  • What happens if a client does not provide a self-certification?

    To the extent that a self-certification is not provided when requested then the account will be reportable as an undocumented account to the Guernsey or Jersey tax authorities until such a time that a self-certification id received. This requirement applies to both new accounts and pre-existing accounts.

  • I am a Guernsey or Jersey tax resident. Does CRS regulations apply to me?

    Yes, CRS regulations have to be applied for all Guernsey and Jersey tax resident account holders as well, but the requirement to report to the Guernsey or Jersey tax authorities may not apply.

  • What happens if my tax residency changes?

    Please notify Investec Bank (Channel Islands) Limited to ensure we hold the correct tax residency status on your accounts, as this will affect whether your account is reported to the Guernsey or Jersey tax authorities and which overseas tax authorities your information is shared with.

  • What should I do if I am unsure of what my classification is?

    If you are unsure of your classification under the relevant agreements, you should seek guidance from your tax adviser.

  • What is the CRS reporting period?

    CRS operates on a calendar year basis and its first reporting period is 1 January 2016 to 31 December 2016 then annually thereafter.

  • When will information be reported to the Guernsey or Jersey tax authorities?

    Investec Bank (Channel Islands) Limited will submit an annual report to the Guernsey or Jersey tax authority by 30 April following the end of a CRS reporting period. 

    Eg: A report must be submitted for the period 1 January 2016 to 31 December 2016 by 30 April 2017.

  • What information will be reported?

    The following information is currently required to be reported:

    • Name
    • Address
    • Country of tax residence
    • Tax identification number/National Insurance Number
    • Date and place of birth (for individuals)
    • Account number
    • Account balance
    • Income credited to the account holder’s accounts including dividends or other income generated by securities held in our custody under a nominee agreement
    • Total gross proceeds from the sale or redemption of any securities held in our custody under a nominee agreement.