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Common Reporting Standard (CRS)

We wish to inform you of new international reporting standards which will impact all BOSLIL’S account holders.

 

In keeping with evolving global standards for transparency, following other countries, the government of Saint Lucia signed the OECD sponsored Multilateral Competent Authority Agreement (MCAA) and incorporated into local law1 (the “Law”) the common reporting standard on automatic exchange of information (CRS).  The CRS provides for the systematic and periodic exchange of financial account information with reporting partners. Saint Lucia is scheduled to commence the exchange of information in September 2018 in respect of 2017 calendar year.

 

Accordingly, to comply with our obligations under the Law, as of January 2017, BOSLIL is requesting pertinent information from all account holders of Saint Luciaincluding a self-certification of their tax residence/status. Under CRS Regulations, BOSLIL must report information on holders of “reportable accounts” which are tax resident in Reportable Jurisdictions to the Saint Lucia Inland Revenue Department (IRD) and that information will be sent to the home jurisdiction of the account holders.

 

For the sake of convenience and ease of administration, the Bank has issued a customized Self-Certification Form (Entity) and Self-Certification Form (Individual) for completion as part of the account opening process.  The Self-Certification Form is in multiple parts covering the financial account information required under the USA-St Lucia Intergovernmental Agreement (FATCA) and CRS respectively.

 

Clients whose accounts were opened before 1 January 2017 and who have submitted an IRS W-series form will be required to fill out the relevant parts of Form pertaining to their CRS status only.

 

Your Client Relationship Officer will email to you the Self-Certification Form with the relevant instructions for completion and return in due course. 

 

For general information on the CRS pertinent to Saint Lucia, please consult the IRD website at http://irdstlucia.gov.lc/index.php/fatca-section/automatic-exchange-of-information.

 

1 Automatic Exchange of Financial Account Information Act, 2016.

 

2 Reportable Jurisdiction” means any jurisdiction with which Saint Lucia has entered into a bilateral agreement for the automatic exchange of information under the MCAA. 

 

For a list of reportable jurisdictions see: http://irdstlucia.gov.lc/index.php/61-exchange-of-information/exchange-of-information-on-request/163-list-of-existing-tax-information-exchange-agreements