Trust register
A trust register is an official record of trusts, their parties or their trustees. The name covers beneficial-ownership registers kept for anti-money-laundering purposes and the trustee records used for Common Reporting Standard filing.
What the term means in general
There is no single trust register. Several different records carry the name, and they serve different purposes. The UK Trust Registration Service, run by HMRC, holds trust and beneficial-owner details for anti-money-laundering and tax purposes and is not open to the public. EU anti-money-laundering rules require member states to keep beneficial-ownership information on trusts in registers open to competent authorities and to persons who show a legitimate interest.
The United States has no general trust register. Information about a foreign trust reaches the IRS through returns such as Form 3520 and Form 3520-A. A trustee's record under the Common Reporting Standard, described below, is an administrative record for financial account reporting and is not a beneficial-ownership register.
Meaning in the CRS instructions
In Singapore's CRS registration process, a trust register is the record of a trustee-documented trust kept with the tax authority for return filing. A trustee-documented trust, or TDT, is a category in which the trustee handles the trust's due diligence and reporting duties.[3]
The term appears in administration of the Common Reporting Standard, which concerns financial account information. In Singapore, registration by a reporting financial institution is separate from the notification and records maintained for a TDT. The related OECD Common Reporting Standard category is the Trustee-Documented Trust.[1][3]
Foreign jurisdictions use the CRS to classify financial institutions and exchange financial account information. They do not specify U.S. tax forms or establish that a trust register replaces U.S. reporting rules.[2]
When the trustee maintains a record
In Singapore, a TDT qualifies as a non-reporting financial institution when its trustee is a reporting Singapore financial institution and undertakes the trust's due diligence and reporting obligations. In that situation, the trust need not apply to register with IRAS for CRS purposes.[3]
The TDT record still has an administrative role. Before filing a CRS return for the trust, the trustee provides details such as the trust's name and, if applicable, its tax reference number. IRAS provides an online service for creating or updating a record and a form for updating multiple TDT records.[3]
In Singapore, the trustee can terminate a TDT record through the portal if it no longer manages the trust. The trustee can also end-date the trust's CRS reporting once no CRS returns are outstanding.[3]
Relationship to CRS reporting
The OECD commentary treats a qualifying trust that is a financial institution, for example an investment entity, as non-reporting to the extent its trustee is a reporting financial institution and reports all required information for the trust's reportable accounts. The trustee identifies the TDT associated with the reporting it performs.[1]
Under a TDT arrangement, the timing and manner of due diligence and reporting stay the same as if the trust remained responsible. A TDT arrangement differs from using a service provider, whose work leaves responsibility with the reporting financial institution. The TDT category may also apply to a similar legal arrangement, such as a fideicomiso.[1]
St. Kitts and Nevis treats trustee-documented trusts as non-reporting financial institutions under its CRS rules. In St. Kitts and Nevis, entities that meet the financial institution tests and are not excluded are reporting financial institutions subject to CRS obligations.[4]
Key points
In Singapore, the trustee provides the trust's name and, when applicable, its tax reference number before submitting a CRS return for the trust.
Related reading
Controlling person covers a CRS term relevant to trust reporting. Foreign grantor trust and Distribution from a foreign trust cover U.S. reporting terms for foreign trusts. Recognition of a trust covers a separate question about how trust arrangements are recognized.
Questions and answers
Does a trustee-documented trust register with Singapore's tax authority?
A TDT need not apply to register with IRAS for CRS purposes when its trustee is a reporting Singapore financial institution and undertakes the trust's obligations. The trustee still supplies trust details before submitting a CRS return for it.[3]
What information is used for a TDT record?
The trustee provides details such as the trust's name and its tax reference number, if applicable. Records can be created or updated through the myTax Portal or the TDT Update form.[3]
What does the OECD commentary say the trustee reports?
The trustee reports information for the trust's reportable accounts as the trust would have reported it, and identifies the TDT connected to the reporting. The timing and manner of reporting stay the same.[1]
Can a trustee end-date a TDT record?
In Singapore, a trustee can terminate the record if it no longer manages the trust. Reporting can only be end-dated once no CRS returns are outstanding.[3]
Is a TDT the same as a service provider arrangement?
The OECD commentary distinguishes them by where responsibility rests. A service provider's work leaves responsibility with the reporting financial institution, while a TDT's reporting and due diligence responsibility is transferred by the trust to its trustee.[1]
Related terms
- Common Reporting Standard: The Common Reporting Standard sets rules for exchanging financial account information, covering reporting institutions, covered accounts and due diligence.
- Reporting financial institution: The Common Reporting Standard classifies a financial institution as reporting when it falls within the relevant jurisdiction's rules and is not non-reporting.
- Reportable account: The OECD standard defines a reportable account as held by a reportable person or certain passive entities, and identified through due diligence procedures.
Related guides and articles
- The OECD Common Reporting Standard: The Common Reporting Standard sets rules for financial account reporting and the annual exchange of that information between jurisdictions.
- Due diligence and controlling persons of a trust: The CRS describes due diligence as account review by institutions to identify reportable accounts and information, including tests for entity accounts.
- How banks and trust companies work with trusts: Banks may maintain trust accounts or act as trustees. A trustee holds property for beneficiaries, and trust documents can define fiduciary duties and powers.
Related pages
Sources and data notes
- OECD, Standard for Automatic Exchange of Financial Account Information in Tax Matters, Second Edition (Common Reporting Standard and Commentaries). https://www.oecd.org/content/dam/oecd/en/publications/reports/2017/03/standard-for-automatic-exchange-of-financial-account-information-in-tax-matters-second-edition_g1g73eb6/9789264267992-en.pdf. Retrieved .
- Revenue Jersey, Government of Jersey, Automatic exchange of tax information: the Common Reporting Standard (CRS). https://www.gov.je/taxesmoney/internationaltaxagreements/igas/pages/commonreportingstandard.aspx. Retrieved .
- Inland Revenue Authority of Singapore, CRS Registration and Deregistration. https://www.iras.gov.sg/taxes/international-tax/common-reporting-standard-%28crs%29/crs-registration-and-deregistration. Retrieved .
- St. Kitts and Nevis Inland Revenue Department, CRS. https://www.sknird.com/crs/. Retrieved .
Dates in this block record when each source was read for this page.