Any Americans here banking with HSBC HK (not US)? 1099 Question

[RMDNC]

The are asking me for a W-9. Am curious if they mail out their 1099s after year end or are they just downloaded by the customer? I don’t want my SSN stolen. Reason why I am asking is I have the option to close the account as I find I can use my US debit cards here with no fees and more importantly I am worried about mail theft leading to ID theft etc. Do you get your 1099 mailed to a US address or here locally? Can someone chime in with their experience?

[Grumbler]

I have never received anything from them. I just calculate everything as income including interest, dividend, and own MPF contribution etc. My H&R tax person said as long as you report all income it is fine. Even if they did send me 1099,it would be lumped together in the end as foreign income. Actually, I don't think any institution sent me any US tax related forms. Are you supposed too?

[RMDNC]

If you are an American and have any accounts here the institution is required to ask you for a W9. It could be years back when you opened the account you used your HKID which is what happened to me as it was easier for them. But the law changed last year so they should really comply. Some smaller institutions wont do business with Americans because its not worth the extra cost for them to comply. I really dont use my account and was just wondering if its worth the risk to have my SSN stored on servers on Chinese soil to keep the account.

[Grumbler]

If you are an American and have any accounts here the institution is required to ask you for a W9. It could be years back when you opened the account you used your HKID which is what happened to me as it was easier for them. But the law changed last year so they should really comply. Some smaller institutions wont do business with Americans because its not worth the extra cost for them to comply. I really dont use my account and was just wondering if its worth the risk to have my SSN stored on servers on Chinese soil to keep the account.

Ah, I see. You are talking about W-9. I opened my bank account years ago so I don't recall. But I am sure they scanned my US passport and know that I am US citizen.
I wouldn't worry about SSN here. If you don't need the account here then just close it. If you forsee an use of the account in the future, keep it open and update your information.

[ddubya]

I do not get a 1099- Misc because I work for a "local" company and HSBC HK does not issue 1099-Int that I'm aware of. However, I did have to fill out a W-9 for HSBC a few years ago for FACTA purposes. At the time I used either the drop box or handed it to the teller.

[wanderer01]

What address do you have on file with the Bank? We have our Hong Kong address on record for all our HSBC accounts (HK and outside).

In the US, I have changed preferences to electronic only, so I download my tax statements.

In HK, I have elected for electronic only as well, however, I don't know if that will apply to 1099. I'll find out in Q1 2020 if they do send me a document here.

[penguinsix]

The W9 is part of the FATCA compliance that Hong Kong banks perform for US citizens.

HSBC HK does not send out 1099s. You have to do that yourself.

p.s. if you are not familiar with the rules, please look up pay attention to FBAR and FATCA deposit limits as these forms will need to be filed if you are a USC holding a HSBC HK bank account. The penalties for failure to file are stiff.