For the purposes of the AML/CTF Act, residency depends on the type of entity.
An individual is a resident of a particular country only if the individual is ordinarily resident in that country.
A company is a resident of a particular country only if:
- the company is incorporated in that country, or
- an individual controls the company and the individual is a resident of that country.
A trust is a resident of a particular country only if:
- any of the trustees is a resident of that country, or
- an individual controls the trust and the individual is a resident of that country, or
- a person benefits or could benefit under the trust (whether directly or through any other companies, partnerships or trusts) and that person is a resident of that country.
A partnership is a resident of a particular country only if a partner is a resident of that country.
A corporation sole is resident of a particular country only if the corporation sole was established in that country.
A body politic of a particular country is a resident of that country.
See
AML/CTF Act 2006 section 14