Saint Lucia: Updated CRS 2.0 guidance
The first reporting under CRS 2.0 is scheduled for July 2028.
The Inland Revenue Department (IRD) of Saint Lucia issued an updated version (v10) of its CRS guidance, reflecting the OECD’s 2022 amendments to CRS 2.0.
These amendments expand the scope of the existing framework to include specified electronic money products (SEMPs), central bank digital currencies (CBDCs), and indirect investments in cryptoassets through derivatives and investment vehicles.
The IRD has indicated that CRS 2.0 is scheduled to take effect in Saint Lucia’s domestic framework from January 1, 2027, subject to the enactment of the necessary domestic legislative amendments and the signing of the addendum to the CRS Multilateral Competent Authority Agreement (MCAA) in December 2026. The first reporting under CRS 2.0 is scheduled for July 2028.
The guidance also introduces a new glossary (Table 14 under Section 12.2), aligned with CRS 2.0, which incorporates certain new and revised terms relating to digital assets and other relevant areas.
The IRD further confirms that reporting financial institutions may engage third parties to fulfil their due diligence obligations, including the collection of self-certifications. However, regardless of any reliance on third parties for due diligence or record-keeping functions, reporting financial institutions remain ultimately responsible for ensuring compliance with CRS requirements.
Additionally, the updated guidance reflects the new interface of the IRD portal by incorporating revised diagrams and corresponding steps.
Read a June 2026 report prepared by the KPMG member firm in the Caribbean region