close
Share with your friends

OECD: Updated list of RBI/CBI schemes relating to CRS

OECD: Updated list of RBI/CBI schemes relating to CRS

The Organisation for Economic Cooperation and Development today announced an updated list of residence by investment and citizenship by investment (RBI/CBI) schemes that some taxpayers may be attempting to use to circumvent the common reporting standard (CRS) rules.

1000

Related content

According to today’s OECD release, certain jurisdiction have taken additional action to prevent the misuse of RBI/CBI schemes by account holders. 

Earlier OECD guidance addressed due diligence procedures that financial institutions need to consider under the CRS regime so that account holders are not able to use RBI/CBI schemes in circumventing the CRS. These RBI/CBI schemes pose a high risk for being misused because of a low or zero rate of taxation of foreign financial income and the limited physical presence requirements attached to the RBI/CBI scheme. 

The OECD announced that since the initial guidance, certain jurisdictions have taken action to prevent the misuse of RBI/CBI schemes by putting in place an exchange of information mechanism so that information on taxpayers under the identified RBI/CBI schemes will be made available to their jurisdiction(s) of tax residence. With this, the OECD today updated the list of RBI/CBI schemes by jurisdiction.

Read an October 2018 report prepared by the KPMG member firm in Switzerland

Read a November 2018 report prepared by the KPMG member firm in Luxembourg

© 2019 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.

Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal