Common Reporting Standard (CRS) | Eurobank
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In 2014 the OECD released the full version of a new global standard for the automatic exchange of financial account information on tax matters as well as details about information technology requirements to implement the global standard. The Common Reporting Standard (CRS) applies in Europe by virtue of EU Council Directive 2014/107/EU (Directive of Administrative Cooperation 2 – DAC2).

Legal framework

The G20 finance ministers and central bank governors approved a specific series of measures for the new global standard for the automatic exchange of financial account information on tax matters in September 2014.

The measures aim at tax compliance to combat unreported and untaxed income at the country it was generated.

Implementation of framework

The financial institutions must:

  • Identify and collect relevant information regarding their customers’ tax residency status in countries that participate in the automatic exchange of information.
  • Report this information to the competent Greek tax authority every year.

Information reported to the tax authority

The Greek tax authority exchanges the information collected from the financial institutions with the tax authority where the clients are tax residents. This information includes:

  • Full name / Corporate name
  • Address
  • Tax identification number (TIN)
  • Account details and balance
  • Interest
  • Dividends

Tax regime

To determine the tax regime regarding the CRS and the European Directive of Administrative Cooperation (DAC2), we ask you to fill in special self-certification forms and submit them along with the necessary supporting documents:

Read notification on personal data processing in the context of CRS and FATCA.

Additional information about the CRS

Given that we cannot offer tax advice, you can get more information on the CRS and the list of jurisdictions / countries that have signed the agreement on automatic exchange of financial account information from:

Implementation of the CRS

The CRS applies in Europe by virtue of the European Directive of Administrative Cooperation (DAC2) and in the OECD member countries that have signed the multilateral agreement on automatic exchange of financial account information.

Financial institutions must collect information regarding the tax residency of their customers in compliance with:

  • Law 4378/2016 on the adjustment of the Greek legislation to Directive 2014/107/EU as regards mandatory automatic exchange of information in the field of taxation and Directive 2015/2060/EU.
  • Law 4428/2016 on ratification of the multilateral competent authority agreement on automatic exchange of financial account information and the provisions for implementation.

Get answers to the most frequently asked questions about the Common Reporting Standard (CRS).