Retail Banking and Wealth Management – Macau SAR
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 by law to determine where you are “tax resident” (this will usually be where you are liable to pay income tax). We will base this on information we have already or we may ask you for additional details.
If you are a tax resident outside the country where you bank with us then we may be required to 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 CRS Self-Certification Form (CRS-I) (PDF, 628KB) and return it to any HSBC Macau branch or your relationship manager.
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 Organisation for Economic Cooperation and Development “OECD” CRS portal.
If you are unsure about any of these terms, please refer to the Glossary.
Page last updated July 2021