Gibraltar: CRS compliance program and voluntary disclosure opportunity
Voluntary disclosures allowed until July 31, 2025
The Income Tax Office on June 11, 2025, announced the launch of a compliance program to assess the application and effectiveness of the Common Reporting Standard (CRS) within Gibraltar's financial sector.
The initiative includes a mapping exercise to identify entities that qualify as reporting financial institutions but have not registered or fulfilled CRS obligations, along with onsite compliance reviews to assess adherence to due diligence and reporting requirements.
Institutions found non-compliant may face administrative penalties but the Income Tax Office is offering a limited voluntary disclosure window until July 31, 2025, for entities that have not registered or complied due to incorrect classification. Disclosures made in good faith will be considered in future compliance actions.