The Common Reporting Standards (CRS) legislation became effective 1 January 2016 in Gibraltar as a means to facilitate the automatic exchange of taxpayer’s information between countries. Under the CRS, Alvar is required to perform certain due diligence procedures and in particular is required to identify Reportable Accounts and to report those accounts, including information about the account holder to the Gibraltar Tax Authorities. The Gibraltar Tax Authority will then exchange that information with the tax authority of other jurisdictions.
In order to ensure your account is correctly classified for information reporting purposes we require you to provide your country of tax residence and tax identification number (TIN).
It is a regulatory requirement for Alvar to perform due diligence on each client and failure to provide any information requested in this Application Form could result in the reporting of Financial Account information and account balances that may not otherwise be reportable. In addition, undocumented accounts under CRS result in sanctions by government authorities, which could possibly result in the account being refused or closed.