1. Covered accounts of overseas institutions: almost all overseas financial institutions, including banks, trusts, brokers, law firms, accounting firms, investors providing various financial investment products, and specific insurance institutions.

2. Information of insured assets: deposit account, custody account, cash or insurance contract of funds and annuity contract must be exchanged.

3. Personal information covered: Your account, account balance, name, date of birth, age, gender and place of residence must be exchanged.

2.20 18 came into effect on September 6th, that is to say, from September 6th, 20 18.

On the afternoon of September 6th, 1 1, the official website, 2065438, the government of the Hong Kong Special Administrative Region issued a press release, saying that the arrangement for automatic exchange of financial account information between the Mainland and Hong Kong (namely CRS, the standard for automatic exchange of financial tax-related information) came into effect on September 6th, 20 18.

Extended data

The influence of CRS era on the assets of high net worth people

According to the Beijing News, the concept of CRS originally came from the American Overseas Account Tax Compliance Act (FATCA, also known as the "Fat Cat Act"). FATCA requires foreign financial institutions to report the information of American tax resident accounts to the IRS. The purpose is to find out the offshore real estate information of American taxpayers.

CRS can be regarded as the global version of FATCA, that is, the exchange of tax information between countries in the world, which is convenient for countries to know the personal financial assets information of taxpayers in this country.

The first people affected by CRS are China tax residents who hold overseas financial accounts. These accounts include deposit accounts, custody accounts (including securities, futures and wealth management products, funds, trust plans, special account/collective asset management plans) and other accounts (including cash value, equity or creditor's rights of insurance contracts or annuity contracts of investment institutions).

Especially for high-net-worth individuals, the above-mentioned information about financial assets held abroad will be provided to the domestic tax regulatory authorities, and CRS has uncovered their "protective cover" of overseas wealth.

In this sense, people who go to China, Hongkong or other places to buy insurance to avoid taxes may have miscalculated. In fact, the cooling began last year. According to the data of the Hong Kong Insurance Regulatory Bureau, the premiums of new policies made by mainland tourists decreased by 30. 1% in 20 17 compared with 20 16. According to market analysis, CRS is one of the main reasons for data "cooling down".

Phoenix. The com-CRS information exchange between China and Hongkong will take effect for the first time this month.

Phoenix. Com- Q&A: With the advent of CRS era, what assets are targeted at high net worth people?

Baidu encyclopedia -CRS