Automatic Exchange of Information (AEoI)
Automatic Exchange of Information (“AEoI”) which came into force on 1st January 2016, aims to promote tax transparency and prevent tax evasion. AEoI is based on the OECD Common Reporting Standard (“CRS”) and the EU Directive on Administrative Cooperation in Tax Matters (“DAC”).
AEoI requires all financial institutions, such as Lombard International Assurance, to report information on policies held by foreign account holders* to the local tax authorities on an annual basis who, in turn, will exchange this information with the tax authorities of the country where the account holder is a tax resident.
In order to obtain the required information, the Self-Certification Forms below have been developed.
- Select Self-Certification Form for Individuals if you are an individual account holder.
- Select Self-Certification Form for Entities if you represent an Entity account holder. If you have indicated on the Self-Certification form for Entities that you are a Passive NFE or an Investment Entity located in a Non-Participating Jurisdiction managed by another Financial Institution (FI –Investment entity 6b), please also complete the Self-Certification form for Controlling persons**. The Self-certification Form for Controlling Persons is required for each person as indicated in part 2, no. 2 of the ‘Self-Certification Form for Entities’.
- Select the Self-Certification Form for Trusts if you represent a Trust account holder.
More details on acceptable tax identification numbers (TINs) or TIN equivalents to be provided within the forms can be found on the OECD website by selecting your country(ies) of tax residence.
Please do not hesitate to contact your usual Lombard International Assurance Partner & Client Services representative for any questions or clarifications.
* An “account holder” under CRS/FATCA is defined as any natural person or entity that is entitled to access the cash value or change a beneficiary of a policy. An account holder, can be a policyholder (PH), cession holder (CH) (except if they have renounced both the right to access the cash value and to change the beneficiaries), pledgee, assignee or trust.
** A “controlling person” under CRS/FATCA is a natural person who exercises control over an entity or trust. In the context of a trust the settlor(s), trustee(s), protector(s) (if any), beneficiary(ies) or class(es) of beneficiaries, and any other natural person(s) exercising ultimate effective control over the trust are “controlling persons” under the CRS/FATCA.