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The Organisation for Economic Co-Operation and Development (OECD), in collaboration with G20 countries and the EU, developed the Common Reporting Standard (CRS) which calls on all Member States to commit to the automatic exchange of financial account information, in order to address the issue of offshore tax evasion.
The Republic of Cyprus, along with 57 other jurisdictions, belong to the first wave of countries which agreed to the Standard, effective 1 January 2016.
As a result, as of 1 January 2016, all Cypriot financial institutions are required to submit information on financial accounts that are held by account holders who are tax residents of countries which implement CRS.

For further information, please refer to the following links:



The Common Reporting Standard and its Implementation in Cyprus (Association of Cyprus Banks)