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]

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 which︀ prevent a bank customer from stating they're a tax resident of a non-CRS country, even︁ 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.