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Exchange of information on foreign-held accounts

Since 1 January 2016, banks, insurance companies and other financial institutions in the Faroe Islands have been obligated to provide TAKS with information on foreign-held accounts, including those held by Faroese living abroad.

TAKS receives the information once a year and forwards it to the tax authorities of the account holders' home country. Correspondingly, TAKS receives information about accounts held by Faroese abroad.

The collaboration is based on a multinational agreement that aims to make the administration of taxes in individual countries more efficient. The agreement, called the Convention on Mutual Administrative Assistance in Tax Matters, is developed by the OECD and is enforced in the Faroe Islands.

What kind of account information is exchanged?

Information such as:

  • name, address and tax identification number (TIN),
  • account numbers,
  • account balance,
  • interests,
  • dividends,
  • gross proceeds from the sale and redemption of financial assets.
Where is TAKS sending the account information?

TAKS shares account information with the tax authorities in the countries and jurisdictions where the account holder resides; however, only if they have an agreement with the Faroes. Without an agreement, information cannot be exchanged.

Agreements are made with these 72 countries and jurisdictions

Andorra, Antigua and Barbuda, Argentina, Australia, Austria, Azerbaijan, Barbados, Belgium, Brazil, Canada, Chile, China, Colombia, Costa Rica, Cook Islands, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Grenada, Greece, Greenland, Guernsey, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, Latvia, Lichtenstein, Lithuania, Luxemburg, Malaysia, Malta, Mauritius, Mexico, Monaco, Netherlands, New Zealand, Norway, Pakistan, Panama, Portugal, Poland, Russia, San Marino, Saudi Arabia, Seychelles, Singapore, Slovakia, Slovenia, Spain, St Lucia, South Africa, South Korea, Sweden, Switzerland, Turkey, United Kingdom and Uruguay.

If the account holder has links to several countries or jurisdictions, information is sent to all relevant countries and jurisdictions.

Please note, the list is only intended as a guide

Click the link “Activated Exchange Relationships For CRS Information" under Quick Links to see the most recent list on the OECD website.

On the website:

  • select “Faroe Islands” and “Select all”, to see where TAKS sends information,
  • select “Select all” and “Faroe Islands”, to see who sends information to TAKS.
Which tax authorities send account information to TAKS?

Tax authorities in these 99 countries and jurisdictions:

Albania, Andorra, Anguilla, Antigua and Barbuda, Argentina, Aruba, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Barbados, Belgium, Belize, Bermuda, Brazil, British Virgin Islands, Brunei, Bulgaria, Canada, Cayman Islands, Chile, China, Colombia, Cook Islands, Costa Rica, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Dominican Republic, Estonia, Finland, France, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guernsey, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, Kuwait, Latvia, Lebanon, Lichtenstein, Lithuania, Luxemburg, Macao, Malaysia, Malta, Marshall Islands, Mauritius, Mexico, Monaco, Montserrat, Nauru, Netherlands, New Zealand, Norway, Pakistan, Panama, Portugal, Poland, Qatar, Romania, Russia, Samoa, San Marino, Saudi Arabia, Seychelles, Singapore, Slovakia, Slovenia, Spain, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, South Africa, South Korea, Sweden, Switzerland, Turkey, Turks and Caicos Islands, United Arab Emirates, United Kingdom, Uruguay and Vanuatu.

Please note, the list is only intended as a guide

Click the link “Activated Exchange Relationships For CRS Information" under Quick Links to see the most recent list on the OECD website.

On the website:

  • select “Faroe Islands” and “Select all”, to see where TAKS sends information,
  • select “Select all” and “Faroe Islands”, to see who sends information to TAKS.
What is the responsibility of the account holders?

Their primary responsibility is to inform their Faroese financial institution of their address.

  • If an account holder moves abroad, the Faroese financial institutions must be informed of the new address.
  • If an account holder lives abroad, the account holder must provide the address upon request from Faroese financial institutions.

This applies regardless of whether the account was established before or after 2016.

Legal persons must provide information about their address and the addresses of controlling persons.

It may be a criminal offence to provide false information.