CRS report data on bank accounts published by ATO

The ATO has published 2018 data on Australian financial accounts held by foreign tax residents as at 31 December 2018 collected under the Common Reporting Standard (CRS) and exchanged with partner jurisdictions.

The statistics show the amount of money held by foreign tax residents in Australian financial institutions by jurisdiction, including:

• Almost 5000 tax residents of the Cayman Island and Bermuda have account balances totalling $2.9 billion
• 7600 tax residents of Montserrat, a British overseas territory with a census population of 5000, had total account balances of $337 million
• China had the highest number of account holders at 920,000 with a total balance of $24 billion
• More than 1 million accounts held by US and UK tax residents held a total of almost $100 billion.