Retail Banking and Wealth Management – Hong Kong
To help fight against tax evasion and protect the integrity of tax systems, governments around the world are introducing a new information-gathering and reporting requirement for financial institutions. This is known as the Common Reporting Standard (CRS) and we’d like to help you understand what it means for you.
The CRS requires us to determine your tax residency (this will usually be where you are liable to pay income taxes). In order to do this, we may need to obtain a self-certification and/or further information from you.
Local legislation and implementation
Over 100 jurisdictions around the world have committed to CRS, including Hong Kong. The Inland Revenue (Amendment) (No. 3) Ordinance 2016 (“the Amendment Ordinance”) came into effect on 30 June 2016 and has put in place a legislative framework for Hong Kong to implement the new international standard on Automatic Exchange of Financial Account Information (“AEOI”). The first exchange of information will occur by 2018. You can find more information on its Inland Revenue Department (IRD) website. The IRD will then exchange this information with tax authorities in other jurisdictions on an annual basis.
If you are a tax resident in jurisdictions outside of Hong Kong, we may be required to inform the IRD, and share information about your account(s), if the IRD has signed an AEOI agreement with that jurisdiction(s).
What do you need to do?
In order to confirm your status under the CRS, you may be asked to complete an Individual Tax Residency Self-Certification Form and return it to any HSBC branch in Hong Kong or your relationship manager.
Individual Tax Residency Self-Certification Form (452KB, PDF): Download PDF: Link opens in a new window: Please use this form to confirm your status under the CRS.
Impact to HSBC and our customers
To comply with the regulations, HSBC may need to engage you from time to time. If you have multiple relationships with us, you may be approached by different parts of the HSBC Group. To help us serve you better and capture your information accurately, your response to all our requests will be much appreciated.
If you have any questions regarding your tax residency, please refer to the rules governing tax residence that have been published by each national tax authority. If you have any specific questions regarding your tax residency, please contact a professional tax adviser, as we are unable to provide tax advice. You may also find useful guidance on the Organisation for Economic Cooperation and Development (OECD) CRS portal and further details published by the IRD regarding the AEOI.
If you are unsure about any of these terms, please refer to the Glossary.
Page last updated May 2017