Implementation Of OECD Common Reporting Standard

In December 2015 the Ministry of Finance issued a decree implementing the Organisation for Economic Cooperation and Development (OECD) Common Reporting Standard and the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information.

The decree, which took effect on January 1 2016, sets out the framework for financial institutions operating in Cyprus to collect and review information from their customers and investors regarding tax residence, and to forward prescribed information to the national tax authorities for disclosure to relevant overseas tax authorities.

The decree:

• sets out the main rules regarding client acceptance, due diligence and reporting;