AUSTRIA: COMMON REPORTING STANDARD IMPLEMENTATION

Austria’s legislative implementation of the common reporting standard (CRS) requires the exchange of information beginning in 2018 (instead of 2017 as in most EU Member States).

DUE DILIGENCE

Austria has voluntarily agreed to apply the new financial account “due diligence” requirement for accounts opened on or after 1 October 2016, and it will exchange information from such new accounts in 2017 with other EU Member States and in 2018 with other CRS jurisdictions.

The due dates for application of the accounts “due diligence” measures for pre-existing accounts are:

• High-value accounts of individuals—31 December 2017
• All other pre-existing accounts—31 December 2018
  The law in Austria allows for voluntary application of a broader approach by Austrian financial institutions (that may determine residence in all countries for account holders, not just in participating jurisdictions).

Read a November 2015 report [PDF 68 KB] prepared by the KPMG member firm in Austria: KPMG REG Common Reporting Standard Alert