The Irish trust registration system has now gone live after the Association of International Life Offices (AILO) issued warning on 28 February that advisers to UK and non-EU trusts taking out life policies with Irish providers should expect the imminent reintroduction of the requirements.
It has been reported that the Revenue Central Register of Beneficial Ownership of Trusts (CRBOT) webpage for non-resident trust registrations was updated on Wednesday 5 March and now contains the following information:
• New landing page https://www.revenue.ie/en/crbot/trusts-that-must-register/non-residents.aspx
• a new link on the page to a ‘Non-Resident CRBOT register’ – https://ros.ie/online-enquiry-web/nonResidentTrustRegister?execution=e1s1&lang=en
• a Guide to the ‘Non-Resident Registration Process’ – https://www.revenue.ie/en/crbot/documents/non-resident-guide.pdf
In a statement, AILO said: “This now means that new and existing UK as well as non-EU trusts now need to register on CRBOT when taking out a policy with an Irish-based provider.
“In addition, we believe existing UK and non-EU trusts will also need to register before they can perform certain transactions such as paying additional premiums, taking ad-hoc withdrawals or surrenders and requesting changes of ownership.
“If advisers or trustees have any questions regarding the new registration process they can contact the Irish Revenue at [email protected]”.
