The Automatic Exchange Of Information

As previously communicated, the Organisation of Economic Development and Co-operation's (OECD) Common Reporting Standard (CRS) for the AEoI came into force from 1 January 2016.

The AEoI has had wide-spread international endorsement and to date almost one hundred countries have committed to adopting CRS.

Gibraltar is one of the jurisdictions committed to the early adoption of CRS and AEoI will commence in Gibraltar this year in respect of accounts held on or after 1 January 2016.

Fiduciary or the bankers to the company/ trust/ partnership/ foundation may have a reporting obligation under AEoI in respect of the balances held as well as any interest, dividends, other income and proceeds from the sale or redemptions of investments or property which was received in the calendar year to 31 December 2016.