Barbados: Guidance on implementation of amended CRS
The CRS has been primarily amended to expand the scope to include cryptocurrencies and strengthen due diligence requirements.
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August 11, 2025
The Barbados Revenue Authority (BRA) on June 24, 2025, through its Global Relations Unit, conducted an information session outlining Barbados’s approach to implementing the amended common reporting standard (CRS). These changes are aligned with the CRS amendments adopted by the OECD in August 2022.
The CRS has been primarily amended to:
- Expand the scope to include digital financial and electronic money products, such as cryptocurrencies and Central Bank Digital Currencies (CBDC), while minimizing duplicative reporting through alignment with the cryptoasset reporting framework (CARF).
- Strengthen due diligence requirements, expand the reporting requirements, and broaden the scope for institutions presided over by CRS, to enhance the reporting outcomes.
The scope of the CRS has been expanded as follows:
- Electronic money accounts are now reportable under the CRS.
- The scope of the depository institution has been expanded to include entities that hold specified electronic money products or CBDC’s of customers.
- The scope of an investment entity has been expanded to include entities that are investing, administering, or managing relevant cryptoassets on behalf of others.
- The BRA is considering introducing an optional classification of “Non-Reporting FI” for charities.
- Foundation and capital contribution accounts will be treated as “Excluded Accounts.”
Enhanced reporting requirements
Reporting financial institutions must now:
- Distinguish between new and pre-existing accounts when reporting
- Disclose whether a valid self-certification has been obtained
- Indicate whether accounts are individually or jointly held and specify the number of joint holders
- Identify and disclose the role of each controlling person of entity accounts, distinguishing between beneficiaries and those with managerial responsibilities (e.g., Trustees, protectors, and senior management officials)
- Report the type of financial account, such as depository accounts, custodial accounts, equity and debt interests, or cash value insurance contracts, to enable tax administrators to better assess the financial investments held by the reportable person
Read an August 2025 report prepared by the KPMG member firm in Barbados