FACTSHEET #36 – AN OUTLINE OF THE TREATMENT OF TRUSTS UNDER THE COMMON REPORTING STANDARDS (CRS)

Overall, the Common Reporting Standard (CRS) affects a trust in cases where the trust is viewed as a Financial Institution (FI) or a Non-Financial Entity (NFE) that holds a Financial Account with a FI. In accordance to the CRS, FIs have an obligation to report their Account Holders as well as Controlling Persons when the accounts are regarded as passive NFEs (active NFEs are excluded from reporting).