As part of our onboarding process, all new clients are required to complete a FATCA and CRS Self-Certification Form. This enables us to determine your tax residency status and to comply with international tax reporting obligations.
The Foreign Account Tax Compliance Act (FATCA) is a United States tax transparency regime designed to identify accounts held outside the United States by US taxpayers. Under FATCA, financial institutions are required to identify and, where applicable, report certain information relating to US persons and entities.
The Common Reporting Standard (CRS) is a global standard developed by the Organisation for Economic Co-operation and Development (OECD) to combat tax evasion and improve international tax transparency. CRS requires participating jurisdictions to exchange information relating to financial accounts held by individuals and entities that are tax resident in another participating country.
To comply with these requirements, banks must obtain information regarding the tax residency and tax identification details of their clients. The FATCA and CRS Self-Certification Form allows us to accurately classify your tax status and determine whether any reporting obligations apply.
Providing complete and accurate information at the outset helps ensure your application can be processed efficiently and enables us to meet our regulatory obligations.
