Confirming your tax residency
As part of global measures to counter tax evasion, all NZ banks and financial institutions are now required to collect information about customers’ foreign tax residency and pass that and other personal and account information onto Inland Revenue, which may then be exchanged with overseas tax authorities.
Generally called the Common Reporting Standard, it has been initiated by the Organisation for Economic Co-operation and Development (OECD) under the Automatic Exchange of Information (AEOI) regime to achieve the exchange of certain information between participating countries. Currently over 100 countries have agreed to implement the standard, including New Zealand.
New personal customers
From 1 July 2017, we’ll ask you to complete a self-certification confirming:
- Your country or countries of tax residence and corresponding tax number(s) or equivalent(s)
- If you cannot supply your tax number(s) or equivalent(s), the reason why you can’t (for example, if the country does not issue tax numbers to its residents)
New non-personal customers
From 1 July 2017, we’ll ask the entity to complete a self-certification confirming:
- The entity’s country or countries of tax residence and corresponding tax numbers(s) or equivalent(s)
- If you cannot supply the entity’s tax number(s) or equivalent(s), the reason why you can’t (for example, if the country does not issue tax numbers to its residents)
- The entity’s status
If you represent a passive non-financial entity, we’ll also need a self-certification confirming the above tax residency information for all controlling persons of the entity.
Further information/documentation may be required to evidence the above (for example your passport with a NZ residency visa). If you do not provide this information to us we may not be able to open your account. We’ll contact you at a later date if we need any further information in respect of the above.
If you are unsure about your foreign tax residency or the foreign tax residency of your entity or controlling persons, or have any specific questions, we recommend that you contact a tax adviser or the relevant tax authority. BNZ is unable to give tax advice.
For more information, see the Common Reporting Standard Guide for Entities.