GLOBAL TAX RESIDENCY REQUIREMENTS

 

Craigs Investment Partners (Craigs) is committed to providing our clients with access to global markets.

To continue to offer clients access to global markets, and in particular the U.S. markets, Craigs now requires further documentation from clients. Clients will be required to complete a W-8 form.

The U.S. Internal Revenue Services (IRS) requires all NZ and global financial institutions to collect and maintain W-8 forms on clients that have U.S. derived income.

Craigs are not tax specialists and we recommend you speak to your tax adviser for personalised tax advice.

HOW TO COMPLETE THE W-8 FORM

The online forms can be accessed from the Craigs Client Portal.

Click here for clear instructions on how to login and access the W-8 form on the Craigs client portal.


IF YOU NEED ANY ASSISTANCE

We have a dedicated team to assist you with any queries relating to completing this form. Please phone 0800 747 123 (Monday – Friday, 8:30am – 5:30pm) or email taxqueries@craigsip.com.

If you experience any issues accessing our Client Portal, please phone 0800 226 272 (Monday – Friday, 8:30am – 5:30pm) or email webhelp@craigsip.com.

Tax documentation FAQs

The U.S. Internal Revenue Services (IRS) requires all NZ and global financial institutions to provide further documentation on clients that have U.S. derived income.

Craigs has also elected to become a Qualified Intermediary (QI); a status registered with the U.S. Internal Revenue Services (IRS). The IRS is the equivalent to the New Zealand Inland Revenue Department (IRD).

A QI status will allow Craigs to maintain and document the records of clients who receive U.S. sourced income, and to undertake responsibility for income reporting and tax withholding.

As a QI, Craigs will no longer be required to submit client information to the IRS.

Subject to meeting certain criteria, documented clients may be eligible to take advantage of the New Zealand / U.S. double taxation treaty, and be subject to 15% withholding on U.S. income rather than the default 30%.

However, this reduced witholding will not apply until Craigs becomes a QI, which requires all clients with U.S. holdings to be documented

The W-8 forms are prescribed by the U.S Internal Revenue Service (IRS).

 

FORM

TAX RESIDENCY STATUS

TYPES OF ACCOUNT

W-8BEN

Non - U.S. tax resident

·         Individual accounts

·         Joint accounts - both account holders will need to complete one form each.

·         Minor accounts - a guardian or account holder will need to complete a form on behalf of the minor.

W-8BEN-E*

Non - U.S. tax resident

Entity accounts including:

·         Trusts

·         Partnerships

·         Company

·         Deceased Estate

 

W-9

U.S. tax resident

Please contact the Client Records Team

Client Portal assistance

Follow these steps.

Step 1 - Go to: portal.craigsip.com/client/forgotten-password – or if you received an email, click on the link

You will need to enter your first name and last name and email address, as per the details we have on record for you.

Step 2 - You will be emailed or text a validation code. You will then need to complete the registration process by clicking on a link in the email, or entering the text code.

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Step 3 - enter your Client ID (Username) and set up a password. Your new password needs to be comprised of a minimum of eight characters, containing at least one uppercase letter, one lowercase letter and one digit.

Step 4 - You will then be redirected to the login page to enter your username and password.

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Once in the Craigs Client Portal – accept the terms of conditions. Go to the ‘Manage My’ Section to enter the Tax Documentation section.

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This will take you to the online forms.

This is most likely because you registered a while ago and have forgotten, or you were using our old website and haven’t logged in for a long time. To access the Client Portal, click Forgot Username? link, complete the steps outlined below then click Forgot Password? link and complete the steps outlined below.

Retrieve your username by clicking on the Forgot Username? link on the login page. 2

Complete the form by entering your first name, last name and registered email address.

You will then receive an email reminding you of your username.

How to guides

How to guide number 1

How to guide number 2

How to guide number 3

How to guide number 4

W-8 Forms

W-8 Form 1

W-8 Form 2