The Common Reporting Standard (CRS) is an important international framework that impacts how we collect and report financial information. These FAQs aim to clarify CRS, how it affects you as a member, and the role of Self-Certification Forms in determining and reporting your tax residency status. We’ll guide you through what you need to know and the steps you should take to stay compliant. 


Frequently Asked Questions

Get answers to common questions about Common Reporting standard (CRS) and our self-certification forms.

  • The Common Reporting Standard (CRS) is the global equivalent of the Foreign Account Tax Compliance Act (FATCA), developed by the Organization for Economic Co-operation and Development (OECD). 

    Approved in 2014, CRS sets guidelines for automatically exchanging financial account information between jurisdictions. It specifies: 

    • The financial account information to be exchanged. 

    • The financial institutions required to report. 

    • The types of accounts and taxpayers covered. 

    • The due diligence procedures financial institutions must follow. 

    In Barbados, CRS is enforced under the Income Tax (Automatic Exchange of Information) Regulations, 2017, part of domestic legislation. AffinityPlus Credit Union must collect and report specific information about account holders' tax residency to the Barbados Revenue Authority (BRA). 

  • A Self-Certification Form is a document that financial institutions, such as AffinityPlus Credit Union, use to collect information about an account holder’s tax residency. 

    This form helps determine whether an account holder’s financial information needs to be reported to the Barbados Revenue Authority (BRA) and potentially shared with tax authorities in other jurisdictions under CRS regulations. 

  • The Entity Self-Certification Form collects tax residency information from non-individual account holders, such as businesses, trusts, or other entities. 

    A representative of the entity must complete this form, providing details such as: 

    • The entity’s tax residency. 

    • Whether the entity is an active or passive Non-Financial Entity (NFE). 
      If the entity is classified as a "Passive NFE," additional information is required for each controlling person (see below). 

  • The Controlling Person Self-Certification Form is used to collect tax residency information about individuals who have control over a "Passive NFE" (Non-Financial Entity). 

    A controlling person may include: 

    • Owners or shareholders of a business. 

    • Trustees of a trust. 

    • Beneficiaries of an entity. 

    Each controlling person is required to provide their tax residency details using this form. 

  • We collect information using the Self-Certification Forms to comply with CRS regulations. These forms help us determine our members' tax residency, ensuring compliance with CRS requirements. 

  • Yes, all new members, whether individuals, sole traders, or entities, must complete the applicable Self-Certification Form

  •  Each account holder must complete an Individual Self-Certification Form

  • If completing a form on behalf of someone else (Authorized Representatives), must indicate their capacity (e.g., power of attorney). 

  • Yes, a legal parent/guardian should complete the form on behalf of the junior member. 

  • If you don’t complete the required Self-Certification Form, the Credit Union may be unable to fulfill its legal obligation to report your financial information to the Barbados Revenue Authority (BRA). Non-completion may also result in your account being classified under certain default reporting rules, which could have serious implications for your financial dealings. It’s important to complete the form as soon as possible. 

  • If there is a change in your tax residency or any other relevant information provided in the Self-Certification Form (e.g., change of name or address), you must inform the Credit Union and update the form. 

    We rely on accurate information to comply with CRS regulations, so keeping your details current is essential. 

  • A "Passive NFE" (Non-Financial Entity) refers to a business or entity that does not primarily engage in active financial operations, such as investing or managing capital. 

    If your business generates more than 50% of its income from passive activities (e.g., investments or property), it may be classified as a Passive NFE. If you're unsure whether your business qualifies, you should seek advice from an independent tax advisor. 

  • If you make an error on your Self-Certification Form, correcting it as soon as possible is important. Errors or omissions may result in the Credit Union having inaccurate information about your tax residency, which could affect the reporting of your financial account. 

    If you realize you’ve made a mistake, please notify the Credit Union and submit a corrected form. 

  • The forms remain valid unless circumstances change that affect the information provided (e.g., a change in tax residency or other mandatory details). If this occurs, members must update their Self-Certification Form and notify the Credit Union. 

  • If your tax residence is outside Barbados, the Credit Union may be legally required to share your financial account information with the Barbados Revenue Authority (BRA). The BRA can then exchange this information with tax authorities in other jurisdictions under intergovernmental agreements. 

  • You can collect the Self-Certification Forms from any of our branches or download them here: 


Self-Certification Forms