Barbados: CRS guidance on reporting of undocumented accounts
Clarifications for determining whether an account is undocumented (lower value and high value accounts) under the common reporting standard
Clarifications for determining whether an account is undocumented under CRS
The Barbados Revenue Authority (BRA) issued Guidance Note OGC No.07/2023, containing clarifications for determining whether an account is undocumented (lower value and high value accounts) under the common reporting standard (CRS).
- Per the CRS, an account is considered as undocumented when reporting Barbados financial institutions are unable to obtain a valid self-certificate and maintains a pre-existing individual account with solely a hold-mail or in-care of address in a reportable jurisdiction with no other CRS indicia found through electronic or paper search.
- Per Regulation 10(4) of the Income Tax (Automatic Exchange of Information) Regulations 2017, a lower value account is a pre-existing individual account with a balance or value that does not exceed U.S. $1 million as of 30 June 2017.
- Per Regulation 10(4) of the Income Tax (Automatic Exchange of Information) Regulations 2017, a high value account is a preexisting individual account with a balance or value exceeding U.S. $1 million as of 30 June 2017 or 31 December 2017, or December 31 of any subsequent calendar year.
All undocumented accounts should be included in the CRS reports submitted to the Authority on an annual basis. The BRA advises reporting Barbados financial institutions to contact the Global Relations unit at compauth@bra.gov.bb for any queries.
Read a December 2023 report [PDF 474 KB] prepared by the KPMG member firm in Barbados
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