Common Reporting Standard (CRS)

Common Reporting Standard (CRS)

To help fight against tax evasion and protect the integrity of tax systems, governments around the world are introducing a new reporting and information-gathering requirement for financial institutions. This is known as the Common Reporting Standard (CRS) and we'd like to help you understand what it means for you.

HSBC Expat, along with other financial institutions in Jersey (Channel Islands), are now required to identify and annually report all affected customers to the Jersey tax authority, who will then share the information with their counterparts in each relevant tax jurisdiction.

If our records show that you are impacted by this legislation, we will contact you in order to verify your tax residency status. We don't have to report all customers to the Jersey tax authority, so if you have not received a letter, it is likely that your information indicates that you are not yet due to be reported. However we do need to review all customers, so we will be in contact in the future. It is important that we hold the correct information about our customers to ensure accurate reporting.

What do you need to do?

If you have concerns, you can ensure we hold your correct tax reporting details by completing and sending us the following Self Certification form .

Any queries?

If you have any further queries regarding the CRS and your tax position, please contact a tax advisor, as HSBC is unable to provide tax advice. You may also find useful guidance on the OECD CRS portal .

For more information please read our Frequently Asked Questions.