It really depends on your personal circumstances, such as whether or not your departure is permanent or temporary. The most common consideration is your current and ongoing NZ tax residency.
You must be an NZ tax resident to use Hatch
Hatch is regulated under NZ law and can only provide our services to New Zealand residents (both physical and tax). Therefore you must sign up while in NZ (not overseas) and maintain your NZ tax residency while using Hatch.
Ensure you understand your tax obligations in NZ and overseas
It’s also important you understand your tax residency and tax obligations for NZ or any other jurisdiction you’re in. Hatch was designed with NZ residents in mind and we cannot give you advice on your tax situation or the tax implications of you operating your Hatch account while overseas.
No longer an NZ tax resident?
If at any time you no longer are an NZ tax resident, you may need to close your Hatch account. You can choose to either transfer your shares to another provider, or sell your shares and withdraw your funds out to an NZ bank account.
Still an NZ tax resident while overseas?
If you are a NZ tax resident while you are overseas, we may need proof you continue to be a NZ tax resident (e.g. IRD documentation). Then we'll need a couple of other things from you to make sure we’re in line with our obligations:
Proof of address document - this needs to show your overseas address and be in English (a bank statement or government doc usually does the trick)
Your overseas TIN (tax identification number) - the equivalent of an IRD number for the country you’re living in
What is a Tax Identification Number (TIN)?
A TIN is a unique identifier used by tax authorities to track taxpayers. In different countries, the TIN might have an equivalent name, such as a Social Security Number (SSN) or National Insurance Number (NIN). It’s important to use the appropriate identifier for your tax residency.
Steps to Add Your Overseas TIN to Your Hatch Account
Follow these steps to provide your overseas TIN:
Log in to Your Hatch Account: Access your account using your registered email address and password.
Navigate to the Tax Details Section: Within your account settings, locate the section labeled 'Tax details' under Account details > Investor details
Select your Tax residency status.
Enter Your Overseas TIN: Along with your IRD number add the TIN of the country where you have tax residency. Double-check for any typos to ensure accuracy. If your country has a unique system naming (e.g., NIN, SSN), use the equivalent for TIN.
Save Changes: After entering the TIN, save your changes to update your account information. This will enable Hatch to reflect your tax residency accurately.
Why is Providing Your TIN Important?
Providing your overseas TIN helps ensure compliance with international tax laws. For users with dual tax residency, Hatch can accommodate this status based on the TINs provided for different countries.
Additional Notes
If you are unsure what your country’s TIN is called, consult your local tax authority.
Dual tax residency cases may require you to provide multiple TINs. Ensure these are correctly associated with the respective countries where you hold tax obligations.
🚨 Important: You must keep an NZ bank account open
You can only withdraw your funds out to an NZ bank account in your name. For deposits, you cannot use an overseas bank account (see more on deposits here).
So if you plan to close your NZ bank account, you'll need to transfer to another provider or withdraw your investments in Hatch (close your Hatch account) before you close your NZ bank account.
There may be other scenarios where Hatch is unable to keep your account open. For example, we may not be able to continue supplying the platform to you if the situation is out of line with our terms of service, our legal and compliance requirements, or the legal and compliance obligations of our US broker
If you have any questions about being overseas while using Hatch or about transferring your shares get in touch with our friendly team: