CHANNEL ISLANDS: CRS MEASURES IN JERSEY
Pending draft regulatory measures in Jersey would give effect to the Common Reporting Standard (CRS). In general, the draft regulations would impose an obligation on “reporting financial institutions” in Jersey to identify, review, and report on “financial accounts” maintained by these institutions of accounts held by residents for tax purposes (whether individuals or entities) of jurisdictions with which Jersey has agreed to exchange information.
Under the rules, reports would be filed with the Comptroller of Taxes and then transmitted to the competent authority of the jurisdiction in which the account holder is a resident.
Read an October 2015 report [PDF 100 KB] prepared by the KPMG member firm in Jersey: The Common Reporting Standard (“CRS”) becoming part of Jersey law
