CRS

The implementation of CRS requirements in Romania - General Information

 

Information to CRS relevant customers

 

What is CRS?

CRS (Common Reporting Standard) is a global standard for automatic exchange of information between fiscal authorities from member states within the European Union, imposed by Directive CE/2014/107/EU and transposed in the national legislation within the Fiscal Code.  

 

What is the aim of CRS?

CRS aims to prevent tax evasion by using accounts opened at financial institutions abroad or by using offshore financial instruments.  Thus, every state which has adhered to this standard will have a transparent image of the financial assets held by its own citizens abroad. 

According to CRS requirements, the financial institutions in Romania must report to the fiscal authority, more specific to N.A.F.A., the financial accounts of the clients who have a fiscal residency in another state/also in another state, other than Romania. N.A.F.A. will report the information to the fiscal authority from the state(s) where the client has the fiscal residency (residencies).

 

Since when does CRS apply?

CRS requirements apply starting with 1st January 2016.

 

To whom applies CRS requirements?

CRS requirements apply to all non-resident customers (individuals or legal entities controlled by non-resident citizens) holders of accounts in financial institutions in Romania.

The information which may determine the classification of a client as reportable to N.A.F.A., according to CRS:

For individuals:

  • Citizenship or permanent residency is in another Member State, other than Romania,
  • Place of birth is in another Member State, other than Romania,
  • Current address (domicile, residence, mailing address) is in another Member State, other than Romania,
  • A phone number from another Member State, other than Romania,
  • A power of attorney or signature authorization granted to a person with an address (domicile, residence, mailing address) from another Member State, other than Romania,
  • Standing instructions to transfer funds from one Bancpost account to an account from another Member State, other than Romania.

For legal entities:

  • Residency in a Member State, other than Romania (registration place or any other address in a Member State – correspondence address or outlet)
  • Person/ persons identified as real beneficiaries of the legal entity present one or more than one of the information mentioned above for individuals.

 

When are you considered a reportable person to N.A.F.A., according to CRS?

The identification of some of the information mentioned above will not lead to immediate classification as reportable person but it will be necessary to confirm the information by submitting a document at the bank's request within a reasonable time frame communicated also by the bank.

 

What forms need to be filled in by the non-resident customers of the Bank?

This form is exclusively used by individuals ( account holder, empowered, legal representative, real beneficiary of private individuals). 

This form is exclusively used by legal entities  (to be filled in also by  the real beneficiaries of the accounts and transactions of the legal entities). 

 

Is Bancpost more stringent in applying CRS requirements than other banks?

No. CRS requirements apply to all financial institutions and other financial intermediaries in Romania.

 

Intends Bancpost not to accept non-resident customers because of CRS requirements?

Non-resident persons are and will continue to be welcomed at Bancpost as long as they agree to comply with CRS requirements.

 

I appreciate that the information from Bancpost database are not updated and I have no connection with another Member State other than Romania. What can I do to fix this situation?

In this case, you are welcomed in one