When you open a Syfe account, you are required to declare your country(ies) of tax residence and provide your Taxpayer Identification Number (TIN).
- For Singapore citizens and PRs, your TIN is your NRIC number.
- For non-Singapore citizens/PRs, your TIN can typically be found on your tax returns.
Syfe is legally required to comply with global tax transparency regulations, including FATCA and CRS. This means Syfe may provide information about your financial accounts to the Inland Revenue Authority of Singapore (IRAS), which may then exchange this information with tax authorities in other jurisdictions as required under international agreements.
All financial institutions in other FATCA and CRS participating countries including other financial institutions in Singapore are required to identify the tax residency of their customers or to-be customers to be compliant with FATCA and CRS.
We may also contact you from time to time to confirm and/or update your tax residency details to satisfy reporting or other obligations under FATCA and CRS. If your tax residency changes, you must notify us immediately so we can advise you on any additional steps required.
What is FATCA?
The Foreign Account Tax Compliance Act (FATCA) is a US law requiring financial institutions worldwide to identify andand submit information on financial accounts held by US persons to the US Internal Revenue Service (IRS).
FATCA took effect in Singapore through a Model 1 Intergovernmental Agreement (IGA) signed between Singapore and the US on 5 May 2014. Singapore financial institutions have been reporting under FATCA since reporting year 2014. Find out more here.
What is CRS?
The Common Reporting Standard (CRS) is a global framework for financial institutions to collect and report information on the financial accounts of tax residents in participating jurisdictions, to improve international tax transparency.
CRS came into effect in Singapore on 1 January 2017, with reporting obligations starting from reporting year 2017. Find out more here.
