Early adopters
58 “early adopter” jurisdictions have already signed up to start collecting information for the CRS in 2016 ready for first transmission in 2017, including the UK, Spain, France, Portugal, Malta, the Isle of Man, Jersey, Guernsey, Gibraltar, Cayman Islands, and the British Virgin Islands.
A further 35 jurisdictions have pledged to start in 2018, including Australia, Hong Kong, Monaco, Qatar, Singapore, United Arab Emirates, and Switzerland.
Hayes added that the CRS “could also be intrusive and introduce a strain on” investor and client relations, by requiring administrators to carry out additional checks on investors in order to report to the authorities.
In April, Jason Porter, director at advice firm Blevins Franks, warned that the CRS will leave tax serial avoiders with few options as their international financial data becomes readily available to national tax authorities.
