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Discussion Starter · #1 ·
Automatic Exchange
The Automatic Exchange of Information (AEOI) portal provides a comprehensive overview of the work the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes in the area of the automatic exchange of information, in particular with respect to the Common Reporting Standard.

https://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/

I just got a form from NatWest which asks for info about citizenship and residency for tax purposes.

Competing this and signing this form allows the bank to share your information, including income and assets with all countries that have agreed to share said information.

My only income is from pensions and my first reaction was to throw the form in the trash and I might still do that.

I have a current account and no deposit accounts gaining interest.

I have a UK and Portuguese address and have not applied for residency in Portugal.

I feel like calling that hot line and saying that I am sometimes in England and Portugal and will be visiting Italy for two months, Israel for four months and perhaps a few weeks in Greece. Will add that I'm not sure when I will be in the UK and for how long and will ask them how to complete the form.

Comments about this new invasion of privacy would be very welcome.
 

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Discussion Starter · #3 ·
I called the "NatWest Hotline", three times and got a message that said, "We are busy. Please call back", and then a disconnect.

Whenever I have previously called my NatWest Bank I got a message, that says, "We are very busy, please wait, call back or check our website".

Very different.

I won't bother calling the hotline again; will not return the form and will wait for them to recontact me.
 

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Surely the only person who needs to know anything at all about your tax affairs is the tax man of the country in which you are financially resident? It strikes me as a tremendous nerve for anyone else to be even remotely involved. Giving the banks this authority would effectively mean putting your financial affairs with them in the public domain, I would think.
 

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Hi,

I think you will find that most normal people, who are not accountants/tax lawyers or their ilk, would find this idea of targeting tax avoidance quite reasonable and anyone objecting to it would only do so if they had something to hide. If your only income is the UK state pension and you reside in the UK but have a holiday home elsewhere in the EU then this would be acceptable but involve a bit of effort HOWEVER if you have some other agenda maybe to mitigate taxable income then this may cause some anguish.
 
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