Glossary · compliance
CRS
Also known as: Common Reporting Standard
- Definition
- CRS is the global OECD-led standard for automatic exchange of financial account information between participating tax jurisdictions. Singapore implemented CRS reporting from 2018. Functionally similar to FATCA but multilateral.
Every Singapore financial institution must complete CRS due diligence on account opening and annually report account holders' tax-residency status and balances to IRAS for forwarding to relevant foreign tax authorities. CRS covers 110+ jurisdictions. For UHNW families with multi-country residency or asset locations, CRS reporting is a baseline transparency obligation that family-office tax structuring must address explicitly.
Source: IRAS CRS
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