What is the Common Reporting Standard (CRS)?
The CRS is an internationally agreed standard for the automatic exchange of financial account information between participating jurisdictions for tax purposes. It was developed by the Organisation for Economic Cooperation and Development (OECD) to combat tax evasion and maintain the integrity of tax systems.
Why does Endowus need to collect my tax residency information?
Under CRS, financial institutions in Hong Kong including banks and brokerages, such as Endowus, are required to identify financial accounts held by tax residents of reportable jurisdictions and furnish required information to the Hong Kong Inland Revenue Department annually.
What information is collected and reported under CRS?
According to the CRS requirements, reportable information includes:
- Name
- Address
- Date and place of birth
- Jurisdiction(s) of tax residence
- Taxpayer Identification Number (TIN) or equivalent identification number
- Reasons for the absence of TIN (if applicable)
- Account number
- Account balance
What is a Taxpayer Identification Number (TIN)?
A TIN is a number issued by a jurisdiction's tax authority to identify individuals or entities for tax purposes. CRS requires the disclosure of your TIN for each country where you are tax resident (where applicable). Tax residency depends on where you live and your circumstances. If you are unsure of your tax residency, please consult a professional tax advisor or visit the OECD's TIN guide, as Endowus cannot give tax advice.
For clients with Hong Kong tax residency, an individual’s TIN refers to their HKID, whereas an entity’s TIN refers to its BR number, as detailed on OECD website here.
How do I provide my CRS self-certification to Endowus?
You can complete your CRS self-certification during the online account opening process. We’ll ask you to confirm your tax residency and provide your Tax Identification Number (TIN). If your tax residency changes later, please let us know by emailing support.hk@endowus.com.
Will my information be kept confidential?
Yes, Endowus complies with Hong Kong’s Personal Data (Privacy) Ordinance (“PDPO”) and the information security requirements of the Hong Kong Securities and Futures Commission to make sure your data is secure. We will only disclose to the relevant tax authorities if we are legally required to do so.
Where can I find more information on CRS?
To learn more about the CRS, you can visit the official website of the Hong Kong Inland Revenue Department and OECD.