If you have recently received a notification from your bank regarding the Common Reporting Standard (CRS), you might be wondering why your personal financial information is being shared across borders. This process is a standard part of modern international banking designed to ensure tax transparency.

What is the Common Reporting Standard (CRS)?

The CRS is an international framework for the automatic exchange of information regarding financial accounts. Financial institutions, such as BankB, are legally required to identify customers who have a tax residence outside the country where the bank is located.

In accordance with local laws (such as the Belgian law of 16 December 2015), banks must report specific data to their national tax authorities, who then pass that information to the tax authorities in your home country.

What Data is Being Reported?

If you held an active account during the 2024 period, the following information is typically shared:

• Personal Details: Your name, address, and jurisdiction (country of tax residence).

• Identification: Date and place of birth, along with your Tax Identification Number (TIN).

• Account Information: A list of active accounts and the balance as of the end of the year.

Contact me for more information and support about your taxes in Spain.