WILLEMSTAD – Financial institutions in Curaçao will soon face stricter reporting obligations on accounts held by non-residents. The Ministry of Finance explained the new requirements under the Common Reporting Standard (CRS) during a workshop on September 11.
The new rules require banks and other financial institutions to provide more detailed information about accounts belonging to individuals who do not reside on the island. Each institution must confirm that a valid self-certification form is on file for these accounts.
An additional requirement applies to accounts held by so-called Passive Non-Financial Entities (Passive NFEs). In these cases, financial institutions must also report the “controlling persons”—those with ownership, voting rights, or another form of significant influence over the entity. Passive NFEs are often used to hold assets such as dividends, rent, or interest, making them particularly relevant for identifying ultimate beneficial owners (UBOs).
Under international agreements such as CRS and FATCA, Curaçao is required to share this information with tax authorities to combat global tax evasion.
New and existing accounts
The ministry emphasized that institutions must indicate whether an account is new or pre-existing. For all new accounts, providing a Tax Identification Number (TIN) is mandatory for both account holders and controlling persons, and it must be included in the self-certification form at the time of opening.
Older accounts, opened before January 1, 2017, follow different rules. If the TIN number is missing, institutions are required to make “reasonable efforts” to obtain it. On Curaçao, the TIN is the CRIB number, while in the Netherlands it corresponds to the BSN for individuals or RSIN for companies.
GIIN number not sufficient
The Ministry also warned financial institutions not to rely solely on a Global Intermediary Identification Number (GIIN) as proof that an institution is exempt from reporting. A GIIN, issued by the U.S. Internal Revenue Service under FATCA rules, shows compliance with reporting obligations for American taxpayers but does not automatically mean an institution qualifies as non-reporting under CRS.
With these new requirements, Curaçao strengthens its compliance with international tax transparency standards, reinforcing its position as a responsible financial jurisdiction.
