Disclosing my tax residency
Why does Revolut need information about my tax residency?
As a financial institution, Revolut is required to comply with legislation that mandates the need to collect a self-certification from our customers which certifies your residence for tax purposes.
This must be kept up to date and submitted on an annual basis with account-specific information, to the tax authority of the Revolut entity under the CRS and FATCA regimes.
Do I need to inform Revolut if my tax residency changes?
Yes. If you update your tax residency within the Revolut app, we require an updated self-certification and any new AHV/AVS number within 30 days of the change. Your tax residency forms an important part of our CRS and FATCA reporting obligations.
What is the Foreign Account Tax Compliance Act (FATCA)?
FATCA requires Revolut to identify customers that may be US persons and report account information to the local authorities for onward transmission to the US Internal Revenue Service.
What is the Common Reporting Standard (CRS)?
Under CRS, Revolut is required to identify your tax residency and report your account information to the country's tax authority. The objective of CRS is to identify customers who are tax residents outside of the country where they hold their Revolut account.
Several countries have committed to exchange information in order to identify where accounts are being maintained by individuals outside their country of tax residence. This was introduced as a measure to prevent tax evasion.