Tax Declarations (FATCA & CRS)
How can we assist you?
Under the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS), we are required to determine the tax residence status of all our institutional customers.
Please complete the tax declaration form so that we can maintain accurate and up-to-date information about your entity’s tax residence and classification. This helps us fulfil our regulatory obligations and ensures smooth ongoing services.
The tax declaration process includes:
General requirements:
1. FATCA & CRS Classification — Identify your entity’s classification under FATCA and CRS rules.
2. Tax Residence and TIN — Provide your entity’s tax domicile(s) and Tax Identification Number(s) (TIN).
Additional requirements for Passive Non-Financial Foreign Entities (Passive NFFEs): Before proceeding, please prepare the following information for each Ultimate Beneficial Owner / Controlling Person:
• Full name
• Date of birth
• Residential address
• Tax residence(s)
• TIN(s)
Collecting these details allows us to ensure accurate and efficient tax reporting while keeping your onboarding process as straightforward as possible.
Define your entity under FATCA and CRS classifications
A Non-Financial (Foreign) Entity or NF(F)E means any entity that is not a Financial Institution.
There are two main categories of NFFEs:
I. Active Non-Financial Entity (Active NFE)
An entity qualifies as an Active NFE if it meets any of the following criteria:
• Less than 50% of its gross income is passive income and less than 50% of its assets produce or are held for passive income (based on the previous calendar year);
• Start-up NFE (newly incorporated and not yet operating, within 24 months);
• Publicly traded NFE (regularly traded on an established securities market);
• Governmental entities, international organisations, central banks, or their wholly-owned entities;
• Holding NFE that is a member of a non-financial group;
• NFE in liquidation or emerging from bankruptcy;
• Treasury centres that are members of a non-financial group; or
• Non-profit NFE.
II. Passive Non-Financial Entity (Passive NFE)
Any entity that is not an Active NFE and not a Financial Institution, orAn Investment Entity located in a non-participating jurisdiction and managed by another Financial Institution.
III. Financial Institution
Any entity that is:
• A Depository Institution;
• A Custodial Institution;
• A Specified Insurance Company; or
• An Investment Entity, which includes:
1. An entity that, as a business, conducts one or more of the following for or on behalf of a customer:
Trading in money market instruments, foreign exchange, interest rate instruments, transferable securities, or commodity futures;
Individual or collective portfolio management; or
Investing, administering, or managing financial assets or money on behalf of other persons.
2. An entity whose gross income is primarily attributable to investing, reinvesting, or trading in financial assets, and which is managed by another Financial Institution.
IV. Direct Reporting NFFE (FATCA only)
A Direct Reporting NFFE is a specific status available only under FATCA. It is a Non-Financial Foreign Entity that elects to report directly to the U.S. Internal Revenue Service (IRS) information about its substantial U.S. owners (or confirms it has none).
To qualify, the entity must:
• Register with the IRS to obtain a Global Intermediary Identification Number (GIIN); and
Agree to comply with the relevant U.S. reporting requirements.
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