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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.


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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

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