To help combat tax evasion globally, governments around the world are introducing a new information-gathering and reporting requirements for financial institutions, known as Common Reporting Standards.
Under the CRS, we are required to determine the countries or jurisdictions where you are a tax resident. We will base this on information we already have or we may ask you for additional details. In order to confirm your status under the CRS, you may be asked to complete the CRS Self-certification Form for Individuals(opens in a new tab) and return it to your relationship manager. Please bear in mind that CRS is an ongoing monitoring and due diligence process. If there is any change to the information supplied to us that constitutes a change in your circumstance which affects your tax residency status, you may need to provide an updated CRS self-certification form.
If your country/countries of tax residency is/are different from the country where your account is held (Singapore), we may need to report information about you to the Inland Revenue Authority of Singapore (IRAS) who may share the information with the country of your tax residency. The reported information will typically be of a personal nature (for example, name, address, tax residence country or countries and taxpayer identification number), and of a financial nature (for example, account number, account balance and amounts paid into the account).
If you have any questions regarding your tax residency, please refer to the rules governing tax residence(opens in a new tab) that have been published by each national tax authority. If you have any questions on how to define your tax residency status, please contact a professional tax adviser, as we are unable to provide tax advice. You may also find useful guidance on the OECD CRS portal(opens in a new tab).