Tax Residency

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 leaflet

Each country has different rules that define tax residence. The OECD website has information on how to determine your tax residency. If you don’t know if you are a foreign tax resident, you should seek tax advice.

Under the regulations, passive entities must supply information about the tax residency for all Controlling Persons.

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