TLDR: If you open a financial account in the name of a minor, the legal representative self-certifies the minor’s tax residences and TINs. When the minor is attached to their parents’ tax household, the parents’ self-certification can be used for the minor’s account. The financial institution may then not request a separate self-certification from the minor if it knows about this attachment.
Who must complete the self-certification?
For a financial account held by a minor, you must have the self-certification completed by their legal representative. It concerns the minor’s tax residence or residences and their tax identification numbers (TINs).
The declaration therefore concerns the minor, even if it is completed by their legal representative.
Attachment to the parents’ tax household
If the minor is attached to their parents’ tax household, you may use the parents’ self-certification for the account opened in the minor’s name.
The financial institution may not request a separate self-certification from the minor when it knows that the minor is attached to the legal representative’s tax household and that the legal representative has self-certified the minor’s tax residence.
This possibility is linked to the attachment to the tax household. It does not constitute a rule applicable to every minor who holds an account.
Information to be declared
The self-certification must indicate the minor’s tax residence or residences and the corresponding TINs. You must therefore check that the declared information concerns the account holder.
Verification by the financial institution
After collecting the self-certification, the financial institution checks its plausibility based on the information provided when the account was opened. It does not have to conduct a complete legal analysis of the tax rules to confirm the declared classifications.
However, it cannot rely on the self-certification if it knows, or has good reason to believe, that it is inaccurate or unreliable.
What should be done in the event of a change in circumstances?
If a change in circumstances calls into question the accuracy or reliability of the self-certification, the financial institution must obtain a new self-certification establishing the account holder’s tax residence or residences.
It may also obtain a plausible explanation accompanied by documents attesting to the validity of the initial self-certification. For a minor, you must complete these steps in your capacity as legal representative when that capacity applies.