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.
The CRS has been introduced into New Zealand law and will apply to all financial institutions, account holders and certain other people who control accounts from 1 July 2017.
If you have any questions regarding CRS, please visit the IRD Portal or HSBC CRS microsite.
If you have any specific questions regarding your tax residency, please contact a professional tax adviser as we are unable to provide tax advice.