Commercial Banking – Bahrain
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 (“the CRS”) and we’d like to help you understand what it means for you.
Under the CRS, we are required to determine where you are “tax resident” (this will usually be where you are liable to pay income or corporate taxes). We will base this on information we have already or we may ask you for additional details.
If you are tax resident outside the country/jurisdiction where you bank then we may be required to provide details, including information relating to your accounts, to the national tax authority in the country/jurisdiction where the account is held. They may then share that information with the tax authority of the country/jurisdiction (or countries/jurisdictions) where you are tax resident.
What do you need to do?
In order to confirm your status under the CRS, you may be asked to complete the appropriate self-certification form and return it to your branch or relationship manager. There are three types of self-certification form for the CRS. The forms are attached below with additional information about which form you should complete.
- CRS Self-Certification Form for use by Individuals (CRS-I) (1.12MB, PDF): If you are a personal HSBC customer or a Sole Trader or Proprietor, please use this form to confirm your personal status under the CRS.
- CRS Self-Certification Form for use by Entities (CRS-E) (662KB, PDF): If you are a business HSBC customer, please use this form to confirm your business’ status under the CRS (except Sole Traders who should use the self-certification form above).
- CRS Self-Certification Form for use by Controlling Persons (CRS-CP) (1.09MB, PDF): This form is used by the Controlling Persons of certain Entities (referred to under the CRS as Passive Entities) including certain trusts, foundations and certain managed Investment Entities that bank with HSBC and are located in countries/jurisdictions that do not participate in the CRS. This form is to be completed by those individuals that control the Entity, either by ownership or control by other means of these types of Entity. A Controlling Person in certain circumstances will be referred to as the Senior Managing Official.
If you are unsure about any of these terms and if they apply to you, please refer to the Glossary.
Please note that you may receive more than one request for information, if you have multiple relationships with us.
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 OECD CRS portal.
Page last updated September 2018
- CRS Self-Certification Form for use by Individuals (CRS-I)Download PDF: Link opens in a new window
- CRS Self-Certification Form for use by Entities (CRS-E)Download PDF: Link opens in a new window
- CRS Self-Certification Form for use by Controlling Persons (CRS-CP)Download PDF: Link opens in a new window
- Frequently asked questions
- Glossary of useful CRS terms