{"id":5651,"date":"2024-10-04T15:20:20","date_gmt":"2024-10-04T15:20:20","guid":{"rendered":"https:\/\/minfin.cw\/?page_id=5651"},"modified":"2026-02-25T14:07:31","modified_gmt":"2026-02-25T14:07:31","slug":"fatca-crs-intro-en","status":"publish","type":"page","link":"https:\/\/minfin.cw\/en\/fatca-crs-intro-en\/","title":{"rendered":"FATCA\/CRS"},"content":{"rendered":"

[vc_row][vc_column width=”1\/3″][vc_custom_heading text=”Subpages” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes” src=”“\/wp-content\/themes\/betheme-child\/images\/title-down-arrow.png“” width=”“10“” height=”“12“\/” el_class=”left-sidebar-title”][vc_wp_custommenu nav_menu=”280″ el_class=”sidebar-menu”][\/vc_column][vc_column width=”2\/3″][vc_custom_heading text=”FATCA\/CRS” use_theme_fonts=”yes”][vc_column_text el_class=”esm-content”]The OECD was commissioned by the Finance Ministers of the G20 to develop a global standard for automatic exchange of data of financial accounts, very similar to the standard laid down in FATCA legislation and the resulting conventions, including the CUR IGA. That is the so-called ‘ Common Reporting Standard ‘ (CRS).<\/strong><\/p>\n

According to the CRS, financial institutions must provide data about accounts of individuals and organizations held in Cura\u00e7ao. These persons and organizations are private companies, public limited companies and general partnerships that are tax resident or established abroad. In some cases, this also concerns data from the ultimate stakeholders of organizations with such an account.<\/span><\/p>\n

Cura\u00e7ao will pass on this information to the tax authorities of the countries of residence or establishment. These foreign tax authorities will check the data and use it for their tax purposes.\u00a0\u00a0<\/span><\/p>\n

Cura\u00e7ao will receive information about foreign financial accounts from persons and organizations that have Cura\u00e7ao as their tax residence or country of establishment. This does not automatically mean that you have to pay tax here in Cura\u00e7ao. We will check the data first.<\/span><\/p>\n

Law and regulations CRS\u00a0<\/b><\/h3>\n

The CRS was implemented on June 29, 2017 in the (Landsbesluit uitvoering internationale bijstandsverlening or LB LIBB). The identification and reporting requirements for reporting financial institutions with regard to the automatic exchange of information on the basis of the CRS are included in the LIBB. In accordance with\u00a0 article 1a, paragraphs (a) and (b) of the LB LIBB, for the purposes of Section VIII, sub D, (4) and (5) of the CRS, the list of Reportable Jurisdictions and the List of Participating Jurisdictions\u00a0 are listed on the website of the Ministry of Finance. We refer to these publications on subpage List of Jurisdictions.<\/span><\/p>\n

More information about the CRS can be found on the website of the OECD, in the form of the OECD comment on both the CRS and the Model Competent Authority Agreement (Model CAA), a handbook and the FAQ\u2019s (frequently asked questions) included in the handbook. In the FAQ\u2019s interpretation or explanation of the OECD-commentary is given to explain and clarify (the meaning of) commentary. See <\/span>https:\/\/www.oecd.org\/content\/dam\/oecd\/en\/topics\/policy-issues\/tax-transparency-and-international-co-operation\/crs-related-faqs.pdf<\/span><\/a><\/p>\n

FATCA\u00a0<\/b><\/h3>\n

The FATCA preceded the development of the global standard, the CRS. The FATCA (Foreign Account Tax Compliance Act) is a US law requiring financial institutions (FI\u2019s) worldwide to report annually to the US tax authorities, the Internal Revenue Service (IRS), on accounts that may be taxable in the US outside The United States. US tax law obliges ‘American persons’, wherever they live in the world, to file tax returns in the US. The extraterritorial effect of FATCA prompted the Dutch Kingdom on behalf of Cura\u00e7ao reason to conclude the CUR IGA with the US to make such information provision by FI\u2019s of financial data between the Cura\u00e7ao and the US possible and mandatory. In the CUR IGA, Cura\u00e7ao and the US have agreed that information on American and Cura\u00e7ao taxpayers will be reported on a reciprocal basis by the Cura\u00e7ao tax authorities and the IRS. The LIBB contains provisions intended to implement inter alia treaties to provide mutual assistance in the levying of taxes. This law contains a delegation basis that makes it possible to designate accounting authorities in lower regulations to provide the tax authorities with more detailed data and information.<\/span><\/p>\n

Guidance\u00a0<\/b><\/h3>\n

Although the OECD has provided the CRS with an extensive commentary (CRS- commentary), questions have arisen in practice about the (implementation of the) CRS. The published guidance deals with these questions. See <\/span>https:\/\/minfin.cw\/wp-content\/uploads\/2024\/06\/FATCA-CRS-Guidance-EN-amended.pdf<\/span><\/a><\/p>\n

For more information, please send us an e-mail: info.aeoi@gobiernu.cw<\/a><\/span>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column width=”1\/3″][vc_custom_heading text=”Subpages” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes” src=”“\/wp-content\/themes\/betheme-child\/images\/title-down-arrow.png“” width=”“10“” height=”“12“\/” el_class=”left-sidebar-title”][vc_wp_custommenu nav_menu=”280″ el_class=”sidebar-menu”][\/vc_column][vc_column width=”2\/3″][vc_custom_heading text=”FATCA\/CRS” use_theme_fonts=”yes”][vc_column_text el_class=”esm-content”]The OECD was commissioned by the Finance Ministers of the G20 to [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_crdt_document":"","footnotes":""},"class_list":["post-5651","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/minfin.cw\/en\/wp-json\/wp\/v2\/pages\/5651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/minfin.cw\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/minfin.cw\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/minfin.cw\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/minfin.cw\/en\/wp-json\/wp\/v2\/comments?post=5651"}],"version-history":[{"count":13,"href":"https:\/\/minfin.cw\/en\/wp-json\/wp\/v2\/pages\/5651\/revisions"}],"predecessor-version":[{"id":6550,"href":"https:\/\/minfin.cw\/en\/wp-json\/wp\/v2\/pages\/5651\/revisions\/6550"}],"wp:attachment":[{"href":"https:\/\/minfin.cw\/en\/wp-json\/wp\/v2\/media?parent=5651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}