Common Reporting Standard (CRS)
Background
To support global efforts against tax evasion, the Organization for Economic Cooperation and Development ("OECD") introduced the Common Reporting Standard (“CRS”) in July 2014. Under CRS, governments require financial institutions—including insurance companies—to collect and report financial account information, which is then automatically exchanged with tax authorities in participating jurisdictions.
Manulife is required to:
- Identify the tax residency of our customers, and
- Report relevant account and policy details held directly or indirectly by individuals who are tax residents in CRS-participating countries.
While CRS shares a similar objective with the U.S. Foreign Account Tax Compliance Act (FATCA), it operates independently and applies globally. Manulife submits reportable information to local tax authorities, who then exchange it annually with the appropriate jurisdictions.
Given the broad scope of the Common Reporting Standard (CRS), Manulife began collecting CRS-related information from relevant new customers starting January 1, 2017. Selected pre-existing customers were subsequently contacted to provide the required details.
What you need to provide
For Individual Customers, if you are updating any of the following information:
- Nationality/Citizenship
- NRIC/Passport number
- Residential address (to a country other than the USA)
- Mobile number (to a country other than the USA)
- Alternative contact number (to a country other than the USA)
Please complete the “Tax Residency Self-Certification” section in the Personal details update form.
For Entity Customers, please complete the following forms and submit them along with a photocopy of your supporting documents (all sides), issued by an authorized government body (e.g., latest ACRA Business Profile dated within the last 3 months, Certificate of Incorporation, etc.):
- Corporate Owner Certification form
- CRS Self-Certification form for Controlling Person, where applicable.
Where can you further find information and advice?
If you have any general questions regarding the Common Reporting Standard (CRS), please feel free to reach out to your Manulife representative. Please note that Manulife does not provide tax advice. For guidance on your tax residency status, we recommend referring to the rules published by your local tax authority or consulting a qualified tax advisor. Additional information is also available on the OECD’s Automatic Exchange of Information portal for your reference:
https://www.oecd.org/en/networks/global-forum-tax-transparency/resources/aeoi-implementation-portal/tax-residency.html
Frequently asked questions
1. What information are customers required to provide?
Depending on the jurisdiction, you will be asked to provide the following information:
- Name
- Current resident address
- Place and date of Birth (for Individual and Controlling persons)
- Country(ies) or Jurisdiction(s) of tax residence
- Taxpayer identification number(s) ("TIN") or its equivalents
- Entity Type and place of registration/incorporation (for Entities)
- Controlling Person Type for certain Entity Types (for Controlling Persons)
2. What is an “in-scope” product?
Products subject to CRS reporting—referred to as in-scope products—include cash value insurance contracts, depository accounts, custodial accounts, annuity contracts, and certain equity or debt interests. It’s important to note that some insurance products excluded under FATCA may still fall within the scope of CRS reporting requirements.
3. What is a “pre-existing customer”?
You are considered a pre-existing customer if you held any in-scope product or policy prior to January 1, 2017.
4. What does a “change in circumstances” mean?
A “change in circumstances” refers to any update that may affect your tax residency status, such as a change in address, phone number, or standing instructions. If such changes occur, Manulife may request a new CRS self-certification. Customers should promptly notify Manulife and submit an updated form if previously provided information becomes inaccurate.
5. When does a CRS self-certification have to be completed?
Customers opening accounts or purchasing policies on or after January 1, 2017 must complete a CRS self-certification before proceeding. Some pre-existing customers may also be required to submit one. If a customer’s circumstances change—such as a change in address—a new self-certification may be requested. Additionally, individuals receiving payments related to financial accounts may also need to complete a CRS self-certification.
6. How is a customer’s data shared with third parties?
From time to time, local regulations may require us to provide customer account information to the domestic tax authority where the reportable account is held. For example, if a Manulife Singapore customer is a tax resident of Germany, Manulife will report the relevant information to the Inland Revenue Authority of Singapore (IRAS), which will then exchange the data with the German tax authority. Please be assured that such information is shared only when required by regulatory authorities.
7. What information is shared with the tax authorities?
Manulife will provide the legally required information to the tax authorities, including information in the CRS self-certification and details about products and policies a customer holds with Manulife. This may include information such as your account balances or values, and the total amount of interest or payments credited to you.
8. How is tax residency defined?
Each jurisdiction has its own rules for defining tax residency. In general, tax residence is the country in which you live or where you spend a significant amount of your time, but exceptions may exist (e.g., United States and China). Special circumstances such as studying abroad, working overseas, or extended travel may cause you to be resident elsewhere or resident in more than one country at the same time (multiple residencies). Please consult your tax advisor relating to tax residency questions as Manulife does not give tax or legal advice. Additional information is available on the OECD’s Automatic Exchange of Information portal for your reference:
https://www.oecd.org/en/networks/global-forum-tax-transparency/resources/aeoi-implementation-portal/tax-residency.html
9. What is a Taxpayer identification number ("TIN") and how can I find mine or obtain one?
You are considered to be a pre-existing customer if you held a cash value policy or shares in one of our mutual funds prior to January 1, 2017.
10. Why does Manulife ask for a CRS self-certification even if a customer lives in the same jurisdiction, they are paying taxes in?
While the CRS self-certification process may be inconvenient for some customers, it is a regulatory requirement to identify tax residents in participating jurisdictions. Manulife has designed the process to be as efficient and user-friendly as possible and welcomes feedback to help improve it further.
11. Why does Manulife ask for supporting documents in addition to the CRS self-certification
CRS due diligence is mandatory under local regulations, and Manulife may face penalties for failing to identify, collect, or report information on reportable accounts. To comply, Manulife must verify customer-provided details during the CRS self-certification process, which may involve requesting supporting documents such as proof of address, passport copies, tax returns, or other relevant evidence.
12. Can Manulife help customers to fill out the CRS self-certification?
Manulife is unable to provide tax or legal advice. As such, we cannot assist with completing the CRS self-certification form.
13. What happens if a customer refuses to provide a CRS self-certification
If a self-certification cannot be provided, customers will not be eligible to subscribe to CRS in-scope products or policies. For existing customers who decline to submit a CRS self-certification, Manulife may classify them as ‘reportable persons’ based on other available indicators, such as mailing address or phone number.
14. The information that customers are providing is confidential and sensitive. How will Manulife protect this information?
Manulife is committed to protecting customer information and has established policies and controls to safeguard personal data in line with applicable laws and regulations. This includes secure handling of data across access, storage, processing, transmission, and management activities.
15. Where can I find further information and advice?
For general enquiries about the Common Reporting Standard (CRS), please feel free to contact your Manulife representative. However, please note that Manulife cannot provide tax advice.
To better understand your tax residency status, we recommend consulting the guidelines issued by your national tax authority or speaking with a qualified tax advisor. You may also find helpful information on the OECD’s Automatic Exchange of Information portal:
