The CRS, the "Common Reporting Standard," was developed at the international level by the OECD with the G20 countries in close cooperation with the EU. The national implementation took place through the Financial Account Information Exchange Act (FKAustG).
The CRS serves the purpose of combating cross-border tax evasion and a lack of tax discipline.
Solarisbank AG, as your account-holding financial institution at Penta, is obliged to check its existing and new customers for their foreign tax residency.
Therefore it is necessary to enter your CRS-relevant data in the account.
If you are tax resident in a CRS partner state, the bank will classify you as a declarant for that state.
If your tax residency status changes, you are required to notify us of this change within 30 days.