Common Reporting Standard (CRS)

What information will be reported to tax authorities?

The information reported to the Belgian tax authorities will have been provided in the self-certification form and details the accounts and products you have with us, such as your account number(s) and their respective balances and the income. The Belgian tax authorities will then report these details to the tax authority of the country or countries where the account holder is fiscal resident. If you are a new client to MeDirect, you will be asked to provide this information at the account opening stage.

What is CRS?

The Common Reporting Standard (CRS) is a regulation applicable to financial institutions and its customers, obliging financial institutions to collect and report required information on tax residents in participating countries. CRS is applicable as of the 1st of January 2016.

Who is reportable?

Under the CRS the bank is required to identify customers who appear to be tax resident outside of Belgium in one or more countries. To be able to open an account with MeDirect you are required to be a Belgium tax resident. If you are also tax resident in other countries, you are required to inform us of the country and your Fiscal Identification number (FIN). Customers that don’t provide the required documentation when requested, will be reported by MeDirect to the Belgian tax authorities.

How is my tax residence defined?

This depends on where you live and your personal circumstances. We ask you to contact a professional tax advisor or check the Automatic Exchange of Information (AEOI) website for more information. MeDirect doesn’t offer tax advice.

How often will I need to provide this information?

Once we have received a valid self-certification you will only be asked to complete another form if you update certain information in your file or when we believe your reportable status may have changed. This may be indicated by: Your residence address being outside of Belgium Your telephone number(s) being outside of Belgium