On 20 June 2017, the Cyprus Tax Department published guidance notes in relation to Automatic Exchange of Financial Account Information (the Notes). The Notes provide up to date guidance on important issues related to the different reporting regimes.
Legislation related to automatic exchange of financial account information in Cyprus falls under three different regimes: the Cyprus – United States FATCA Model 1A Agreement, the OECD Common Reporting Standard (CRS), and the Mutual Assistance Directive (the Directive). The Notes cover all reporting regimes, while focusing mainly on the Directive and the CRS and highlighting the differences with FATCA.
The Tax Department stresses that the Notes are supplemental to the OECD Commentaries on the CRS and the Model Competent Authority Agreement, which should always form the first point of reference for any required guidelines.