Common Reporting Standard (CRS)

What is CRS?

CRS is The Common Reporting Standard on Automatic Exchange of Information. This is a legal framework created by the Organisation for Economic Co-operation and Development with close cooperation with the G20 and EU.

It requires financial institutions to report information (to the appropriate tax administration), about financial assets held on behalf of taxpayers, from jurisdictions with which their tax administration exchanges information. This information is exchanged “automatically” every year.

What is the impact of CRS on Virgin One Account?

Every year financial institutions must report information on all financial accounts (for example, current accounts, savings accounts, deposit accounts, custodial accounts, certain insurance policies and interests in investment funds) held directly or indirectly by account holders "resident" in countries other than my bank's tax jurisdiction.

As a result, Virgin One Account will review its customers, to ensure all accounts and entity accounts are correctly identified and reported, where required.

Will I be affected by CRS?

We will be reviewing our customers, as specified by the regulations, to understand who is and who is not liable to pay tax in their country of residence.

The term “resident” will differ for each jurisdiction. See the “residency” criteria of each jurisdiction.

How we classify you will not affect your day-to-day banking service, but will help us identify customers whose account details may need to be shared with the appropriate tax authority.

What do I need to do about CRS?

If you're an existing Virgin One Account customer, you may need to provide specific documentation, so we can apply the right CRS classification to your account(s). If we need more information we'll write to our customers.

What does CRS mean for me if I am a resident outside of my bank's tax jurisdiction?

If you are considered a resident of a country participating in the CRS Automatic Exchange of Information you may be asked to provide Virgin One Account with additional information/documentation. We will also have to report information about you and your account(s) to your local tax authority each year.

What does CRS mean for me if I am not a resident outside of my bank's tax jurisdiction?

CRS will have minimal impact on most customers, who won't have to take any action. However, Virgin One Account may still contact you to confirm your status as a resident of your bank's tax jurisdiction.