[Offshore Tax] Why does CRS treat Non-Participating Investment Entities as Transparent Passive NFEs?
Interests in Other Types of Financial Institutions
The anti-Avoidance Clause says that interests in other types of Financial Institutions (FIs) are equity and debt interests if the class of interest was established to avoid reporting. However, this is an objective criterion.
Therefore, equity and debt interests in FIs will likely be held by senior management, due to shareholder thresholds, except for Special Purpose Vehicle (SPV) FIs, which may have different structures.
This means that generally speaking, there is no look-through of non-participating FIs.
TIMESTAMPS:
0:00 INTRO
1:20 CRS looks through passive entities
2:50 CRS targets only investment entities
4:22 Custodian fees can avoid CRS
454 outro
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