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CRS overview

Retail Banking and Wealth Management – Bermuda

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 where you bank then we may be required to give the Bermuda Government this information, along with information relating to your accounts. This may then be shared between different countries’ tax authorities.

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 send it to Client Services, Harbourview Centre, 37 Front Street, Hamilton HM11, Bermuda or 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.

If you are unsure about any of these terms and if they apply to you, please refer to the Glossary.

Any queries?

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.

Page last updated June 2022