An estimated 60,000 Greeks – as well as many more depositors in countries around the world – are worried about the introduction of the Common Reporting Standard (CRS), which goes into effect on January 1, 2017.
Once in force, the CRS will allow tax authorities in a number of countries to share the detailed data of bank accounts and other property assets held by their nationals in foreign countries. This means that the Greek tax authorities will be able to obtain a full account of the deposits and other assets held by Greek citizens on December 31, 2016, in dozens of countries, from the Netherlands, Germany, Luxembourg and Switzerland, to Singapore, Monaco, Panama and Hong Kong.
Greece is one of the 54 countries that will implement the CRS system as of next month, while another 47 countries will be added to the system from January 2018.
Of course, Greeks who have cash deposits abroad that are justified by their assets and fully taxed, have nothing to worry about. However, any money that is not justified is not only likely to entail a fine but may even vanish altogether, as the country’s creditors insist on the government imposing a 90 percent tax.