About the Foundation "Rofenberg"

Based on the OECD standard, insurers must provide the following information concerning taxpayers who hold assets (account or policy) in a different country from their tax domicile:

• Name, address and date of birth
• Tax residence/residences
• Tax Identification Number(s) (TIN)
• Account and policy number
• Account balance or value
• Surrender or taxable value for redeemable insurance and annuity insurance contracts and capital redemption transactions
• Contract terminations
• Interest / earnings
• Benefits

Both natural persons and legal entities are affected by the AEOI if their tax resident status is not exclusively in the Principality of Liechtenstein. Financial institutions must therefore clarify the tax residence or residences of all of their customers.

For certain legal entities, persons who hold a controlling stake are also affected by the AEOI and must therefore also have their tax residence status clarified.

AXA Life Ltd intends to notify the affected customers within the Rofenberg Employee Welfare Foundation on an annual basis about the information sent.

Tax residence is determined by the respective national legal system. The following criteria are applied to determine an employee’s country of tax residence and consequently where their global income will be taxed:

1. In which country do they maintain their permanent residence?
2. If their permanent residence is in two countries: Where is the focus of their life interests (closer personal and financial relationships)?
3. If the country that is the focus of the person’s life interests cannot be determined, the country where they are usually resident applies.
4. If the person is usually resident in both countries, they are deemed to be tax resident in the country of which they are a citizen.
5. If the person is a citizen of both countries or a citizen of neither, the contracting states determine the matter by mutual agreement.