The implementation of the European Directive in the Portuguese law obligates the Financial Institutions to comply with the established principles. Banco Best adopted this regime on 01 st January 2016, date in which CRS was put into force in all signatory countries.
In compliance with CRS, Banco Best Customers holders of financial accounts that have one of the following characteristics:
- Individuals with fiscal address in any CRS signatory country.
- Non financial entities (active or passive) with fiscal address in any CRS signatory country.
- Passive Non financial entities with fiscal address in a CRS non-signatory country but with at least one of its effective beneficiaries with fiscal address in one CRS signatory country.
The following Customers are excluded from report within CRS scope:
- Individuals or Passive Non Financial entities with fiscal residence in a CRS non-signatory country.
- Passive Non financial entities with fiscal address in a CRS non-signatory country and without effective beneficiaries with fiscal address in one CRS signatory country.
Although with fiscal address in a CRS signatory country, the following entities are excluded from CRS scope:
- Listed entities or entities related to them.
- Government entities.
- International organisations.
- Central Banks.
- Financial Institutions.
- Other entities with low risk of tax evasion.
Note: "CRS signatory country" means all countries that have signed the regime except that of the Financial Institution that is reporting the information.
The CRS will have little impact on Banco Best Customers since most of those with a fiscal address outside Portugal were already being reported within the Savings Directive scope (revoked by the CRS regime, with a wider information scope to be reported).
Banco Best has already adjusted its account opening procedures so as to collect the necessary information in order to duly characterize its Customers with fiscal address outside Portugal.
Banco Best will also review all the information in its database in order to identify the Customers eligible of report within the CRS scope.