This article explains what global financial reporting standards HNWIs must comply with and how to stay on the right side of regulation.
The Two Giants: CRS vs. FATCA
What is CRS?
The Common Reporting Standard (CRS) is a global agreement among 100+ countries to share financial account info.
What is FATCA?
FATCA is a U.S. law requiring foreign institutions to report accounts held by U.S. citizens.
Key Implications for HNWIs
Opening an account in Singapore, BVI, or UAE will involve disclosure under one or both of these regimes.
FAQ
Q1: What happens if I fail to comply?
A: Account closure, penalties, or tax audits are common consequences.
Q2: Does CRS apply to trusts?
A: Yes—especially if the trust holds bankable assets.
User Comments
FinanceNomad: “Compliance fatigue is real, but this clarified a lot.”
LindaFAM: “I was unaware that my kids' trust in Jersey was reportable.”
Editor’s Note
Transparency is no longer optional. Modern wealth strategy must start with compliance.
Tags: #CRS #FATCA #OffshoreCompliance #HNWITax
What is CRS?
The Common Reporting Standard (CRS) is a global agreement among 100+ countries to share financial account info.