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This form is primarily required for individuals identified as 'controlling persons' of passive entities, such as trusts or investment vehicles. These individuals must complete the form to certify their tax residency status. For instance, if a trust has multiple beneficiaries and a trustee, each controlling person must submit this form to ensure that the financial institution can report accurate information to tax authorities. Additionally, joint account holders are also required to fill out separate forms.
Filing this form requires adherence to specific deadlines and documentation standards. The completed form should be submitted promptly upon opening an account or when there are changes in tax residency status. It is crucial to provide accurate taxpayer identification numbers (TINs) where applicable, as failure to do so may lead to penalties or complications with tax authorities.
To submit the CRS Controlling Person Self-Certification Form, follow these steps: first, obtain the template from your financial institution's website or directly from HSBC. Next, fill out all required sections in BLOCK CAPITALS. After completing the form, you can either send it electronically via your bank's secure portal or print it out and deliver it in person at a branch office.
It is important for users to understand that providing false information on this form can lead to serious legal consequences. Furthermore, even if you have previously submitted information under other regulations like FATCA, you may still need to complete this separate CRS self-certification process.
