Are Trusts covered under CRS?

Yes, Trusts are covered under CRS if they meet certain conditions. A Trust may be reportable if:

• It qualifies as a FI under CRS rules
• It holds financial accounts or assets that generate reportable income
• It has controlling persons (e.g. settlors, trustees, beneficiaries) who are tac residents in other jurisdictions.

In such cases, the trust must comply with CRS obligations, including registration, due diligence, and reporting. Even if the trust itself is not an FI, its controlling persons may still be reportable through another RFI.