CRS Reporting North Cyprus
CRS Reporting North Cyprus
CRS reporting North Cyprus is one of the iconic topics for the entrepreneurs who do not want to exchange their information with another country. The reason for that is Northern Cyprus does not support the Automatic Exchange of Information (AEOI). Basically, North Cyprus is not providing details of its offshore companies, accounts and company owners information to other countries. The Common Reporting Standard (CRS) is a newly introduced single global standard on Automatic Exchange of Information (AEOI).
This new regime involves the systematic and periodic transmission of taxpayer information by the source country to the residence country concerning various categories of income. it goes much further than just interest income. This means that tax authorities will automatically receive information on all the financial assets their taxpayers own overseas without having to ask for it.
Although almost all European countries and offshore financial centers will participate in the information exchange. Such as Argentina, Belgium, United Kingdom etc.
There are still several European countries which are not exchanging the information automatically and North Cyprus is one of them. Northern Cyprus does not participate and does not plan to sign Tax Information Exchange Agreements (TIEA). The Convention on Mutual Administrative Assistance in Tax Matters, FATCA (Foreign Account Tax Compliance Act), and other tax and account information exchange treaties.
The following table gives you more details about what are the countries that participating CRS and not Participating CRS
Currently participating in the CRS |
Participating in the CRS from 1 January 2017 onwards |
Not currently committed to participating in the CRS |
| Argentina, Belgium, Bermuda, British Virgin Islands, Cayman Islands, the Czech Republic, France, Germany, Greece, Guernsey, India, Ireland, Isle of Man, Italy, Jersey, Luxembourg, Malta, Mexico, the Netherlands, Poland, South Africa, South Korea, Spain, Sweden, the United Kingdom | Australia, the Bahamas, Bahrain, Brazil, Brunei Darussalam, Canada, Chile, China, The Cook Islands, Hong Kong, Indonesia, Israel, Japan, Kuwait, Lebanon, Macau, Malaysia, Mauritius, Monaco, New Zealand, Panama, Qatar, Russia, Saudi Arabia, Singapore, Switzerland, Turkey, the United Arab Emirates, Uruguay | Algeria, Armenia, Bangladesh, Egypt, Maldives, Oman, Palestine, Philippines, Sri Lanka, Taiwan, Thailand, Turkish Republic of Northern Cyprus, United States of America, Vietnam |