You must identify your private and business customers according to due diligence guidelines and determine where they have their place of residence or place of business. If your customer resides or has a place of business in an MCAA country, you provide information to the Tax Administration. The legal identification requirements and the obligation can be found in the National Decree implementing Common Reporting Standard.
Everyone has a tax country of residence and every organization has a tax country. How you determine which country that is depends on whether your customer is a new or existing customer.
A new customer must provide you with a self-declaration. To do this, you must provide a form to your customer and ask to complete it.
For an existing customer, you have to rely on the information you already have. But if there is a reason, you can ask your customer to provide their own statement. For example, if the information you have is incomplete, if your customer has moved abroad or if your customer provides a foreign telephone number.
Which details of your customer must you provide?
You must provide the following details of your customer:
- Birthdate and place
- country of tax residence or residence
- the personal number (tax identification number)
- the account number or insurance policy number
- the balance or value of the account
- interest and dividend income
- the values of endowment and annuity insurance policies
As a financial institution, it is very important that you are well informed. More information about the CRS can be found on the CRS page and on the OECD site. Questions can be emailed to CRSSintmaarten@sintmaartengov.org