Exchange of financial information
The Common Reporting Standard Act (Gemeinsamer Meldestandard-Gesetz; GMSG) has been in force since 1 January 2016. This law is the Austrian implementation of Council Directive 2014/107/EU, an EU directive on the exchange of financial information that originated in the OECD standard for the automatic exchange of financial information, the Common Reporting Standard.
The goal of the Common Reporting Standard is to establish the exchange of information between the participating countries and thus ensure the tax compliance of persons who are resident for tax purposes in CRS countries and own assets abroad. At the beginning of 2016, more than 50 countries were signatories as so-called early adopters. Now, over 100 countries take part in the international exchange of information.
This legal regulation requires all Austrian financial institutions to obtain a CRS-self‑certification from all customers in order to document their tax residence(s) and corresponding Taxpayer Identification Number(s)/TINs) for customers who are resident or domiciled in CRS jurisdictions. This allows the institution to determine whether, and in which CRS country, an account or transaction must be reported. It also ensures that reports are not submitted to countries in which the customer is not tax resident.
What does tax residence mean?
Persons are generally subject to unlimited taxation (of the worldwide income) in the country of tax residence. In cases of doubt, a tax advisor must be consulted to determine one’s tax residence(s).
Tax residence is generally determined according to the laws of the relevant country. Indicators include factors such as an individual’s primary residence, habitual abode, or centre of vital interests, or - in the case of legal entities — the registered office or place of effective management.
As a rule, a person or entity is subject to unlimited tax liability (on worldwide income) in the country in which they are considered tax resident.
If you are uncertain about your tax residence, please contact your tax advisor. The bank advisors at UniCredit Bank Austria are not permitted to provide advice about tax matters.
You can also get help from the advisory centres of the Tax Authority Austria or the OECD’s online portal: Rules governing tax residence
How often is CRS reporting carried out?
The reportable data are transmitted annually to the Federal Ministry of Finance (BMF), which subsequently conducts the exchange of information with the participating countries.
The countries with which Austria exchanges data are determined each year by means of a regulation. This regulation can be found in the Austrian Legal Information System (RIS) as the Regulation of the Federal Minister of Finance pursuant to § 91 item 2 GMSG on the list of participating jurisdictions.
Which data are reported and who is affected?
The reportable data include:
- Name and address of the account holder(s)
- Country/countries of residence and Taxpayer Identification Number(s) (TIN)
- Date and place of birth
- Validity status of the CRS self‑certification
- For passive entities: reportable data and role(s) of the controlling person(s) and status of their CRS self‑certification
- Account/securities account number(s)
- Account balance(s) and securities account value(s) at the end of the relevant calendar year or reporting period
- Gross income and revenue
- Type of account (e.g., deposit account or custody account)
- Account status (new account or preexisting account)
- Number of all account holders in the case of joint accounts
All customers who are tax resident in a CRS participating jurisdiction are affected by the mandatory annual reports. This includes individuals, entities, and— in the case of passive entities — their controlling persons.
Customers have the right to request information about the personal data reported under the CRS in accordance with Article 15 of the GDPR.
What does the Common Reporting Standard mean for me as a customer?
Submitting a complete, accurate, and duly signed CRS self‑certification is mandatory for all customers who open a new business relationship after 1 October 2016. In the case of passive entities, a complete and signed declaration of beneficial ownership is also required.
Based on the information provided in the CRS self‑certification, reporting is carried out to the CRS‑participating jurisdictions in which the customer is tax resident.
If no complete CRS self‑certification is available for existing customers without a new business relationship, and if legally required due‑diligence checks of existing customer data indicate a connection to one or more CRS‑participating jurisdictions, the relevant accounts must be reported to those jurisdictions.
As a private individual with an online banking agreement, you can conveniently enter your data directly via 24YOU:
› Red menu bar on the right side of the page – MY 24YOU › Tick the User profile › Scroll to the end of the page › Select Change tax domicile › Fill out the Self-certification Form for Retail Customers yourself and confirm it via TAN.
In all other cases, please directly contact your advisor in the branch.
When must a CRS self‑certification be renewed?
In principle, a self‑certification is required once for each customer.
If a change in tax residency occurs — for example due to a change of address to another country — an updated self‑certification must be submitted within 90 days, and the elimination of tax residency in the previous country must be documented (e.g. with a de-registration certificate).
Otherwise, reportable accounts must continue to be reported to all participating jurisdictions indicated previously.
In the case of passive entities, an updated declaration of beneficial ownership must also be submitted if there are any changes in the controlling persons.
What happens if I do not declare my tax residence?
Under § 5a GMSG, account holders are obliged to provide reporting financial institutions with all documents and information required for fulfilling reporting and due‑diligence obligations upon request, as well as to provide correct and complete information in the event of any change in circumstances.
A violation of this obligation to cooperate may result in an administrative fine of up to EUR 5,000.
Without a complete, plausible, and signed CRS self‑certification, it is not permitted to open any new accounts — neither for existing customers nor for new customers.
Links & Downloads
CRS: The most important facts at a glance CRS: The most important facts at a glance (PDF)
Current version of GMSG (federal law) – only in German Current version of GMSG (federal law) – only in German
OECD – International standards on tax transparency
OECD - Convention on mutual administrative assistance in tax matters
Bank Austria documents:
CRS Self Certification (PDF)
Glossary
An active entity generates the majority of its gross income (> 50%) via income from the real economy (e.g. income from the production or sale of goods and/or services).
A controlling person is a natural person who exercises control over a legal person/entity that is the holder of an account. In Austria, this is generally interpreted in line with the anti-money laundering/know your customer regulations.
The reporting duty pertains to all customers (natural persons, legal entities, and controlling persons in the case of passive entities) who are resident for tax purposes in a country that participates in the CRS and are not legally excluded from the definition of a reportable person.
A passive entity generates more than 50% of its gross income and/or assets via passive sources (e.g. interest, dividends, rent, licensing fees from investments).
Passive entities must disclose whether they have controlling persons and in what countries these controlling persons are resident for tax purposes. The accounts are reported to all countries participating in the CRS in which the entity itself or the controlling person(s) is/are resident for tax purposes.
TIN stands for Taxpayer Identification Number. Not every country issues a TIN. Additional information can be found in the external links (→ OECD – Information about Taxpayer Identification Numbers [TINs] in Various CRS Countries)
