Why are you asking me for tax residency details?
All financial institutions are required by regulation to:
- Establish the tax residency of all account holders
- Identify any possible connections for tax purposes with any other countries
- Report the financial account information of customers to the relevant tax authorities
This requirement results from international agreements designed to help tax authorities address tax evasion. This is particularly relevant if someone holds assets in countries where they’re not tax resident and may not be declaring those assets, or income, in their residence territory. Under these agreements, governments will exchange information about these assets and income with the residence territory.