CHANNEL ISLANDS: COMMON REPORTING STANDARD (CRS) IN GUERNSEY

Draft regulations in Guernsey for implementing the common reporting standard (CRS) for the automatic exchange of information are expected to be published in final form in early 2016. Guernsey has indicated its commitment for adopting the CRS, with effect from 1 January 2016, so that the first reporting would take place in 2017.

With the adoption of the CRS, the existing intergovernmental agreement (IGA) with the United Kingdom would be superseded by the CRS (2016 would be a “transitional year”).

For purposes of identifying pre-existing “reportable accounts,” Guernsey financial institutions could rely on the work already undertaken for the purposes of the UK IGA. The CRS, however, does not include an equivalent to the “alternative reporting regime” for UK resident-but-not-domiciled individuals. The alternative reporting regime would only be available only under the UK IGA, and for 2014 and 2015.

Read a November 2015 report [PDF 50 KB] prepared by the KPMG member firm in Guernsey: KPMG REG Common Reporting Standard Alert