Analysis of Common Reporting Standard Loopholes

* Update 23 October 2017- OECD tackles residence by investment schemes

PDF document May 2017 report to OECD and EU Parliament on the 26 loopholes of the Common Reporting Standard / Directive Administrative Cooperation in the field of tax matters (DAC)

The OECD is aware of weaknesses of the CRS and will refine the Standard in making it more effective, in priority order of the following:

  • Financial Institutions assisting with account shifting
  • Residency through investment programs
  • Shifting of assets to non-CRS jurisdictions
  • Shifting of assets within the same jurisdiction
  • Non-cash value insurance products (see irrevocable insurance)
The Common Reporting Standard

  1. OECD PDF document Common Reporting Standard and Commentary
  2. The PDF document CRS implementation Handbook
  3. The OECD maintained list jurisdiction-specific overview of the steps taken and choices made by jurisdictions in the context of implementing the Standard.
  4. The OECD list of PDF document CRS-related Frequently Asked Questions
Important Updates