The Common Reporting Standard (CRS) is an information-gathering and reporting requirement for financial institutions in participating countries / territories, to help fight against tax evasion and protect the integrity of tax systems.
The CRS seeks to establish the tax residency of customers. Under the CRS, financial institutions are required to identify customers who appear to be tax resident outside of the country / territory where they hold their accounts and products, and report certain information to our local tax authority, which may then be shared with the tax authority where they are tax resident.
This will depend on where you live and your circumstances. Please contact a professional tax adviser or check the OECD website for more information on how to determine your tax residency, as Hang Seng Bank Limited, its branches and its subsidiaries ("Hang Seng") cannot give tax advice.
Under the CRS, we are legally required to establish the tax residency status of all our customers, even if you are tax resident in the same country / territory as where you hold your account. However, typically your details will not be reportable to tax authorities for CRS purposes.
The Chinese translation is for reference only. In case of any discrepancy between the English version and the Chinese version, the English version shall prevail.