Nedbank is required to report CRS information to the relevant tax authority in respect of all accounts held by:
- Entities* who are resident for tax purposes in a country outside the country of onboarding due to their country of incorporation and /or place of effective management*; or
- Certain entities with controlling persons* who are resident for tax purposes outside the country of onboarding. These entity types include passive non-financial [foreign] entities* (passive NFEs), trustee documented trusts, and investment entities* that are resident in a non-participating jurisdiction* and is managed by another financial institution* in a participating jurisdiction.
In addition, Nedbank will also need to report account information relating to those entities who do not provide Nedbank with the required Nedbank FACTA and CRS Entity Self-certification form and any IRS W-form* as the case may be.
*For any defined terms please see the Table of terms and definitions.
