Common Reporting Standard (CRS) explained – Saxo A/S Help center

This article explains why Saxo asks you to complete a CRS self-certification form and how to approach the form if you are unfamiliar with the Common Reporting Standard. CRS is a global framework that helps tax authorities exchange information about financial accounts held by persons who may be tax resident in another country. By providing accurate CRS information, you help ensure that Saxo can meet its legal obligations and support international efforts to improve tax transparency and reduce tax evasion.

Important

Saxo does not provide tax advice. We cannot tell you where you are tax resident, which classification applies to your entity, or how to complete the form in your specific situation. If you are unsure, please contact an external tax adviser.

This article covers the following topics:

What CRS means
Why Saxo requests CRS information
Information to be provided
CRS self-certification forms
Best practices for individuals
Best practices for entities
Key CRS terms

What CRS means

CRS stands for the Common Reporting Standard. It was introduced to make it harder for individuals or entities to hide financial accounts from tax authorities by holding them in another country. Financial institutions such as Saxo are required to collect CRS information from clients and, where relevant, report account information to the appropriate tax authorities.

For further information please refer to the OECD Consolidated text of the Common Reporting Standard (2025) | OECD.

Why Saxo requests CRS information

Saxo is required by law to collect information about your tax residency and, where applicable, report certain account information to relevant tax authorities under the Common Reporting Standard (CRS). We therefore require this information when you open an account with us.

Each account holder must complete and submit their own CRS Self-Certification form. For joint accounts, all account holders are required to provide a separate form.

To ensure that the information we report remains accurate and up to date, we may periodically ask you to confirm or update the information we have on file.

You must also inform us within 30 days if there is a change in your circumstances, such as a change in tax residency, entity classification, ownership structure, or other relevant tax-related information. In such cases, we may request an updated CRS Self-Certification form and supporting documentation.

If you do not provide the requested information within the specified timeframe, Saxo may report your account based on the information available to us and take any additional actions required under applicable laws and regulations.

Information to be provided

The CRS Self-Certification form contains information about the account holder, including their tax residence(s) and Tax Identification Number(s) (TINs), where applicable.

For entity account holders, the form must also include the entity's CRS classification. Depending on the entity classification, one or more self-certification forms may be required from the entity's controlling person(s) to determine their tax residency status.

All information provided in the self-certification must be complete, accurate, and validated by the account holder or an authorized representative through a signed declaration.

CRS self-certification forms

Individuals

CRS Individual self-certification form

Entities

CRS Entity self-certification form

Best practices for individuals

Check your tax residency+

Before completing the individual CRS self-certification form, consider where you are tax resident under local tax rules. You may be tax resident in more than one country. Saxo cannot determine your tax residency for you.

Provide your Tax Identification Number where available+

A Tax Identification Number (TIN) is used by a country to identify you for tax purposes. If you are tax resident in more than one country, provide the TIN for each country where available.

Use the correct reason if you do not have a TIN+

If you do not have a TIN, you need to provide a reason. For example, the country may not issue TINs, you may be unable to obtain one, or a TIN may not be required for disclosure. The exact reason must reflect your own situation.

Keep your information up to date+

If your tax information changes, for example because you move to another country or your tax residency changes, you must notify Saxo and provide an updated self-certification form within the required timeframe.

Best practices for entities

Identify the entity’s tax residency+

Entities should determine where they are tax resident under the applicable local tax rules. This may depend on the place of incorporation, management, control, or other local criteria.

Choose the CRS classification carefully+

Entities must identify their CRS classification, such as Financial Institution, Active NFE, or Passive NFE. Saxo cannot decide the classification for you. If the classification is unclear, please contact an external tax adviser.

What is a Financial Institution?+

A Financial Institution is generally an entity that carries out certain financial activities. This may include banks, custodians, investment entities, certain insurance companies, or entities managed by financial institutions. The exact CRS definition depends on the rules that apply to the entity.

What is a NFE?+

NFE means Non-Financial Entity. In simple terms, it is an entity that is not classified as a Financial Institution under CRS.

What is an Active NFE?+

An Active NFE is a Non-Financial Entity that meets one of the CRS active criteria. For example, it may mainly carry out an active trade or business, be publicly listed, be a government entity, be a non-profit organization, or meet another CRS active category.

What is a Passive NFE?+

A Passive NFE is generally an NFE that does not meet the criteria to be an Active NFE. Some investment entities in non-participating jurisdictions may also be treated as Passive NFEs under CRS.

What is a controlling person?+

A controlling person is a natural person who ultimately owns or controls an entity. This may be through ownership, voting rights, other control, or, where no such person is identified, a senior managing official. The relevant test depends on the local CRS rules and the entity’s circumstances.

Identify controlling persons where required+

If the entity is classified as a Passive NFE, Saxo needs CRS self-certification information for each relevant controlling person to determine their tax residency.

What is a GIIN?+

A GIIN (Global Intermediary Identification Number) is a unique identification number issued by the US Internal Revenue Service (IRS) to certain Financial Institutions and other entities that register under FATCA. Although a GIIN is a FATCA concept rather than a CRS requirement, some entities may be asked to provide their GIIN as part of the CRS self-certification process.

Key CRS terms

Term	Explanation
Account holder	The person or entity that owns or holds the account.
CRS self-certification	A form where the client confirms tax residency and other CRS information.
Reportable account	An account that may need to be reported to tax authorities under CRS.
Reportable jurisdiction	A jurisdiction for which there is an obligation to report financial account information under applicable CRS rules.
TIN	A Tax Identification Number used to identify a person or entity for tax purposes.
Tax residency	The country or countries where a person or entity is treated as resident for tax purposes.