CRS proof of tax residency

[permabear]

Good day all. In your experience, do banks ask for evidence if you inform them of a country change of tax residence? I ask with particular emphasis on CRS self-certification forms. This is of course with a view to changing tax residence to a non-CRS country. Thank you in advance.

 

[CaptK]

The main thing would be an address, otherwise many banks don't send out bank statements as you can opt out. Only issue is your bank card.
You could use a mail forwarding service in either a tax free country or non CRS.

 

[nomad999]

Unlikely I would say, but they will ask for a Tax ID so with this they assume you are paying taxes there and have proper residency.
At least that's my experience with a reputable bank with good long lasting relationship.

 

[permabear]

nomad999 said:
Unlikely I would say, but they will ask for a Tax ID so with this they assume you are paying taxes there and have proper residency.
At least that's my experience with a reputable bank with good long lasting relationship.
Click to expand...

I suspected as much, however that avenue appears all far too convenient. Even with a multilateral framework agreement as comprehensive as CRS, it's only as strong as the weakest link. If FIs don't authenticate the client's tax residency, then the whole system is underpinned by honesty through self-certification?

On the balance of probability, there appear to be no safeguards which prevent a bank customer from stating they're a tax resident of a non-CRS country, even if in fact he or she isn't?

 

[fshore]

They ask for a tin, or you can state that the country doesn't issue tins. Some banks like HSBC have systems that verify that the tin is in the right format.