The Common Reporting Standard (CRS) is an international standard for the automatic exchange of financial information between countries. Its aim is to combat tax evasion. As a financial institution, BNG is legally required to determine whether clients are tax residents in other countries.
BNG identifies clients and determines their tax residency. If your organisation or an ultimate beneficial owner is a tax resident in a CRS country (other than the Netherlands or the United States), certain information will be shared via the Dutch Tax and Customs Administration with the tax authority of that country.
When opening an account or entering into a financial product, BNG will ask your organisation to complete the form “Self-Certification of Tax Residency”. This also applies to ultimate beneficial owners (UBOs). Without this declaration, we cannot provide services.
BNG records the following information:
If your organisation or a beneficial owner is a tax resident in a CRS country, this information will be shared via the Dutch Tax and Customs Administration with the relevant foreign tax authority.
Is your organisation a tax resident in a non-CRS country? Then the information will be recorded but not shared with foreign authorities.
Would you like to know more about CRS and what it means for your organisation? Please visit the Dutch Tax and Customs Administration’s page on CRS (Dutch) or contact your relationship manager at BNG.