Hongkong Policy Must Declare Tax Status.

Since January 1st, the mainland's mainland residents who have been buying insurance in Hong Kong for nearly two months are facing new developments.

In addition to changing insurance procedures and suspending the payment of premiums for UnionPay cards, a global "automatic exchange standard for financial account information" is officially landed in Hongkong. This also means that all policy information purchased by mainland people in Hong Kong will be fully disclosed.

"I didn't expect the policy to go on and on. Now it's too complicated to buy Hongkong insurance. It's too worthless."

Ms. Lin, who plans to follow suit to buy insurance in Hongkong, is buying it after she knows it.

After the latest insurance rules, they repeatedly sigh.

At the end of last month, a piece of news began to circulate in a small circle of friends circles who were keen to buy Hongkong insurance.

This message is issued by a broker named pony for the insurance applicant of Hangzhou. The specific contents are as follows: "Hongkong insurance has been implementing new policies since January 1, 2017: 1, the insurance declaration tax number (that is, the Chinese identity card ID card)"; 2, declare the tax situation (all mainland customers entering the port to open accounts must declare the tax situation, otherwise it will not be passed); 3, explain the source of funds (need to explain the source of funds for purchase of insurance policies, through tax documents and other materials).

In January 1st, CRS officially landed in Hongkong, which made the previously scrambled mainland to buy insurance in Hongkong, which was also affected, like pouring cold water on a hot pot.

What is CRS? That is, Common Reporting Standard, can be understood as an automatic reporting standard for tax related information in financial accounts. It aims at improving tax pparency and combating cross border tax evasion. Financial institutions participating in tax administration must abide by and perform due diligence.

A recent insider, who declined to be named, said: "recently, insurance companies have been training for CRS.

For a long time, the guests were asking this question. They wanted to turn the money out of tax.

But now all these policy information must be reported.

Specifically, CRS is concerned about

Such accounts include deposit account, trust account, cash value insurance contract, annuity contract, holding equity and creditor's rights of financial institutions.

The contents that need to be declared include account and account balance, name and date of birth, account and account balance, tax residence, annual payment or the total amount credited to the account.

In addition, the newly purchased foreign exchange control policy has also had a significant impact on the mainland's purchase of Hongkong insurance.

Although the amount of individual purchase of foreign exchange is 50 thousand US dollars, it has ushered in a more complex process of buying foreign exchange.

The most obvious thing is that since January 1, 2017, whether you are in the bank counter or through electronic channels such as online banking and mobile banking, you need to fill out the application for individual purchase of foreign exchange, and clearly fill in the purpose of purchasing foreign exchange.

Just now at the end of last year, Miss Wu, who made a special trip to Hongkong to purchase the insurance policy, said that the new deal had no effect on the small insurance policy, but the large amount of insurance policy was basically hard to buy, and the insurance company in Hongkong also did not take such a business.

"Less than 50 thousand dollars has nothing to do with it.

But a friend of mine wanted to buy 200 thousand dollars and was told to declare.

"

Mr. Ma, a Hongkong Prudential Co salesperson, said that the company has started the new policy application form. The mainland customers must fill out a form for the purchase of the new policy, including the tax residence and the tax number. If the customer fails to submit relevant information, it can not be insured.

It is reported that many insurance companies in Hongkong operate this way.

The industry said that in Hongkong, the mainland CRS officially launched and the mainland to investigate the illegal outflow of capital, the difficulty of a series of procedures such as paying premiums, taking dividends and settling claims has been greatly increased. The sequel of Hongkong insurance policy is emerging.

"For example, for example, Hongkong life insurance policy compensation, life insurance policy dividends, investment returns of investment policies, etc., Hongkong insurance company will issue checks to policyholders, but some mainland banks will not be able to enter accounts.

This means that the cost of obtaining the policy proceeds is increased and the complexity is greatly enhanced.

Ping An insurance related personage introduction.

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