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Banks and financial institutions are obliged by various laws and international agreements to identify their clients’ countries of tax residence. Tax residence refers to the country to whose tax legislation a client is subject. This country is usually the home country or country of residence. However, each country has its own rules for determining the country of tax residence. 

When a Finnish citizen moves abroad, they will remain generally liable for tax in Finland for the year of the move and the following three years. During this period, general tax liability can become limited tax liability if you can prove to the Tax Administration that you no longer have substantial ties to Finland. Submit the certificate of limited tax liability issued by the Tax Administration to Evli. 

Evli is unable to provide tax advice. If you have any questions about determining your country of taxation, please contact your tax expert or the local authority.  

FATCA

Evli is obliged to collect information required for taxation as Finland has signed an agreement with the USA regarding the exchange of tax information (FATCA, Foreign Account Tax Compliance Act). Under the agreement, banks and other financial institutions are required to identify their clients who are US persons and report their investments and deposits to the Internal Revenue Service (IRS). US persons include US residents, US citizens and dual citizens, persons with a permanent US residence permit and US-registered companies. 

CRS

OECD member countries have signed the agreement on the automatic exchange of financial information and follow the Common Reporting Standard (CRS). The purpose of the standard is to prevent international tax evasion. In EU Member States, the exchange of information under CRS is based on the so-called DAC2 directive amendment. The exchange of information covers all individuals and companies whose country of taxation is not that of the bank or financial institution and who use products covered by the standard. 

Self-certification of tax residence form  

For more information, please contact: 

Finance Finland’s questions and answers 

Tax residency - Organisation for Economic Co-operation and Development (oecd.org) 

Tax identification numbers (TINs) - Organisation for Economic Co-operation and Development (oecd.org) 

Finnish citizens and the 3-year rule – vero.fi 

All customers are subject to a 30% withholding tax by default on dividends, interest and other similar income paid by a US company. Based on the tax treaty between Finland and the United States, the customer may be entitled to a reduced withholding tax rate of 15%. In order for Evli to apply the lower tax rate, we ask that you submit the US tax authority IRS (Internal Revenue Service) form applicable to Evli.

  • Form W-8BEN (for non-US person)
    A copy of the customer’s valid passport must be attached to the form. Potential guardians or trustees must also attach copies of their valid passports.
  • Form W-8BEN-E (for non-US companies and entities)
    A copy of the valid passport of the signatory must be submitted as an attachment to the form.