TLDR: The legal representative of a minor holding a financial account must self-certify the minor’s tax residency(ies) and tax identification number(s) (TIN). If the minor is attached to the parents' tax household, the parents' self-certification may cover the minor's account. The self-certification must be plausible and applies to accounts subject to the Common Reporting Standard (CRS).
Legal representative’s obligation
The legal representative is required to self-certify the tax residencies and TINs of the minor holding a financial account. This obligation lies exclusively with the legal representative when the account holder is a minor.
Case of attachment to the parents' tax household
If the minor is attached to the parents' tax household, the parents' self-certification may be used to cover the account opened in the minor's name. This simplifies the process without exempting the financial institution from its verification obligations.
Content of the self-certification
The self-certification must specify:
- the minor’s tax residency(ies);
- the minor’s tax identification number(s) (TIN).
This information is essential to enable the financial institution to comply with its reporting obligations under the CRS.
Plausibility requirement
The self-certification must be plausible, in accordance with the provisions set out in paragraph III § 210 and following of BOI-INT-AEA-20-20-10-20. This means the information provided must be consistent and verifiable.
Scope: the Common Reporting Standard (CRS)
The self-certification obligation applies to financial accounts subject to the Common Reporting Standard (CRS). This standard governs the automatic exchange of information between tax authorities.
Time constraints
As of 30 December 2017, a financial account can only be opened if the legal representative plausibly self-certifies the minor’s tax residencies and TINs. This rule applies to new accounts opened from that date onwards.
Update in case of change
If there is a change in circumstances affecting the validity of the self-certification, the legal representative must provide a new self-certification to the financial institution within 30 days of the institution’s request.