CRS and FATCA

Welcome to Sovereign Bank International, where we prioritize your financial well-being and privacy amidst an increasingly interconnected world. Navigating the complexities of global banking regulations, including the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA), can seem daunting. We understand the sensitivity surrounding the sharing of personal information and the inherent concerns it may evoke. It is our commitment to not only safeguard your data but also to empower you with a clear and concise understanding of these regulations. Our aim is to demystify these processes, ensuring you feel informed, secure, and comfortable every step of the way.

What is CRS?

The Common Reporting Standard, developed by the Organisation for Economic Co-operation and Development (OECD), is an information standard for the automatic exchange of information (AEOI) regarding bank accounts on a global level, aimed at preventing tax evasion.

Who does CRS apply to?

All account holders of financial institutions in participating countries are subject to CRS, which requires such institutions to collect and report information to their local tax authority.

Required Documentation:

For individual account holders:

• A self-certification form that confirms their tax residency.

For entities:

• The Entity Self-Certification Form for entities.
• The Controlling Person Self-Certification Form for individuals exercising control over entities.

Download CRS Self-Certification Form for Individuals

Download CRS Self-Certification Form for Entities

Download CRS Controlling Person Self-Certification Form

What is FATCA?

FATCA is a United States federal law requiring all non-U.S. foreign financial institutions (FFIs) to search their records for customers with indicia of U.S.-person status, such as U.S. citizenship or residency, and report the assets and identities of such persons to the U.S. Department of the Treasury.

Who does FATCA apply to?

FATCA affects U.S. persons, which includes U.S. citizens, permanent residents (green card holders), and entities that are created or organized in the U.S. or under the laws of the U.S.

Required Documentation:

For U.S. persons:

• Form W-9 – Request for Taxpayer Identification Number and Certification.

For non-U.S. persons:

Download Form W-9

Download Form W-8BEN

Download Form W-8BEN-E

RC519 Declaration of Tax Residence for Entities – Part XVIII and Part XIX of the Income Tax Act

Download Form RC519-Fill-23E

Ensuring compliance with CRS and FATCA mandates the submission of pertinent documentation, crucial for avoiding withholding taxes and aligning with international tax regulations. At Sovereign Bank International, our dedication lies in supporting our clients every step of the way through the documentation process, facilitating a hassle-free adherence to these critical frameworks.

For a comprehensive understanding of CRS and FATCA, including their relevance to your financial landscape and our commitment to safeguarding your information, we invite you to explore the resources provided below:

CRS Individual Self-Certification Instructions

CRS Entity Self-Certification Instructions

CRS Controlling Person Self-Certification Instructions

FATCA FAQs

For any inquiries, support in filling the forms, or additional assistance, please contact us.