ARTICLE · 23 MARCH 2018

More Moves Towards Global Transparency In Curacao As CRS Takes Effect

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Arguably few countries will be impacted as much by the OECD's Common Reporting Standard (CRS) than those jurisdictions once seen as "offshore havens".

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Arguably few countries will be impacted as much by the OECD's Common Reporting Standard (CRS) than those jurisdictions once seen as "offshore havens". We in Curacao, however, welcome this additional move towards more transparency in ownership.

As long as you're tax compliant, the forthcoming deadline for first reporting should not be a big worry for you - it's just another step in global transparency, just like the Know Your Client (KYC) processes we all go through. The days when you could set up an offshore company and hide money are over. In the past, there were a lot of international structures set up for private individuals for tax structuring, but these days international structures are being used less for tax, and more for asset protection and estate planning purposes.

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