AUTOMATIC EXCHANGE OF INFORMATION (AEOI)
Governments around the world are adopting a new Automatic Exchange of Information (AEoI) standard between tax authorities. This legislation is known as the Common Reporting Standard (CRS).
Further details on Automatic Exchange of Information can be found here.
Under the CRS legislation, all financial institutions are required to:
1) How does the Common Reporting Standard impact clients of Habib Bank Zurich Plc?
New Account Holders:
Existing Account Holders:
2) What will the information be used for?
If the relevant due diligence procedures identifies an account holder as a reportable person, or as having one or more Controlling Persons that is a reportable person, Habib Bank Zurich Plc, is required by law to report account information to HMRC. The reporting is carried out annually in relation to the previous calendar year.
The information exchanged may only be made available to tax authorities of a partner jurisdiction in which the reportable person is resident and may only be used for tax purposes. It is prohibited for the receiving partner jurisdiction to forward the received information to another jurisdiction, and it must treat the information as confidential.
3) What information will be reported?
For Individuals/Controlling persons:
Name, Address, date of birth, place of birth, country(ies) of tax residence, tax identification number (or equivalent where applicable), account details, the total account balance or value of accounts as of the end of the calendar year or other appropriate period, gross amount of interest, gross amount of dividends and the gross amount of other income or proceeds from sale or redemption of investments paid or credited to the account.
Name, Address, country(ies) of tax residence, tax Identification Number (or equivalent where applicable), account details, the account balance or value as of the end of the calendar year or other appropriate period, gross amount of interest, gross amount of dividends and the gross amount of other income or proceeds from sale or redemption of investments paid or credited to the account, for some entities the information on the controlling person (please refer to above individual section).
4) What If self-certification form is not completed and returned to the Bank?
If the self-certification is not completed and returned back to us then we are required to report the information we hold about your account to HMRC or your local tax authority
Habib Bank Zurich Plc, cannot provide help or advice to customers on CRS or any other tax related matter.
If you do not understand your tax obligations, you may need to decide if you want to seek independent tax advice from a tax or financial advisor.