meaning

[michael reader]

someone told me this but dont know what it means, Mostly, this concerns "non-resident" accounts (i.e. customers who have accounts but who are resident elsewhere)

Most banks these days will cover their own butts by requesting a statement from customers who are "foreigners" as to their nationalities and/or tax residence(s).


what does this mean in plain and simple english? can someone be websters dictionary here to tell me what it means? thank you.

 

[tosseca]

I supose is to follow the CRS rules

 

[michael reader]

well, what about customers who have accounts but who are residents elsewhere? if a haitian citizen by birth was living in lets say canada or australia? im confused here. what if they were living outside of haiti but the banks only had knowledge of their living and working in haiti? what then? can you please explain this part to me kindly. thank you.

tosseca said:
I supose is to follow the CRS rules
Click to expand...

 

[tosseca]

As far as I know or al least with banks I work they ask you to provide the last tax statement, if not they block the account.

But not sure this is doing in other places.

 

[michael reader]

Most banks these days will cover their own butts by requesting a statement from customers who are "foreigners" as to their nationalities and/or tax residence(s).

if a client is submitting annually what the bank wants as far as proof of address, passport issued in country of birth, id card from country of birth, ect......... then how would they ever know that their client has moved to another country? is this what this statement is trying to cover or say? not sure what the sentence is trying to lead on.

tosseca said:
I supose is to follow the CRS rules
Click to expand...

 

[tosseca]

For apply CRS rules, banks have to know fiscal resident of clients. Asking for the tax declaration allows them to know that.

That happens to me, but as said not sure in other countries

 

[michael reader]

what tax declaration are you talking about?

tosseca said:
For apply CRS rules, banks have to know fiscal resident of clients. Asking for the tax declaration allows them to know that.

That happens to me, but as said not sure in other countries
Click to expand...

 

[tosseca]

Document that shows what taxes you pay in the last year, then that's the country to send the information

 

[michael reader]

but what if theyre still paying taxes in haiti but in fact have moved to canada but the banks dont know about this for some reason?

tosseca said:
Document that shows what taxes you pay in the last year, then that's the country to send the information
Click to expand...

 

[tosseca]

If you pay taxes in Haiti, the bank send the information there

 

[michael reader]

if theyre paying taxes in haiti for a home that they still own there, they have to send this information to their offshore bank even though they live in canada?

tosseca said:
If you pay taxes in Haiti, the bank send the information there
Click to expand...

 

[tosseca]

michael reader said:
if theyre paying taxes in haiti for a home that they still own there, they have to send this information to their offshore bank even though they live in canada?
Click to expand...

That depends a lot where the bank is, because each country is different

 

[JohnLocke]

michael reader said:
someone told me this but dont know what it means, Mostly, this concerns "non-resident" accounts (i.e. customers who have accounts but who are resident elsewhere)

Most banks these days will cover their own butts by requesting a statement from customers who are "foreigners" as to their nationalities and/or tax residence(s).


what does this mean in plain and simple english? can someone be websters dictionary here to tell me what it means? thank you.
Click to expand...

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