Information for private individuals who are customers of Norwegian financial institutions

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Since 1 January 2016, Norwegian financial institutions have been obliged to record information regarding the tax residency of their customers and whether they are US citizens. They must also request the foreign tax identification number of these customers. The account information must be reported to the Norwegian Tax Administration, which will forward the information to the tax authorities in the customer's home country. The purpose of these rules is to ensure that financial income and assets in Norway are taxed correctly in the customer's home country. You may therefore be asked to state where you are resident for tax purpose, among other things.

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What happens if I do not provide the financial institution with the information it requests, or provide inaccurate information?

Financial institutions must obtain information regarding your tax residence status and whether you are a US citizen before it can set up a new account for you. This means that if you do not complete the forms requested by the financial institution, you will be unable to set up a new account. If you provide inaccurate or incomplete information, the financial institution will be required to close the account if you do not provide accurate information when it is requested.

If you already have a financial account with a financial institution, the institution must search for information to indicate that you have a connection abroad. If the financial institution finds such information, it must either report your accounts as belonging to a foreign customer, or contact you and request information/documentation demonstrating where you are resident for tax purposes. If you do not provide the financial institution with information when they request it, the account will be treated as belonging to a foreign customer when reporting to the Norwegian Tax Administration. The account information may then be exchanged with the tax authorities in the country concerned.

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