Some substantial changes are being made by financial regulators, governments, and banks to ensure the protection and long-term safety of both the financial system and your interests. Two of these recent changes include the U.S. Foreign Account Tax Compliance Act (FATCA), and the Organisation for Economic Co-operation and Development Common Reporting Standard (CRS).
The purpose of these regulations is to combat tax evasion through the use offshore financial accounts. As part of this process every year we are required to obtain self-certifications from our customers to ascertain each customer’s tax residence. To that end, we are providing links to the following four self-certification forms:
- FATCA self-certification form for individual customers (available here)
- FATCA self-certification form for corporate entity customers (available here);
In Hong Kong, for FATCA compliance we are only required to provide the relevant account information of their US clients to the US IRS with their clients’ prescribed consent. It’s important to note of Hong Kong residents are not US taxpayers. Their personal data is not subject to reporting under FATCA. In any circumstances, we are prevented from providing any clients’ information to any unauthorized third party without their clients’ prescribed consent.
If you have any doubt about your tax residence, you should consider seeking professional advice. Useful guidance may also be found on the website of the Financial Services and Treasury Bureau and the US IRS website. Please note that the above article is intended for reference only. Additionally, it is important to note that customers are entirely responsible for confirmation of your FATCA status and submission of relevant documentation.