Sint Maarten will exchange financial data worldwide on the basis of the Multilateral Competent Authority Agreement (MCAA) by means of the Common Reporting Standard (CRS), which has been developed by the Organization for Economic Cooperation and Development (OECD). More than a hundred countries have now signed the agreement. The purpose of the MCAA is to combat tax evasion and avoidance.
For the exchange of financial data for the MCAA, the Landsbesluit internationale bijstandsverlening bij de heffing van belastingen has come into effect from 1 January 2018. This law obliges the financial institutions established in Sint Maarten to provide the Tax Administration with data on accounts of persons and organizations with a tax residence or residence abroad. The Tax Administration then automatically passes the data on to the tax authorities of the MCAA countries. The first data exchange for 2018 takes place in September 2021. The Tax Administration does not check the data provided by financial institutions. The check is done by the foreign tax authorities.
Conversely, the Tax Administration receives information about foreign financial accounts from persons and organizations that have Sint Maarten as their country of residence or residence for tax purposes. The Tax Administration checks this data and assesses whether the person or organization has to pay tax here or not.