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What you need to know about the Automatic Exchange of Information (AEOI) if you are responsible for a Hong Kong Financial Institution. … Read more
As a UK expat in Hong Kong myself, I know that finding your way around a new place takes time, patience and (ideally) a helping hand. … Read more
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Automatic Exchange of Information is the collective term for the two regimes currently in place in Hong Kong to facilitate the exchange of information with other jurisdictions. They are as follows:
These regimes place the burden of compliance on financial institutions, which are required to carry out due diligence procedures on all of their account holders or beneficial owners and report them to the tax authorities.
As part of this process, many account holders (both individuals and entities) will be receiving self-certification forms from the financial institutions they have accounts with. The information that is included in these forms will allow the financial institutions to determine the tax residence and classification of the account holder under the two regimes.
In many cases, these forms are detailed, complicated and confusing, but the account holder is responsible for completing their own forms. The financial institutions cannot provide legal or tax advice. Therefore, if the account holder has questions about how to complete the forms, they will need to contact a tax adviser.
