It’s not mentioned in the initial post, true, but it is what the thread is about, and I mentioned CRS in some of my replies.
I agree with you that many banks ask for the info from foreigners by default, and a lot of people likely fill it in when they don’t need to.
When I was posting I actually searched for CRS and common reporting standard but couldn’t find a similar post anywhere
Thank you for posting the information. Why did you list yourself as a tax resident of Australia when you presumably generate your income here?
Because it’s like talking to a brick wall as the banks force you to fill it out the form the way they want . I now am more forceful because there are REAL consequences.
It reads like you were coerced to sign something without a full explanation, probably on the spot. Not at all surprised given my interactions with banks, actually any organisation whatsoever here.
“Tax residency” isn’t in their limited vocabulary.
Oh, I didn’t read your initial link before (because I already knew about not needing to complete the CRS info - I read into it quite a lot when I was opening my first bank accounts here).
Is it your site that you’re promoting?
No, it’s a friends site. But I wrote that blog.
I had the same situation when reporting a change of id number. They insisted that I need to give them my SIN number and I told them flatly, no I don’t. It took three different desk sitters and a couple of fake charm attempts to fail for them to finally acquiesce.
Your friend has crappy annoying ads on his website. I hope I made you a few cents.
Sorry about that… It’s his first time setting them up and he’s working on reducing them by a lot… I have spoken to him and he’s fixing it today
Felt like clickbait or spam when i opened it, i noted it in the other thread.
Please check again. Most ads have been removed.
Thanks for the feedback
The link is down now. I wanted to read because I was asked to make a false CRS statement at the bank yesterday. I recently had to change my Taiwan ID because of an address change, so I went to visit a couple of banks.
I was presented with an electronic form at Megabank where the English literally read “tax residency”. It showed the country that I am from where I have not been a tax resident for many years. Agent told me not to worry about it. I told them to change it. They managed to remove the TIN in the list, but not the primary tax residency listing. I told them I could not sign since the declaration was false. They were unable to change it. I did not sign and my Taiwan ID is not updated with Megabank. Should I even care?
At another bank (Taihsin, for Richart account), I was handed a paper form and asked to sign my name. I noticed a check-box saying “I am a sole tax resident of Taiwan” which I quickly selected. The teller protested a bit, but I got away with that.
There’s another thread about this. I had the same issue at Cathay United. The fault is with the Taiwan Tax Bureau issuing incorrect guidance and telling the banks to do this. You can submit a FSC complaint but that’s only a short term fix. Need to get the Tax bureau fined for their incorrect guidance. Whoever is in charge at the tax bureau for international tax has no idea what they are doing.
Of course you should. Their system it seems is forcing you to make a false declaration. Complain to the FSC
When I was at Taiwan Co Operative bank last week I asked about this CRS. I showed them that on my Australian Bank app I am shown as Non Resident in Australia and shown on my Australian Bank as a Tax Resident of Taiwan. So at least for me if I opened a new account only shown as a tax resident of Taiwan. If you have an account overseas also ask your bank to update your address and phone to your Taiwan details. My bank has.
The problem is that for APRC holders the banks will try to force you to write the country of nationality as your tax residence.
You’re a Taiwanese citizen though - you should really make this clear whenever you’re reporting your experience with this stuff, because it makes a difference.
@Satellite_TV He’s got a point. It makes a hell of a difference with this.
As you even found when you asked Taiwan Cooperative about me