Tax authorities share financial account information and help prevent and detect tax evasion through the Automatic Exchange of Information (AEOI) under the Common Reporting Standard (CRS).
What the CRS is
The CRS is a global framework for the collection, reporting, and exchange of financial account information about people and entities investing outside of their tax residence jurisdiction.
New Zealand is 1 of many jurisdictions that has committed to using the CRS. It has applied in New Zealand from 1 July 2017.
CRS was modelled on the Foreign Account Tax Compliance Act (FATCA) introduced globally by the United States of America during 2014, but there are significant differences between the 2 schemes.
Find out more about FATCA.
Foreign Account Tax Compliance Act (FATCA)
Who the CRS applies to
The CRS applies to:
- financial institutions
- account holders
- certain other people who control accounts.
Exchange of information between countries
If you’re a foreign tax resident holding (and, in certain circumstances, controlling) an account with a New Zealand financial institution, certain information about you may be collected and provided to us. This includes:
- your identity details - name, address, tax identification number (TIN), date of birth
- financial account information - account balance, income and payment information
- other prescribed information.
If New Zealand has an AEOI exchange agreement with your jurisdiction of tax residence, we will send this information to the tax authority in that jurisdiction. This applies whether you are currently living in or outside of New Zealand.
If you’re a New Zealand tax resident with financial accounts in any of the participating jurisdictions, this information may be shared with us.
Your information is protected
We will handle all information reported under the CRS in the strictest confidence as will the foreign tax authorities. Domestic laws, administrative practices and binding international treaties protect your information.
Which jurisdictions are involved
Download the OECD list of over 100 jurisdictions committed to implementing the CRS.
Status of commitments for the Automatic Exchange of Financial Account Information (AEOI) (oecd.org)
Changes to the CRS from 1 April 2026
From 1 April 2026, the CRS changed to:
- include some digital financial products and indirect investments in relevant crypto-assets
- expand definitions for financial institutions covered by the CRS
- strengthen due diligence and reporting requiring more contextual information about account holders, controlling persons, and their financial accounts.
How we use this information
New Zealand receives information about New Zealand tax residents' offshore investments. This information helps us verify these people have paid the correct tax on their offshore investments.
We may also use information collected from Reporting New Zealand financial institutions (Reporting NZFIs) under the CRS for other purposes. We will only use this information for matters that are consistent with our statutory role and obligations.
Penalties for account holders and controlling persons
Penalties may apply if:
- you provide false, incomplete or misleading information
- you fail to provide information
- there is a change to the information you provided, and you do not update it when required.
We can apply civil penalties of $1,000 for each offence. Criminal penalties may also be applied by the courts for offences where you knowingly fail to meet your obligations. These penalties apply for the purposes of both CRS and FATCA.
Penalties for financial institutions
Penalties can apply if you do not comply with CRS due diligence and reporting obligations, including recordkeeping. This includes escalating thresholds of civil penalties and criminal penalties for knowledge-based offences.
OECD information
The CRS and a comprehensive commentary along with other information about AEOI are available on the OECD's website.