Account Opening

• What are FATCA and CRS and how do they affect me?

  When you open an account with Syfe, you are required to declare your country(s) of tax residence and relevant Taxpayer Identification Number(s) – commonly referred to as TIN. Details of your financial assets may be provided to the Inland Revenue Department of Hong Kong (IRD) and/or the US Internal Revenue Service (US IRS) and such information will be exchanged with the other tax authorities in accordance with the terms of the Competent Authority Agreements and Intergovernmental Agreement for reporting under CRS and FATCA respectively.

  All financial institutions in FATCA and CRS participating countries including other financial institutions in Hong Kong are required to identify the tax residency of their customers or to-be customers to be compliant with FATCA and CRS.

  From time to time, we may also reach out to you to confirm and/or update your tax residence information to satisfy reporting or other obligations under FATCA and CRS. If there is any change in the information you have provided to us, you are required to inform us immediately so that we can discuss with you whether any other action is required.

  The Foreign Account Tax Compliance Act (FATCA), is a US law that requires financial institutions around the world to identify and submit information on financial accounts held by US persons to the US IRS. FATCA came into effect in Hong Kong pursuant to the Model 2 Intergovernmental Agreement (IGA) entered into between Hong Kong and the US in 2014.

  The Common Reporting Standard (CRS) is an information-gathering and reporting requirement for financial institutions. Its main objective is to improve tax transparency and reporting through information sharing about financial assets of tax residents in participating jurisdictions CRS came into effect in Hong Kong via tax legislation in 2016. Hong Kong financial institutions are subject to annual financial reporting obligations for both FATCA and CRS. For more details, please refer to https://www.ird.gov.hk/eng/tax/dta_aeoi.htm.

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• How do I open an account?

  You can easily open your account online by following the steps below.

  1. Click here to select a Syfe portfolio 
  2. Answer a few questions to help us personalise your portfolio. Feel free to explore your portfolio and finalise an investment plan. Proceed to create your Syfe account
  3. Manually enter your details and upload supporting documents
     1. For Hong Kong Citizens or Permanent Residents,
        • A copy of your ID (front and back), or
        • A copy of your Passport (Front and Back)** and
        • Latest bank statement/credit card statement, or
        • Latest utility bill, or
        • Latest Hong Kong issued telecommunications bill, or
        • Latest statement from relevant government authorities
     2. For Foreign Nationals, 
        • A copy of your Passport and
        • Latest utility bill*, or
        • Latest statement from relevant government authorities*
  4. Transfer funds to your portfolio using FPS payment or Bank transfer. You can access your Syfe account anytime via our web dashboard or app.

  
  *Supporting documents should not be more than 3 months old from the date that it is received by Syfe. 

  **Combinations starting with "C", "R" or "U" will need to provide a copy of your passport
  

   

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• Can I open an account if I am not a Hong Kong resident?

  Yes, you can! Syfe currently has clients from around the world.

  However, please note that due to regulatory restrictions, Syfe's portfolio offerings are currently not available to US citizens, and residents, or green card holders, and China citizens or residents.

  Please visit our website and follow the steps shown on the screen. To complete your account registration, please email us the following supporting documents:

  1. A copy of your Passport; and
  2. ANY ONE of the following documents:
     1. If you are living in Hong Kong, please provide ONE of the following documents
        • Latest bank statement/credit card statement, or
        • Latest utility bill, or
        • Latest Hong Kong issued telecommunications bill, or
        • Latest statement from relevant government authorities
     2. Unfortunately, if you are living outside Hong Kong, we do not accept any foreign proof of address at the moment.

  Supporting documents should not be more than 3 months old from the date that it is received by Syfe. Please email all required documents to support.hk@syfe.com.

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• Do I need to have a Hong Kong bank account before I can invest?

  Yes, you will need to have a Hong Kong local bank account before you can invest.

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• If I am a US citizen or resident, can I invest with Syfe?

  Due to regulatory restrictions, Syfe's portfolio offerings are currently not available to US citizens and residents.

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• If I am a China citizen or resident, can I invest with Syfe?

  Due to regulatory restrictions, Syfe's portfolio offerings are available to China citizens and residents with Hong Kong permanent residency.

  Syfe's portfolio offerings are currently not available to China citizens and residents.

   

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• Are there any charges for opening a Syfe account?

  No, opening a Syfe account is completely free of charge. You do not need to invest immediately after opening your Syfe account and you will not be charged any management fees if your account has no investments.

  When you are ready to invest, you may invest any amount you prefer, at any time. 

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• What is the minimum age to invest with Syfe?

  The minimum age required to open an account with Syfe is 18 years old.
  

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• Can I open joint accounts with my children?

  This feature is currently not available at this point in time but we will be looking to add this feature in the future.

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