The Common Reporting Standard (CRS) was developed by the Organisation for Economic Co-operation and Development (OECD) and endorsed by the G20 Finance Ministers as the international standard for the automatic exchange of financial account information to enhance tax transparency and improve tax compliance.
The relevant legislation in Hong Kong came into effect in June 2016. Effective 1 January 2017, all financial institutions, including Prudential Hong Kong Limited, are required to perform due diligence on all customers, relevant account holders will have to provide self-certifications on their tax residency status.
If you would like to know more about your tax residency and CRS, you are advised to visit the IRD and OECD websites or contact your tax advisor.
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