Each country has different rules that define tax residence. The OECD website has information on how to
Rabobank, which includes RaboDirect, has a legal obligation to collect information about foreign tax residents, and report it to the national tax authorities under the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA).
For more information, download our brochure here.
Under the under the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) regulations, passive entities (50% or more of the entity's gross income for the preceding calendar year or other reporting period is passive, meaning derived from the mere holding of property, such as interest, dividends, rents and royalties) must supply information about the tax residency for all Controlling Persons. (In the case of a trust, the Controlling Person(s) are: the settlor(s), the trustee(s), the protector(s) (if any), the beneficiary(ies) or class(es) of beneficiaries, or any other natural person(s) exercising ultimate effective control over the trust (including through a chain of control or ownership). For companies, partnerships, associations, bodies corporate and any other legal persons, Controlling Person(s) means: The natural person(s) who ultimately has a controlling ownership interest (generally 25% or more) in the entity.
All New Zealand banks have to collect information about foreign tax residents from 1 July 2017, under the:
- Common Reporting Standard (CRS), and
- Foreign Account Tax Compliance Act (FATCA)
Without this information, we are unable to open an account. Read more about the CRS & FATCA on the IRD website