CRS/FATCA Step by step

  • Print

Determination of where account holders and beneficial owners are taxable

An examination must be carried out to determine where account holders and beneficial owners are taxable. If an account holder is tax resident in another country, the foreign identification number must also be obtained.

Account holder is a natural person:

  • Is the account holder resident in another country for tax purposes?
  • Is the account holder a US citizen?

Account holder is a company, etc.:

  • Is the account holder domiciled in another country for tax purposes?
  • Is the account holder exempt because the company's shares are regularly traded via an established securities market, foreign government entity, financial institution, etc.?
  • Is the account holder a non-participating financial institution as defined in FATCA?

Beneficial owners:

  • Beneficial owners are natural persons who, as the last instance, own or control a company and who have been identified in accordance with the Money Laundering Act.
  • An examination should be carried out to determine where beneficial owners are tax resident when the company, etc. which is the account holder primarily has passive income/assets?
  • Is the account holder resident in another country for tax purposes?
  • Is the account holder a US citizen?

It will generally be necessary to obtain self-certification concerning where the account holder/beneficial owner is liable to pay tax in connection with the setting up of new accounts. For existing accounts, an investigation must be carried out to determine customer information which is linked to existing accounts in order to determine where the account holder/beneficial owner is liable to pay tax. Changes and new information must be followed up. You will find more information about how these investigations should be carried out in the guidance notes.

Under "Important deadlines", you will find an overview of the deadlines for the investigation of customer information linked to existing accounts.

Did you find what you were looking for?

Maks 255 tegn. Kun tall og bokstaver.