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Investor related tax information

Why does Revolut need information about my tax residency?

As a financial institution, we’re required to comply with domestic legislation that mandates the need to collect a self-certification from our customers regarding your residence for tax purposes. This must be kept up to date and may need to be submitted on an annual basis with account-specific information, to the tax authority of the Revolut entity under the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA).

If you update your tax residency within the Revolut app, we'll require an updated form W-8BEN and any new tax identification numbers (TINs) within 30 days of the change. Your tax residency forms are important part of our CRS and FATCA reporting obligations and may impact the rate of withholding tax applicable to your dividend and interest income.

What is a TIN and why does Revolut ask me for this?

The tax identification number (TIN) is the unique identifier assigned to you by the tax administration in your jurisdiction of tax residence. It's a unique combination of letters and/or numbers used to identify you for the purposes of administering the tax laws of that jurisdiction. As a financial institution, we require your TIN to accurately comply with rules under the CRS and FATCA. In the event that you are deemed a tax resident in more than one jurisdiction, we require all your TINs.

What is form W-8BEN and why has Revolut asked for this?

When opening an investment account with Revolut, we request completion of the US form W-8BEN. This form, issued by the US Internal Revenue Service, certifies that you’re not a US tax resident and enables Revolut to determine the appropriate rate of US withholding tax to apply to payments of US source income in accordance with where you are deemed tax resident. No information on this form is shared outside of Revolut.

What is FATCA?

The Foreign Account Tax Compliance Act (FATCA) requires Revolut to identify any customers that may be US persons and report account information to the local authorities for onward transmission to the US Internal Revenue Service. The purpose of FATCA is to ensure that US persons disclose all of the income that they are receiving in any foreign accounts.

What is CRS?

Under the Common Reporting Standard (CRS), Revolut is required to identify your tax residency. The objective of the CRS is to identify customers who are tax resident outside of the country where they hold their Revolut account. Under CRS, financial institutions such as Revolut are required to report account information to the country tax authority. 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 target tax evasion.