CRS

CRS (Common Reporting Standard) — the OECD’s automatic exchange regime: financial institutions in 120+ jurisdictions report foreign account holders’ balances and income to their home tax authorities, annually, by default. Singapore, HK, and the UAE already report; the Philippines is committed to first exchanges around 2027. The operational meaning: any offshore account will be visible to the BIR by default — so offshore structure buys asset protection, currency custody, and succession declared, or it buys a growing criminal exposure with your name pre-attached to next year’s file.

First used in: 5.6 · Going global, legally