Jamaica

Common Reporting Standard (CRS)

As part of Jamaica's participation in the Global Forum on Transparency and Exchange of Information for Tax Purposes, the Island implemented the CRS under local law in December 2020. The CRS requires jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. The CRS sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as due diligence procedures to be followed by these financial institutions.