In February 2014 G20 endorses new OECD Standard (Common Reporting Standard, CRS) for automatic exchange of tax information
Accordingly, countries will be able to receive reports on their resident (as legal as physical persons) foreign incomes not by request as it was until now, but automatically. This is about following up the transactions on accounts where average balance exceeds $250 000 and making banks and other financial institutions be obliged to identify the actual beneficiaries of assets. This new Standard is to be completely implemented until the end of 2015. The document is quite similar to American FATCA (Foreign Account Tax Compliance Act). More than 40 countries, including offshores and “half-ofshores” like Luxembourg, Liechtenstein, Bermuda and the Cayman Islands, etc. have already committed to early adoption of the Standard. Companies incorporated in Seychelles are not included in this agreement as the country has shown no willingness to sign up.