Retail Banking and Wealth Management – 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 where you bank then we may be required provide details, including information relating to your accounts, to the national tax authority in the country where the account is held. They may then share that information with the tax authority of the country (or countries) 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 self-certification form and return it to your branch or relationship manager.
- CRS Self-Certification Form for use by Individuals (CRS-I) (69KB, 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.
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 November 2016