Common Reporting Standard

Isle of Man Bank reviews its customers reporting status (including tax residency) and reports annually to local tax authorities. The term 'resident' will differ for each tax jurisdiction.

How we classify you will not affect your day-to-day banking service, but will help us identify customers whose account details may need to be shared with the appropriate tax authority.

If you're an existing Isle of Man Bank customer, you may need to provide specific declarations, in order to apply the right CRS classification to your account(s). If we need more information we'll write to our customers.

If you are considered a resident of a country participating in the Common Reporting Standard on Automatic Exchange of Information you may be asked to provide Isle of Man Bank with additional information or documentation. We will also have to report information about you and your account(s) to the local tax authority each year.

The Common Reporting Standard will have minimal impact on most customers, who won't have to take any action. However, we may still contact you to confirm your status as a resident of your bank's tax jurisdiction.

To find out more you can either visit The Organisation for Economic Co-operation and Development website or your local tax authority website.