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:
- Self-certification form for individuals.
- Self-certification form for entities.
- Self-certification form for controlling persons.
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:
- The Organisation for Economic Co-operation and Development (OECD).
- The Greek Independent Authority for Public Revenue (IAPR).
- Your accountant.
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).