If you are a tax resident of a "reportable jurisdiction" (please refer to the Ministry of Finance's exchange of information for tax purposes website for further information), please note that, starting in 2020, financial institutions must provide your account information to the taxing authority on an annual basis, and the taxing authority will exchange relevant account information with local tax agencies.
How will financial institutions identify your "tax residency"? In the case of customers who had already opened accounts prior to January 1, 2019, financial institutions must determine your tax residency on the basis of existing account information. Financial institutions may need to contact you and ask you to provide a "self-certification form" (this is a formal statement concerning your tax residency) and/or additional information, which will enable them to confirm your tax residency. New customers who opened accounts on or after January 1, 2019 must provide a self-certification form to confirm their tax residency.
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