The 4th and 5th Anti-Money Laundering Directives require each EU Member State to establish a Central Register of Beneficial Ownership of Trusts (CRBOT). The European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) Regulations 2021 (the Regulations) transposed those requirements into Irish law. The purpose of the Regulations is to provide transparency both in Ireland and the EU around who ultimately owns and controls Irish trusts. This will help to identify and tackle circumstances where trusts are being used to fund criminal and terrorist organisations.
The Irish Registrar of Beneficial Ownership of Trusts is the Revenue Commissioners. This role is separate to Revenue’s role in tax and customs administration.
For relevant trusts that were established on or before 23 April 2021, the registration deadline is 23 October 2021. Trusts established after 23 April 2021 are obliged to file 6 months after their establishment.
Relevant trusts must submit information to the Central Register of Beneficial Ownership of Trusts (CRBOT) if the trustees are resident in the State or the trust is administered in the State. A relevant trust is an express trust established by deed or other declaration in writing. Certain arrangements are excluded from the scope of the Regulations including:
Trustees must submit information in relation to each beneficial owner of the trust. In general, a beneficial owner is any one of the following:
For discretionary trusts, if the interests are not vested in possession, remainder or reversion, whether or not the interest is defeasible in the capital of the relevant trust, the class of individuals is the beneficial owner, for example, the settlor’s children.
The following information must be filed where the beneficial owner is an individual:
Where an individual is not Irish resident and does not have a PPSN, one of the following must be provided:
If a legal entity is a beneficiary of the relevant trust and registered on another Central Register in Ireland (for example the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies or, the Central Register of Beneficial Ownership of Irish Collective Asset Management Vehicles, Credit Unions and Unit Trusts) or on another Central Register in the EU, the information required to be included on the CRBOT for that legal entity is:
If the legal entity’s beneficial ownership status is that of trustee, settlor or protector, then the option to enter details of another Central Register is not provided.
Trustees or their agents can register for the CRBOT through the ‘Trust Register’ portal on ROS. Individuals who do not have a business tax registration number can register for the CRBOT through myAccount.
Tax agents acting in a representative capacity must submit a separate TAIN Link Notification on ROS for each trust registration and this must be signed by both the trustee and the agent. The TAIN Link Notification for the CRBOT is separate to the standard agent link form.
Trustees of any trust within the scope of the Regulations must also take “all reasonable steps” to obtain and hold adequate, accurate and current information in respect of the trust’s beneficial owners. The trustees must also establish and maintain an internal “beneficial ownership register” for the trust. This internal register is separate from the requirement to file with CRBOT.
January 2022 – TAIN Link Form for CRBOT
January 2022 – TAIN Application Form for CRBOT
January 2022 – CRBOT Discrepancy Notice Form
January 2022 – CRBOT Minor Information Access Request
December 2021 – CRBOT FAQs
December 2021 – CRBOT Troubleshooting & User Manual
December 2021 – Minutes of CRBOT Working Group Meeting held on 1 December 2021
November 2021 – Minutes of CRBOT Working Group Meeting held on 3 November 2021
September 2021 – Minutes of CRBOT Working Group Meeting held on 22 September 2021
September 2021 – Minutes of CRBOT Working Group Meeting held on 8 September 2021