The Automatic Exchange of Information (AEoI) allows governments to exchange information through tax authorities in certain countries. This legislation is known as the Common Reporting Standard (CRS) and has been adopted in order to create tax transparency worldwide. To date, more than 100 countries, including the UK, Islands (Jersey, Guernsey, Isle of Man) and Gibraltar, have committed to adopting the CRS.
To comply with the CRS, participating countries must obtain certain customer information from their Financial Institutions and exchange that information on an annual basis with other participating countries.
For a list on which countries are participating, please click here.