Common Reporting Standard Guide for Individuals

Joining BNZ

Under the Organisation for Economic Co-Operation and Development (OECD) Common Reporting Standard, which New Zealand has agreed to adopt, we are required to ask you about your country or countries of foreign tax residence when you join us.

We will ask you to complete a self-certification and, if you are a foreign tax resident, we’ll require your foreign tax number(s) or equivalent(s). If you cannot supply a foreign tax number(s) or equivalent(s) we’ll need to know the reason you can’t (for example, if the country does not issue tax numbers or an equivalent to all its tax residents).

If you do not provide this information to us we may not be able to open your account. One of our team may also contact you at a later date if we need any further information about your tax residency status.

Existing customers

As an existing customer of BNZ we may ask you to confirm your country or countries of foreign tax residency.

If we do, we will ask you to complete a self-certification, and, if you are a foreign tax resident, we’ll require your foreign tax number(s) or equivalent(s). If you cannot supply a foreign tax number(s) or equivalent(s) we’ll need to know the reason you can’t (for example, if the country does not issue tax numbers, or an equivalent to all its tax residents).

How will I know my details are being shared and what is provided to Inland Revenue?

BNZ must comply with all relevant laws and regulations. This sometimes means we have to disclose customer information to external agencies. However, we will only share customer information when we’re legally obliged to disclose it and in accordance with our Standard Terms and Conditions.

Under the Privacy Act, you are entitled to see and request correction of any personal information about you held by BNZ.

If you declare in your self-certification that you are a tax resident of another country or countries, then your personal and account details will be provided to Inland Revenue.

What if I am unsure about my foreign tax residency?

Different countries have different rules about what defines a tax resident. If you are unsure about your foreign tax residency, or have any specific questions, we recommend that you contact a tax adviser or the relevant tax authority, as BNZ is unable to give tax advice. You can also visit the OECD website for further information.

You also have an obligation to notify us of any change in circumstance affecting your tax residency status.

Where can I go to get more information?

You can visit the following websites or talk to a tax adviser for further advice:

Download a copy of the Individual Tax Residency Self-Certification pdf 31kb.