Whether you're embarking on your first journey as an expat, or have been living as one for years, it can mean navigating through new and unfamiliar tax systems.
As an expat you're responsible for reporting your own income in any location where you've tax obligations.
It's vital, therefore, that if you've financial interests spread across a number of countries and are unsure about your commitments that you seek independent tax advice.
Up to date tax records
Key forms and links
Foreign Account Tax Compliance Act (FATCA)
The Foreign Account Tax Compliance Act (FATCA) is a piece of legislation by the US Department of Treasury and the US Internal Revenue Service (IRS) to counter tax-evasion.
It's aimed at all financial institutions and other intermediaries globally and seeks to prevent US persons from using non-US accounts and businesses to avoid paying tax on their income and assets.
In 2013, Jersey signed an Inter-Government Agreement (IGA) to implement FATCA. It means it will share information about the accounts and finances of US persons with the IRS, via the Jersey Tax Authority.
We too are proud of our commitment to becoming fully FATCA compliant in all countries where we operate and we continue to review the effects on our customers to identify where we need to report information to the IRS or local tax authority.
FATCA applies to all HSBC Expat customers, new and existing. Depending on the type of accounts, policies or agreements you hold with us, we may be in touch requiring further information or documentation in order to verify your status.
If you've multiple relationships with different HSBC Group members you may receive more than one request so it's important that you respond to all queries even if you believe you've already supplied this.
If you don't provide us with this information within the stated timeframe, we may need to report your accounts and/or policies to the tax authorities in Jersey. It may also prevent us from opening new accounts and or/policies for you and result in the possible closure of existing accounts.
Determining your FATCA status
Certain types of information may suggest a US status for an individual or business. These are:
- US citizenship or US residence
- US place of birth
- US tax residency
- US residence address or US mailing address including US PO boxes
- Current US telephone number
- Standing order instructions to an address or an account maintained in the US
- Current Power of Attorney or signatory authority granted to a person with a US address
- A 'Care of' or 'Hold mail' address which is the sole address for the account holder
HSBC Expat accepts the following documents to establish whether we are required to share information about any accounts and/or investments you hold with us to the Jersey Tax Authority.
We require original copies of the forms and certified copies of supporting materials. You can take original and copy documents to any of our offices to be certified. Alternatively, you can take them to a lawyer, solicitor, advocate, accountant, actuary or Embassy/Consular official.
Form W-9 (US person)
The W-9 form is a request for Tax Payer Identification Number and Certification for US persons. It is available on the IRS website or use the following link.
Form W-8BEN (non-US person)
The W-8BEN is a request for Tax Payer Identification Number and Certification for non-US persons. It is available on the IRS website or download from below.
Government-issued ID (S1)
We need a current passport or national identity card or other certified copy of government-issued identification, which explicitly states your citizenship/nationality in a country other than the US.
Explanation of non-US citizenship (S2)
We need a certified Certificate of Loss of Nationality form.
Written explanation of US address/phone (S3)
If you have or had a US address and/or US phone number, please download and complete the form.
Documentary evidence of non-US status (S4)
We need one item of documentary evidence that states your permanent residence address or indicates your country of residency or citizenship/nationality.
Written explanation of US country of birth (S8)
If you don't have a Certificate of Loss of Nationality of the United States, then you'll need to provide us with a reasonable written explanation of why you don't this or why US citizenship/nationality was not obtained at birth.
Common Reporting Standard (CRS)
To help fight against tax evasion and protect the integrity of tax systems, governments around the world have introduced a reporting and information-gathering requirement known as the Common Reporting Standard (CRS).
HSBC Expat, along with other financial institutions in Jersey (Channel Islands), are required annually to identify and report all affected customers to the Jersey tax authority.
This information will then be shared with authorities in each relevant tax jurisdiction, so it's important that we hold the correct details about you to ensure accurate reporting.
If our records show that you're impacted by this legislation, we'll contact you in order to verify your tax residency status.
If you haven't received a letter, it's likely your information indicates that you're not yet due to be reported. However we do need to review all customers, so we'll be in contact in the future.
If you have 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 Organisation for Economic Co-operation and Development CRS portal.
Tax rules vary in each country. Expat banking offers tax-related benefits so it's important to seek professional advice. It's your responsibility to disclose your income to the authorities in countries where you have tax obligations.
Expat tax guides and resources
Understanding expat tax
Our guides and resources will help you navigate the complexities of international tax.
Tax advice from EY
EY has specialists in most countries around the world to assist expats with tax queries.