1. CRS：Common Reporting Standard
In order to prevent tax evasion and avoidance using offshore financial institutions, the OECD developed the Common Reporting Standard (CRS). Under CRS, the tax administration each jurisdiction obtains reports of information from financial institutions located in their jurisdiction about the financial accounts of non-residents and automatically exchanges that information with other jurisdictions. More than 100 countries and regions, including Japan, have committed to implementing CRS.
In Japan, tax system reforms in response to the implementation of CRS came into force on January 1st, 2017. According to this law, commonly called the Act on Special Provisions (*1), if a customer's jurisdiction of residence (*2) is a country other than Japan, all Japanese financial institutions, including Sony Bank, are required to report the customer's reportable account information annually to Japan's tax administration (the National Tax Agency).
Since January 1st, 2017, Sony Bank has required customers opening new accounts or conducting certain transactions to submit self-certification forms stating all countries that constitute jurisdictions of residence, and other reportable information.
- Act on Special Provisions of the Income Tax Act, the Corporation Tax Act and the Local Tax Act Incidental to Enforcement of Tax Treaties ("Act on Special Provisions")
- Applies only if the jurisdiction of residence is a country or region which is a party to CRS.
For additional details about CRS, please consult the CRS section of Japan's tax administration (the National Tax Agency[国税庁])'s website.
2. What is "jurisdiction of residence"?
A customer's "jurisdiction of residence" is a country to which you are responsible for paying taxes (individual and entity).
In some cases, a customer may have multiple jurisdictions of residence that are reportable under CRS. For example, a person with U.S. citizenship who resides in Japan and is responsible for paying taxes in both Japan and the U.S. must list both "Japan" and "U.S.A" as jurisdictions of residence.
- The basis of determination of residency or nonresidency for tax purposes varies among countries.
Example: The laws of "Country A" determine whether a person is considered to have the jurisdiction of residence in Country A.
- If you need assistance determining your jurisdiction(s) of residence, please consult a professional such as a licensed tax advisor or an accountant.
Sony Bank is not able to respond to inquiries about how CRS applies to you.
3. Self-certification of your jurisdiction(s) of residence
If you have jurisdiction of residence in any country other than Japan, please fill out the self-certification form (*4), fully listing your jurisdiction(s) of residence and taxpayer identification number(s) (*3) for each jurisdiction, then submit it to us.
- （*3）If you are unsure whether or not the jurisdiction of residence has issued you a taxpayer identification number, please consult a professional such as a licensed tax advisor or the tax administration in the respective jurisdiction.
- （*4）Please be aware that falsifying information on your self-certification form could make you liable to penalties under Japanese law.
CRS self-certification procedures when opening an account via our English Online Banking site
In the Open Account app, when you reach the screen that asks you to confirm "Japan is the only country of residency for tax purposes," please check the box and press the Confirm button to proceed to the next screen and complete your application. As you proceed in the application process, you will have a chance to add other countries of the jurisdiction of residence for tax purposes in a later step.
- An email will be sent to you confirming that Sony Bank has received your application data.
- If Japan is your only jurisdiction of residence for tax purposes, you can complete the CRS self-certification process entirely within the app.
If you have the jurisdiction of residence in other countries in addition to Japan, please contact Sony Bank's English help desk after you receive the confirmation email*.
*email:"[Sony Bank] Thank you for choosing to open an account with Sony Bank"
They will arrange to send you via postal mail the self-certification form pertaining to the jurisdiction of residence.
When you receive the self-certification form, fill it out and mail it back to Sony Bank immediately.
Your self-certification process is complete once you have submitted the form.
- You will not be able to open an account until the self-certification form is submitted.
- If your form contains mistakes or is incomplete, it will be returned to you by registered mail.
You will not be able to open an account until it is correctly submitted.
- If you do not return the form by the date noted in the materials we send you, your application to open an account will be canceled.
For those wishing to make an outgoing foreign currency remittance
If you are both the remitter and the beneficiary and you wish to register an overseas beneficiary address -- even if the address was previously pre-registered-- then you will need to submit the self-certification of your jurisdiction(s) of residence for tax purposes and taxpayer identification number(s) before registering that remittance.
If this applies to you, please contact the English help desk. We will send you via postal mail a Notification of Change of Country of Residency form.
When you receive the self-certification form, please fill it out and mail it back to Sony Bank immediately.
If Sony Bank is unable to verify that you have submitted the self-certification form, we will be unable to register remittances in which you are both the remitter and the beneficiary, and the beneficiary address is outside Japan.