Retail Banking and Wealth Management – Hong Kong SAR
Banks play a vital role in protecting the integrity of the financial system upon which we all depend and HSBC is committed to meeting the highest standards in its controls against financial crime.
Governments around the world have introduced a new information-gathering and reporting requirement for financial institutions. It requires us to determine and where appropriate, report your tax residency (this will usually be where you are liable to pay income taxes) under local legislation. 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 introduced local legislation on CRS, including Hong Kong. The Inland Revenue Ordinance (as amended from time to time) has put in place a legislative framework for Hong Kong that implements the new international standard for the Automatic Exchange of Financial Account Information (“AEOI”).
Under the Hong Kong legislation, if you are a tax resident of a jurisdiction(s) outside Hong Kong that is in the list of “reportable jurisdictions” in the legislation, we are required to provide your account information to the Hong Kong Inland Revenue Department (IRD). The IRD will then exchange this information with tax authorities in jurisdictions with which it has an AEOI agreement on an annual basis.
The first information exchange occurs in 2018. You can refer to the IRD’s website for further details.
What do you need to do?
As your bank, we’d like to help you understand what it means for you.
To comply with the Hong Kong legislation, we need your assistance in providing and confirming to us your tax residency status and details. This process is called self-certification.
If you are a tax resident of a jurisdiction(s) outside Hong Kong that is in the list of “reportable jurisdictions” in the legislation, you may receive our request or a reminder of this request for your tax residency details.
Ways to provide your tax residency information
- Complete your self-certification online
You can log on to internet banking to access and complete the Individual Tax Residency Self-Certification online), if applicable (instructions 742KB, PDF): Download PDF: Link opens in a new window.
For the following types of customers, please submit a completed Individual Tax Residency Self-Certification Form to us instead of completing your self-certification online:
- If you have received our request for your submission of an Individual Tax Residency Self-Certification paper form
- If your account is holding life insurance products
- If you have more than 5 Jurisdictions of Tax Residence
- If you have more than 20 addresses
- Submit the [paper form/hard copy] Individual Tax Residency Self-Certification Form
You can print out the Individual Tax Residency Self-Certification Form (1.1MB, PDF): Download PDF: Link opens in a new window. Upon completion, submit it by post to the following address:
PO Box 74523
Kowloon Central Post Office
In order to provide customers with further support when completing self-certification form, we have provided some additional customer guidance for Individual Tax Residency Self-Certification Form.
Having up-to-date and accurate information about you is critical to CRS reporting and we are grateful for your prompt response to our request.
In the event that we don’t receive your response, we will rely on the account information we have in our records to determine your tax residency for CRS reporting purpose.
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. Your response to all of our requests help us serve you better and capture your information accurately. Again, we are grateful for your assistance and ongoing support.
For information regarding Hong Kong CRS inducing the self-certification requirement, please visit the IRD webpage on AEOI. If you would like to know more about tax residency, please refer to the tax residence rules published by various CRS participating jurisdictions. However, if you have tax residency questions concerning your personal circumstances, please speak to your professional tax adviser, as we are unable to provide tax advice. For general AEOI/CRS guidance, you may find the Organisation for Economic Cooperation and Development (OECD) CRS portal useful.
If you are unsure about any of these terms, please refer to the Glossary.
If you have any further questions, please call:
- HSBC Global Private Banking customers (852) 2233 3033
- HSBC Premier Elite customers (852) 2233 3033
- HSBC Premier customers (852) 2233 3322
- Other customers (852) 2233 3000
Page last updated November 2023