FATCA/CRS

Banks and other financial institutions are required to identify all customers who are tax resident in a country other than Denmark. This applies to both private customers and legal persons.

If you have been asked to complete our combined FATCA/CRS Self-Certification Form, you may have some questions about it. Therefore, we have created this FAQ page providing you with information about FATCA and CRS tax legislation, as well as about self-certification, the reporting process and the consequences of non-compliance.
 
Self-certification process

Why have I received a letter and questions about foreign tax liability?

Danske Bank is obliged to search for indicia indicating a potential tax liability in a foreign country. This includes, e.g., a foreign address or phone number.

The following information in our system results that we ask question:

Customer information Curing documentation to avoid being reported

Foreign mailing or residence address

Self-certification form and passport other than that of the indicia country

The only phone number registered is non-Danish

Self-certification form and passport other than that of the indicia country

Standing order to transfer fund to a foreign account

Self-certification form and passport other than that of the indicia country

Person with a foreign address has been granted power of attorney to manage the accounts

Self-certification form

Care of or hold mail address

Self-certification form



How do I know if I am tax resident in another country?
In general, you are considered tax resident in the country where you spend more than 183 days in any 12-month period. However, in some countries you are considered tax resident even if you live in another country, for example if your family or permanent residence is in that other country.

A few countries, like the United States, base taxation on citizenship. If you are uncertain about where you are tax resident, please seek advice from the tax authorities or a tax specialist.

What information do I have to send to you?
The information Danske Bank requests from you depends on the indicia found, please see above for details. If you are a new customer, you must always inform us where you are tax resident, including your Taxpayer Identification Number(s).

What happens if I do not respond to the letter or submit incorrect information?
If you do not respond to a letter concerning foreign tax liability, Danske Bank will regard you as reportable to that country and send information to the tax authorities. If you intentionally submit incorrect information, Danske Bank may have to reconsider your engagement with us.

What is TIN?
TIN is an acronym for Taxpayer Identification Number. If you are a US tax resident and lack a US TIN, you must contact the Internal Revenue Service.

Where can I find information about the local equivalent of a TIN in my country?
For details about the Taxpayer Identification Number in your country, please consult your professional tax advisor or visit the section on Tax Identification Numbers on the OECD CRS portal.

What do you mean by tax residency and tax liability?
Danske Bank is obliged to have information on where you are tax resident, meaning in which country or countries you are regarded as fiscally domiciled (full tax liability) according to that country’s national legislation.

Other banks have requested the same information
If you are a customer of another bank and have informed it about your tax residency, you also have to inform us. Banks do not exchange information about customers with each other.