Back
Bank
Save & Invest
Borrow
Insure
Plan
Learn
Contact us
Get in touch
Find us
Manage your money
Accounts

Bank your way with low fees and extra benefits.
Credit cards

Enjoy 55 days’ interest free credit and other benefits.
Digital banking

Bank on any device, from anywhere at anytime.
Switch to Nedbank

Move your salary and debit orders over easily.
Fraud awareness

Protect yourself against the latest schemes and scams.
Forex

For all your travel, international payments, and foreign currency investment needs.

Greenbacks

More rewards at every level as you spend and invest.
Explore Bank
Grow your money
Accounts

Great interest rates and easy access to your money.
Investment services

Local and international wealth management solutions.

Share trading

All-in-one online trading or broker assistance.
Explore Save & Invest
Achieve your goals
Personal loans

Affordable loans and interest rates from R2k to R300k.
Home loans

Up to 100% property loan and 105% for first-time buyers.
Student loans

Nedbank offers full or part-time loans to students.
Overdrafts

Instant access to credit when you need it.
Vehicle finance

Easily apply for MFC vehicle finance in 5 steps.
Solar finance

Secure an affordable energy solution when in need.
Debt assistance

Debt management support when you need it the most.
Explore Borrow
Protect what you love
Life cover

Secure your family’s future with up to R2million.
Funeral cover

Cover for you and your family in the event of death.
Short term insurance

Car, building, house contents, valuables and more.
Credit Life

Bond, credit card, overdraft, loan and car repayments.
Travel insurance

Global travel insurance with 24-hr emergency assist.
Business cover

We have cover for small, medium or large businesses.
Secure investments

Guaranteed income and growth plans for future income.
Explore Insure
Plan your wealth
Financial planning

Achieve your financial goals with expert planning.
Estate, wills & trust services

We’ll help manage your assets, debts and estate planning.
Nedbank Private Wealth

Banking experience with customised solutions and rates.
Speak to a financial adviser

Our experts are ready to assist when you need them.
Explore Plan
Find guidance
Blog

Let our experts guide you on any financial matter.
Explore Learn
Get in touch
Talk to us

We’re here to answer questions and resolve queries.
Find us

Find your nearest branch, ATM and currency exchange.
Explore Contact us
Back
Bank

Accounts

Bank your way with low fees and extra benefits.

Credit cards

Enjoy 55 days’ interest free credit and other benefits.

Digital banking

Bank on any device, from anywhere at anytime.

Switch to Nedbank

Move your salary and debit orders over easily.

Fraud awareness

Protect yourself against the latest schemes and scams.

Forex

For all your travel, international payments, and foreign currency investment needs.

Greenbacks

More rewards at every level as you spend and invest.
Back
Save & Invest

Accounts

Great interest rates and easy access to your money.

Investment services

Local and international wealth management solutions.

Share trading

All-in-one online trading or broker assistance.
Back
Borrow

Personal loans

Affordable loans and interest rates from R2k to R300k.

Home loans

Up to 100% property loan and 105% for first-time buyers.

Student loans

Nedbank offers full or part-time loans to students.

Overdrafts

Instant access to credit when you need it.

Vehicle finance

Easily apply for MFC vehicle finance in 5 steps.

Solar finance

Secure an affordable energy solution when in need.

Debt assistance

Debt management support when you need it the most.
Back
Insure

Life cover

Secure your family’s future with up to R2million.

Funeral cover

Cover for you and your family in the event of death.

Short term insurance

Car, building, house contents, valuables and more.

Credit Life

Bond, credit card, overdraft, loan and car repayments.

Travel insurance

Global travel insurance with 24-hr emergency assist.

Business cover

We have cover for small, medium or large businesses.

Secure investments

Guaranteed income and growth plans for future income.
Back
Plan

Financial planning

Achieve your financial goals with expert planning.

Estate, wills & trust services

We’ll help manage your assets, debts and estate planning.

Nedbank Private Wealth

Banking experience with customised solutions and rates.

Speak to a financial adviser

Our experts are ready to assist when you need them.
Back
Learn

Blog

Let our experts guide you on any financial matter.
Back
Contact us

Talk to us

We’re here to answer questions and resolve queries.

Find us

Find your nearest branch, ATM and currency exchange.
  • Digital banking
  • Switch to Nedbank
  • Fraud awareness
  • Forex
  • Investment services
  • Share trading
  • Loan consolidation
  • Secondhand car loan
  • Home improvement loan
  • Exclusive short-term loan offers
  • Building loan
  • Switching home loan
  • Repossessed properties
  • Start your home buying journey
  • Solar-energy Finance
  • Earn R32,000 p/m or less? See offer
  • HomeVision extra funds
  • Home-buying Toolkit
  • Managing your home loan
  • Overdrafts
  • Vehicle finance
  • Solar finance
  • Consolidate all your debts into a simple loan | Nedbank
  • Short-term payment relief | Nedbank
  • Take charge and restructure your finances | Nedbank
  • Assisted-sales solutions for homes and vehicles | Nedbank
  • Flexible payment plans for loans and credit | Nedbank
  • Understanding how repo rate works | Nedbank
  • Individual R10,000
  • Individual R30,000
  • Family Cover
  • Build your own cover
  • Vehicle insurance
  • Building insurance
  • House contents insurance
  • Valuables insurance
  • Valuables insurance
  • Home loan credit life
  • MFC Vehicle Finance Assurance
  • Overdraft Assurance
  • Balance Protection Plan
  • Personal loan Assurance
  • Travel insurance
  • Business cover
  • Guaranteed Growth Income Plan
  • Guaranteed Growth Plan
  • Investment planning
  • Insurance planning
  • Give
  • Retirement planning
  • Will drafting
  • Ensure your estate is managed by an executor | Nedbank
  • Trust services
  • Financial accounting
  • Tax services
  • Leave the admin of your estate to us, and not to your loved ones | Nedbank
  • Nedbank Private Wealth
  • Speak to a financial adviser
  • Blog
  • Talk to us
  • Find us

CRS FAQs

find clear

‘CRS’ is the abbreviation for the ‘Common Reporting Standard’*. The CRS is an initiative by the Organisation of Economic Co-Operation and Development* (OECD) that encourages the exchange of information on a global scale between revenue authorities. This initiative seeks to identify clients who appear to have tax obligations*, tax liabilities* or tax residencies* outside South Africa

 

Ultimately the Common Reporting Standard (CRS) was designed with the intention to help fight against tax evasion and protect the integrity of tax systems.

 

*For any defined terms please see the Table of terms and definitions.

Automatic Exchange of Information* (AEOI) is the exchange of information between countries without having to request it. It involves the systematic and periodic transmission of “bulk” taxpayer information between countries that have signed up to the AEOI.

AEOI exists to reduce global tax evasion.

*For any defined terms please see the Table of terms and definitions.

CRS* is the global equivalent of FATCA* and therefore does not replace FATCA but works with FATCA to combat tax evasion and achieve global tax transparency. The CRS seeks to establish the tax residency of clients and identify jurisdictions in which the client has tax obligations*. While FATCA requires tax reporting on US persons* only.

 

*For any defined terms please see the Table of terms and definitions.

Under the Common Reporting Standard* (CRS), financial institutions* (FI) are required to identify clients, being individuals or entities, who appear to either have tax obligations*, tax liabilities* or tax residencies* outside South Africa.  An entity* such as a partnership, limited liability partnership or similar legal arrangement that has no tax residence, shall be treated as tax resident in the jurisdiction in which its place of effective management* is situated.

 

Financial institutions* (FI) then report certain information to the South African Revenue Service* (SARS). SARS may then share that information with the tax authority(ies) where the account holder* has tax obligations*, tax liabilities* or tax residencies*.

 

*For any defined terms please see the Table of terms and definitions.

Under the Common Reporting Standard* (CRS), tax authorities require financial institutions* (FI) such as Nedbank to collect and report certain information relating to their client’s foreign tax obligation*, tax liabilities* or tax residencies*. If you open a new bank account, invest in new financial products, or change your circumstances in some way, we will ask you to certify a number of details about yourself. This process is called ‘self-certification’ and we are required to collect this information under CRS.

It is important to remember that, although it is your responsibility to prove whether or not you have tax obligations*, tax liabilities* or tax residencies* outside South Africa; Nedbank is legislated to apply background reasonability tests to the self-certification that you have provided.

 

*For any defined terms please see the Table of terms and definitions.

Tax obligations* mean that you have current tax expenses. An example of a tax obligation would be that you must pay tax on your salary as and when the salary is earned.

 

*For any defined terms please see the Table of terms and definitions.

Tax liabilities* mean that you may have a future tax expense that could result in your having to pay more money to the South African Revenue Service* (SARS) than what you have anticipated. An example of a tax liability is when you earn rental income and must pay tax on that rental income to SARS in future.

*For any defined terms please see the Table of terms and definitions.

Tax residencies* look at whether you have been a resident of or have been physically present in a country for a certain amount of time, but the meaning of tax residency can differ from one country to the next. For individuals, physical presence in a country or jurisdiction is the main test for tax residency. Some countries also determine the tax residency of individuals by looking at factors like homeownership if you have long-term rented accommodation or if you have certain financial interests in that country.

 

For Entities* ‘tax residencies’ mean any person (other than an individual) which is incorporated, established, or formed in the country of onboarding or which has its place of effective management* in the county of onboarding, but does not include any person who is deemed to be exclusively a resident of another country for purposes of the application of any agreement entered into between the governments of the country of onboarding and that  country for the avoidance of double taxation.

 

*For any defined terms please see the Table of terms and definitions.

Your tax residency looks at whether you have been a resident of or have been physically present in a country for a certain amount of time, but the meaning of tax residency can differ from one country to the next. For individuals, physical presence in a country or jurisdiction is the main test for tax residency. Some countries also determine the tax residency* of individuals by looking at factors like homeownership, if you have long-term rented accommodation, or if you have certain financial interests in that country.

Nedbank will try to assist you as much as possible, however, we are not able to provide tax advice. For this you may wish to consult an independent tax advisor as Nedbank employees are not tax advisors.

For more information visit the Organisation of Economic Co-Operation and Development* (OECD) website at https://www.oecd.org on how to determine your tax residency.

*For any defined terms please see the Table of terms and definitions.

Under the Common Reporting Standard* (CRS), Nedbank is legally required to establish whether any of our clients, have tax obligations*, tax liabilities* or tax residencies* outside South Africa, or not.  

Even if you live in the same country/jurisdiction as where you pay tax, Nedbank is required by law to confirm whether, or not, you have tax obligations*, tax liabilities* or tax residencies* outside South Africa.

 

*For any defined terms please see the Table of terms and definitions.

No. What needs to be reported to  the South African Revenue Service* (SARS) is determined by law.

*For any defined terms please see the Table of terms and definitions.

Nedbank is legally required to establish whether any of our clients, have tax obligations*, tax liabilities* or tax residencies* outside South Africa, or not. 

 

Nedbank will only provide tax authorities with your tax details where you have confirmed that you have tax obligations*, tax liabilities* or tax residences* outside South Africa.

Nedbank is required by law to perform a reasonability test to verify the details that you have provided in your Nedbank FATCA and CRS Self-certification form. We might ask you for a copy of your passport to verify your identity or for some other evidence of your tax residency / tax obligation* declared in your self-certification form.

*For any defined terms please see the Table of terms and definitions.

For a list of countries/jurisdictions participating in the CRS, alongside the dates that they have or will start exchanging information, please see the OECD CRS portal.

 

South African Revenue Service (SARS) has adopted the “wider approach” which means that we are required to obtain the country of tax residency*, or the country in which you have tax obligations* in for any country across the world.

*For any defined terms please see the Table of terms and definitions.