Common use of CRS Clause in Contracts

CRS. 11.2.1 The Common Reporting Standard (“CRS”) was created by the Organisation for Economic Cooperation & Development "OECD" to automatically exchange tax related information of individuals and entities. Financial institutions of the participating jurisdictions (those that signed the Multilateral Competent Authority Agreement) are obliged to collect and report specific information to their local authority. This financial regulation aims to protect the integrity of tax systems and governments globally. 11.2.2 The Client acknowledges and consents that The Company is required to provide information gathered, to the tax authorities/governmental institution as per the CRS requirements. As a result, The Company, being located in Cyprus is considered a reporting financial institution and is therefore required to determine whether the Client, being the “Account holder” of a “Financial account”, either an entity or an individual, is a tax reportable person under the legislative requirement specifically if the Client is a resident of any of the participating jurisdictions for tax purposes. In cases where the Client is considered a reportable person i.e., falls under the jurisdiction adopting the CRS legislation, the Company may be required to provide the national tax authority information about the Client, and such information may be shared/ exchanged between the relevant countries’ tax authorities. 11.2.3 In cases where the country of residence, stated by the Client through the Portal, does not fall under the “reportable” jurisdiction, however the Client is tax resident in a “reportable” jurisdiction, it is the liability of the Client to contact the Company and declare the reportable tax resident country(ies), as per OECD*. The Client agrees and acknowledges The Company’s obligation to disclose the information for purposes of CRS reporting, and the Client undertakes to inform The Company in writing, immediately, of any changes to information previously provided. 11.2.4 The Client furthermore agrees that any information provided to The Company in any form, including information on controlling persons of legal entities, along with the “Tax identification number” (“TIN”) shall be used for reporting purposes. Any information regarding the current and future status of the Client’s financial accounts, including the balances, along with relevant personal information may be reported. The Client understands and agrees that The Company does not provide the Client with tax advice and/or to perform any legal analysis to determine the reasonableness of self-certifications. 11.2.5 It is recommended to consult a professional tax advisor or visit the OECD’s “Automatic Exchange of Information” website for further information.