The Foreign Account Tax Compliance Act (FATCA) is a US law which requires all Financial Institutions (FIs) outside of US to pass information of account holders of US persons to the US Internal Revenue Service (US IRS). FATCA aims to deter US tax evasion through the use of foreign financial accounts. Singapore has signed an Intergovernmental Agreement (IGA) with US to establish the framework for FIs to exchange the required information.
In order to comply with FATCA, China Life (Singapore) is required to gather documentation from customers who may be US persons.
For more information on FATCA, you may refer to the full detail of the regulation at the IRAS website or speak to a professional tax advisor.
The CRS is an internationally agreed standard for Automatic Exchange of Information (AEOI) between the CRS-participating countries/jurisdictions for tax purposes. The purpose of CRS is to prevent offshore tax evasion through the use of foreign financial accounts. It calls on CRS-participating countries/jurisdictions to obtain information from their financial institutions and automatically exchange that information with other CRS-participating countries/jurisdictions on an annual basis.
For more information on CRS regulation, you may refer to the full detail at IRAS website.
Please click here to download a copy of the FATCA/ CRS Form(s).