Moving from one prescribed territory to another

Moving from one prescribed territory to another

An International Lawyer is intended to study all the European Directives. According to the Savings Directive, "If an individual, who is currently reportable because they live in one prescribed territory, moves to a different prescribed territory, you may need to update the address and country of residence information. If the individual moves to a Member State, you may also need to obtain and verify a new TIN, since the information you hold may be out of date (because the TIN to be reported is the TIN issued by the Member State in which the individual resides). If you cannot obtain the new TIN you should obtain, verify and report the date and place of birth.

For example, a UK paying agent makes a savings income payment to a Spanish passport holder whose permanent address is in France. The paying agent has a contractual relationship made on or after 1 January 2004 with the individual, who moves permanently to Germany.

The paying agent currently reports the payee's name, address, country of residence (France) and the French TIN. If the payee moves to Germany, the paying agent will need to report the payee's name, new address and country of residence (now Germany). Since it is a relationship made on or after 1 January 2004 he will also – if Germany is now the country of tax residence - need to obtain and verify the new German TIN or, if it is not available, the date and place of birth."

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