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Frequently Asked Questions

CRS

Common Reporting Standard (CRS) is a new information-gathering and reporting requirement for financial institutions in participating countries, to help fight against tax evasion and protect the integrity of tax systems.

CRS seeks to establish the tax residency of customers. Under the CRS, financial institutions are required to identify customers who appear to be tax resident outside the country where they hold accounts, products, and report certain information to our local tax authority. CRS may then share this information with the tax authority where you are a tax resident.

Under CRS, tax authorities require financial institutions such as RAKBANK to collect and report certain information relating to their customers’ tax statuses.
If you open a new bank account, invest in new financial products or change your circumstances in some way, bank will ask you to certify a number of details about yourself. This process is called “self-certification” and the bank is required to collect this information under the CRS.

All financial institutions that includes banks, insurers and asset management businesses in participating countries are required to be compliant with the CRS.

1)    In Line with CRS requirements, Individuals and Controlling Persons will be required to provide:
a.    Name
b.    Address
c.    Place of birth*
d.    Date of Birth*
e.    Country(ies) of tax residence
f.    Taxpayer identification number(s)*
g.    Controlling Person Type.

2)     In Line with CRS requirements, Entities will be required to provide:
a.    Name
b.    Address
c.    Taxpayer identification number
d.    Place of registration/incorporation
e.    Entity Type

This will depend on where you live and your circumstances. Please contact a professional tax advisor or check the OECD website for more information on how to determine your tax residency, as RAK BANK cannot give tax advice.

Even if you have already provided information under the United States government’s Foreign Account Tax Compliance Act (FATCA), you will still need to provide information for CRS as it has different regulations with different requirements.

FATCA is US Law and requires financial institutions to identify US Persons and report in line with local FATCA regulations, based on citizenship. The CRS requires financial institutions to identify the tax residency of all our customers and in most cases report information on customers who are tax resident outside the country where they hold their accounts.

Under the CRS, we are required to establish the tax residency status of all our customers, even if you are tax resident in the same country where you hold your account.

RAKBANK is required to report  customers’ tax details as per UAE Central Bank directive and as UAE is a participating jurisdiction in CRS.

RAKBANK will respect your data privacy. We will only disclose your information to the relevant tax authorities if we are legally required to do so and as per UAE Central Bank directives.

We are required by law to verify the details provided by you as a part of your self-certification. We may further ask you for a copy of your passport to verify your identity or for some other evidence of your tax residency declared in your self-certification.

The information provided to the tax authorities will have been provided in the self certification form, and details about the accounts and products you have with us, including:

  • The balance or value 
  • The total amounts of interest or payments credited

For list of countries participating in the CRS, alongside the dates that they will start exchanging information, please refer to the OECD CRS portal.

For further information on your tax residency, please refer to the rules governing tax residence that have been published by each national tax authority. You can also find out more at the OECD Automatic Exchange of Information portal.