Classify institutions and accounts first
Determine whether the entity is a custodial or depository institution, investment entity, specified insurer or NFE, and whether a non-reporting category or excluded account applies. Due diligence determines account-holder tax residences and, for passive NFEs, controlling-person residences. Trust controlling persons include settlors, trustees, protectors and beneficiaries under the prescribed rules, not only persons exercising voting control.2027 expands specified electronic-money, CBDC and relevant crypto-asset coverage.
Register and file on the right timetable
An entity becoming reporting SGFI generally registers by 31 March of the next year and reports by 31 May for the preceding calendar year, including a nil return when no reportable accounts. Adviser-only and specified cross-border-residence exceptions have conditions; trustee-documented trusts use trustee reporting arrangements. The revised CRS begins 2027 with first exchange September 2028, adding self-certification, role and account-type fields. Keep current obligations and future transition concessions separate.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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