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A. Preexisting individual lower value accounts

A Lower Value Account for CRS purposes is an individual account with an aggregate balance or value that does not exceed $1 million as of 29 February 2016. It will remain a lower value account as long as the balance or value does not exceed $1 million last day of February 2017 and last day of February of subsequent years. An RFI can apply either a residence address test or an electronic record search.

• Residence address test: The current residence address for these purposes is the residential address recorded by the RFI for the Account Holder. A residential address is one where the RFI understands or presumes the account holder resides. A 'care of' or post office box address would not generally be presumed to be the residential address (except in special circumstances such as that of military personnel). The current residence address must be substantiated by evidence, such as:
  • Documentary Evidence, i.e. the evidence specified in Section VIII(E)(6) of the CRS Regulations Broadly, it covers certain documents issued by an authorised government body, an audited financial statement, third party credit report, bankruptcy filing or securities regulator’s report
  • Supporting documentation, such as a document issued by an authorised government body or a utility company
  • General documentation, i.e. any of the above, and any other government or formal commercial document such as, for example, a trust deed or company certificate.
• Electronic records search: Where an RFI is unable to establish the residence of an individual with a Lower Value Account with the residence address test, or chooses not to apply the residence address test, it must review its electronically searchable data for indicia of the individual’s residence. The account holder is regarded as a resident of a foreign jurisdiction if any of the following foreign indicia is found:
  
  1. The account holder is identified as resident of a foreign jurisdiction or as a US citizen
  2. A current mailing or residence address (including a post office box) of the account holder is in a foreign jurisdiction
  3. There are one or more current telephone numbers in a foreign jurisdiction and no telephone number for the account holder in South Africa
  4. For non-depository accounts only, that there are current standing instructions to transfer funds to an account maintained in a foreign jurisdiction
  5. There is a currently effective power of attorney or signatory authority granted to a person with an address in a foreign jurisdiction
  6. An 'in-care-of' address or 'hold mail' instruction in a foreign jurisdiction if the RFI does not have any other address on file for the account holder.

If none of these indicia are discovered through an electronic search, no further action is required for lower value accounts unless and until there is a subsequent change of circumstance that results in one or more of these indicia being associated with the account or the account holder, or the account becomes a high value account. Where any of the first four indicia are found or subsequently arise the account becomes a reportable account unless the RFI takes action that leads to the indicia being cured. The RFI may (but is not required to) cure the indicia by obtaining both:

• A self-certification (if not already obtained); and
• Documentary Evidence supporting the self-certification to establish the account holder's non-reportable status.

In the case where the only indicium is item 6 above (an 'in-care-of' address or 'hold mail' instruction in a foreign jurisdiction and no other address on file for the Account Holder), the RFI is required to undertake at least one of these actions:

• Conduct a paper record search of certain documents specified in the CRS; or
• Seek a self-certification or documentary evidence from the account holder to establish their tax residency.

If the paper record search action is chosen and further foreign indicia are found, the account is a reportable account unless the RFI takes the appropriate curing action for the indicia. If the paper record search finds an South African address and no other foreign indicia are found, the account is not a Reportable Account. For any of these curing procedures in which Documentary Evidence is obtained, the evidence will be sufficient to confirm non-reportable status for CRS purposes (but not FATCA) if it contains a current South African residential address.

If the chosen course of action fails to resolve the status of the account the RFI is required to attempt the other course of action. If neither course of action is successful in resolving the status of the account, the RFI must report the account as an undocumented account. If foreign residence indicia were found and not remediated (“cured”) under the options available, the account is a Reportable Account for the indicated jurisdiction(s). The RFI maintaining the account must make reasonable efforts to obtain the account holder's date of birth and Taxpayer Identification Number (TIN) if these are not already held.

An RFI must monitor the balance of lower value pre-existing individual accounts on the last day of February of each year from 2017. On the first occasion the balance exceeds $1 million, the account becomes a high value account and the RFI must carry out the enhanced review procedures for High Value accounts in the next calendar year.