If you invest through Sharesies, we need to know if you’re an overseas tax resident.
It’s now easier than ever for people to invest money outside of the country they pay tax in. New Zealand is part of a global initiative called the Automatic Exchange of Information (AEOI), which is aimed at preventing offshore tax evasion.
If you are a foreign tax resident, under the AEOI initiative, financial institutions (like banks, insurers, fund managers, and Sharesies) are required to collect and report your financial account information to the relevant tax authority. Tax authorities then exchange this information to ensure everyone pays the right amount of tax.
Collect: we need to identify if you’re a tax resident of another country outside of New Zealand. If you are, we need to collect your tax identification number (TIN) and jurisdiction. If your circumstances change, we may follow up and ask you to confirm this information again.
Report: we must pass on the tax information you supply, in addition to financial information about your account, to Inland Revenue (IR) if you are a foreign tax resident.
Exchange: we’ll always respect your data privacy and will only pass on your information to IR as required. IR may share this information with your home country or jurisdiction, if New Zealand has an AEOI exchange relationship with them.
Email us at help@sharesies.co.nz with any questions.