Purpose
The purpose is to collect information to determine whether our customers are U.S. citizens and/or tax resident in countries other than Norway. This means that Storebrand and other Norwegian financial institutions are obligated to identify customers who are U.S. citizens and/or tax residents in countries other than Norway, and provide the account information to the Norwegian tax authorities, who will forward the information to the tax authorities of other countries.
Frequently Asked Questions
What is FATCA & CRS?
Norway has entered into agreements with both the USA (via the Foreign Account Tax Compliance Act — FATCA) and OECD member countries (via the Common Reporting Standard — CRS). The purpose is to obtain information to identify customers who are U.S. citizens and/or tax residents in countries other than Norway. This means that Storebrand and other Norwegian financial institutions are required to identify customers who fall into these categories and report the account information to the Norwegian tax authorities.
What information is reported?
- identify where new individual and corporate customers are tax resident
- review existing individual and corporate customers to identify those who are
- tax resident in countries other than Norway
- identify corporate customers and beneficial owners/persons with controlling interest who are tax resident outside Norway
- report these customers to the local tax authorities
FATCA covers the USA and customers who are tax resident in the USA. CRS is based on FATCA, but differs in some important areas. The most important difference is that CRS includes more countries and more customers than FATCA. All EU member states participate in CRS and have signed an agreement on automatic exchange of financial information (the DAC II Directive).
Is Storebrand the only company doing this?
No, all financial institutions are required to comply with the CRS and FATCA requirements. However, the way each company implements the rules may vary.
What information is reported?
The information includes name, address, foreign identification number, account number, and account balance.
How are individuals affected by FATCA & CRS?
I am not a U.S. citizen or tax resident in another country. How am I affected?
Most customers who are not U.S. citizens and not tax resident in other countries are affected very little and do not need to take any action. However, Storebrand may contact you to confirm that you are not a U.S. citizen or tax resident abroad if there is reason to believe you might be.
Do FATCA and CRS only apply if I am a U.S. citizen and/or tax resident abroad?
No. The law specifies several criteria that financial institutions must look for in all customer accounts to determine whether someone may fall under FATCA or CRS. Customers whose accounts meet any of these criteria may be contacted for more information:
- foreign citizen or resident abroad
- born abroad
- work permit (“green card”)
- people who spend many days in the USA each year (FATCA)
- foreign address
- foreign phone number
- regular payments to an account abroad
- power of attorney or signing rights given to a person with a foreign address
- cases where “c/o” is the only registered address
I am tax resident in a country other than Norway. How am I affected?
If you are tax resident outside Norway, Storebrand may contact you to obtain additional documentation.
Note that Storebrand cannot advise you on this. If you are unsure, you should consult a professional tax advisor.
Storebrand is required to report information about you and your accounts to the local tax authorities each year.
What if I was born in the USA?
As a general rule, a person born in the USA automatically becomes a U.S. citizen at birth and is subject to U.S. taxation based on citizenship. This follows from U.S. law.
To avoid reporting, you must provide documentation showing that you have either renounced your U.S. citizenship or that you did not obtain U.S. citizenship at birth.
Examples of documentation include:
- Official confirmation from U.S. authorities that you have renounced your U.S. citizenship (for example, a Certificate of Loss of Nationality)
- Documentation showing that you did not obtain U.S. citizenship at birth, for example if your parents had diplomatic status in the USA at the time
A confirmation from Norwegian authorities stating that you are only registered with Norwegian citizenship in the National Registry does not prove that you have renounced your U.S. citizenship.
It is also not sufficient to show that you did not receive a Social Security Number (SSN). Citizenship by birth in the USA follows from law and does not require having an SSN.
What must I do?
If you have not formally completed the process of renouncing your U.S. citizenship and received a Certificate of Loss of Nationality, you are generally considered tax liable to the USA.
You must therefore either:
- begin the process of renouncing your U.S. citizenship, or
- begin the process of applying for a Social Security Number so we can report correctly
In both cases, you should contact the U.S. Embassy in Norway for assistance. You may also contact Norwegian tax authorities for more information about your tax situation.
Will Storebrand provide all necessary forms?
Yes. When Storebrand contacts a customer, we include all relevant forms or links to a website where they can be downloaded.
What happens if I do not provide the information required?
Under the regulations, financial institutions must treat customers who do not provide requested information as tax residents of countries outside Norway. This means Storebrand will report the same information about such customers as we do for customers who have confirmed they are tax resident abroad.
What does “tax resident in another country” mean?
“Tax resident” is used for individual customers and means that a person, under local law, is considered resident in a country and therefore must pay tax there. For companies, the term “tax resident” or “tax domicile” is used.
Usually, you are tax resident in the country where you live. Special circumstances (such as studying abroad, working abroad, or long-term travel) may cause you to be tax resident somewhere else or in more than one country.
The criteria for determining tax residency vary from country to country.
If you are unsure of your tax residency, you should contact a tax advisor or the local tax authorities.
What must a customer who is tax resident abroad do?
If a customer must pay tax in one or more countries, we will ask them to complete a self‑certification form. In this form, the customer must provide their tax residency and Taxpayer Identification Number (TIN).
What is a TIN?
TIN stands for Taxpayer Identification Number. It is a unique combination of letters or numbers issued by a country for tax purposes.
Useful links
skatteetaten.no (external link)