CRS and Tax Disclosure
- We (or other companies in our group may be required to report certain information about you (or, if you are a corporate entity, about your direct and indirect owners and relevant officers or other persons defined by law, or, if you are a trust, about your trustees and beneficiaries, settlor, protectors, or other persons defined by law) and your relationship with us, including information about your accounts:
- to the tax authorities in Gibraltar, which may then pass that information to the tax authorities in another country where you may be subject to tax; or
- directly to the tax authorities in other countries (such as the UK and US) where we reasonably think or are required to presume you are subject to tax.
- Where we are required to report information about you and/or your relationship with us, including information about your accounts, this information includes (but is not limited to) the account number, the account balance or value, your name, address, country of residence and social security number or taxpayer identification number. In addition, we may need you to provide us with further information, documents or certifications about your identity, tax residence, nationality and status.
- If we are required to report information about your accounts, you agree that:
- you will provide additional information or documents we need from you and that confidentiality rights under applicable data protection, bank secrecy or similar laws will not apply to information we report or obtain from you to comply with our obligations;
- if you do not provide us with information or documents we need, we may be required by certain jurisdictions to;
- apply a withholding tax to amounts, including interest, we pay to you; or
- close your account; or
- transfer the account to an affiliate in another jurisdiction; and
- we will not be liable to you for any loss you may suffer as a result of our complying with legislation or agreements with tax authorities in accordance with this condition, unless that loss is caused by our gross negligence, wilful default or fraud
The Common Reporting Standards (CRS) legislation became effective 1 January 2016 in Gibraltar as a means to facilitate the automatic exchange of taxpayer’s information between countries. Under the CRS, Alvar is required to perform certain due diligence procedures and in particular is required to identify Reportable Accounts and to report those accounts, including information about the account holder to the Gibraltar Tax Authorities. The Gibraltar Tax Authority will then exchange that information with the tax authority of other jurisdictions.
In order to ensure your account is correctly classified for information reporting purposes we require you to provide your country of tax residence and tax identification number (TIN).
It is a regulatory requirement for Alvar to perform due diligence on each client and failure to provide any information requested in this Application Form could result in the reporting of Financial Account information and account balances that may not otherwise be reportable. In addition, undocumented accounts under CRS result in sanctions by government authorities, which could possibly result in the account being refused or closed.