China is serious: over $100 million accounts will be figured out

US dollars credit cards the State Administration of Taxation trust

quanshangzhongguo· 2017-10-12 15:09:48

news with rich account investigation deadline at the end of this year, the bank has to do that? The four problem relates to your

China version of CRS ("non resident financial account information related due diligence management measures") after landing, for a non resident financial account to make adjustment thoroughly, in China's banking industry has a large-scale orderly spread.

Chinese securities reporter learned that the listed bank citic bank, Bank of Ningbo has set up a working group from the head office level, including coordination of operations, international business department, custody department, electronic banking, legal compliance department, the Department of information technology, the company department, retail department, credit card center and other relevant departments to promote the touch row account information work.

in addition, more than a dozen banks including the workers and peasants in the construction, CITIC, published the announcement to the public, the stock of non resident customers requirements (i.e., in July 1st of this year before the bank to open a deposit account, bank cards, bonds and other clients), signed a tax resident identity statement file from the bank counter or mobile phone.

in view of the different customer groups, Mopai out of step: investigation of high net worth clients to worry, financial institutions are required in December 31st of this year before the financial accounts and the total balance (as of the end of June) information comprehensive personal accounts of more than one million U.S. dollars. And for less than $1 million of low net worth customers, the time limit is covered by the end of next 12. What exactly does the

01 bank require non residents to declare?

if you are a non tax resident Chinese, and you are in 6 before the end of the month at any bank to open any of the following kind account, then you have to declare:


2, personal account; bank card accounts, including debit accounts, credit accounts, credit accounts and prepaid card;

3 CRS, financial accounts and other account due diligence requirements.

to the CCB individual personal experience of the non resident reporter statement as an example, in addition to the name, age, residence, place of birth and other basic information, the most important, non residents to fill out tax collection in the Republic of China (or region), and the taxpayer identification number.

", and "

". What will be the information to be taken here? After they are submitted to the relevant departments, the State Administration of Taxation will, in accordance with the agreement signed by our foreign countries, exchange to the account holder of the residents of the country's tax authorities.

in this way, the local government will have a better understanding of the financial assets of its own people outside.

does that matter a lot to US residents? Most of us had already opened an account with banks and other financial institutions. After July 1st this year, in most cases, there was no need for tax resident declarations to open new accounts at the same financial institution. This is because our tax status has long been confirmed by financial institutions on the basis of retained data.

even if you want to, you check the "tax residents of China" can, account experience is not affected.

as an aside, report dear CCB, your personal tax resident identity statement submitted the final confirmation prompt pop, a mistake!!

, content_img_p, ha, ha, ha, ha, ha, don't mention it.

02 what exactly is "non resident"? Just looking at nationality?

non residents are individuals, enterprises and organizations other than Chinese residents (except government agencies and international organizations, of course).

this is very complex, not just to see the nationality, not to say that the so-called "foreigner" is non resident.

since you don't see nationality, what do you see? The reporter consulted a number of professionals, a local official told reporters, for individuals, home (home) and stay in the country's long, is the most important criteria; but for the enterprise, is the registered and actual management institutions.

according to China's tax law, tax Chinese refers to individual residents has a domicile in the territory China, or no shelter to live in the territory of a full year (in Chinese individuals who have domicile is due to the relationship between household, family, economic interests and habits of living in the territory of Chinese).

DDT senior manager Jiang Lili said, from this point of view, although there is no China nationality, but in Chinese reside, and foreigners in a tax year residence one year, belongs to the tax revenue of our country residents; in addition, residence one year overseas Chinese and Hongkong, Macao and Taiwan compatriots, all belong to the tax residents.

but some hold China nationality, but never settled in mainland China, but the Chinese diaspora, belong to non residents, should declare.

Jiang Lili believes that since information collection, reporting and exchange under CRS are not based on nationality, then the practice of obtaining information from other countries through rapid immigration is necessary to avoid the exchange of information

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