Document ID: chunk:federal_register_of_legislation:C2025C00044:section:14:p1
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 14 (pt 1/2)
Character Range: 139339–141978

14  Residency

Individual
 (1) For the purposes of this Act, an individual (including an individual in the capacity of trustee) is a resident of a particular country if, and only if, the individual is ordinarily resident in that country.
Note: See also subsections (7), (8) and (9).

Company
 (2) For the purposes of this Act, a company (including a company in the capacity of trustee) is a resident of a particular country if, and only if:
 (a) the company is incorporated in that country; or
 (b) both:
 (i) an individual passes the control test in relation to the company; and
 (ii) the individual is a resident of that country.

Trust
 (3) For the purposes of this Act, a trust is a resident of a particular country if, and only if:
 (a) the trustee, or any of the trustees, is a resident of that country; or
 (b) both:
 (i) an individual passes the control test in relation to the trust; and
 (ii) the individual is a resident of that country; or
 (c) both:
 (i) a person benefits or is capable (whether by the exercise of a power of appointment or otherwise) of benefiting under the trust, either directly or through any interposed companies, partnerships or trusts; and
 (ii) the person is a resident of that country.

Partnership
 (4) For the purposes of this Act, a partnership is a resident of a particular country if, and only if, a partner is a resident of that country.

Corporation sole
 (5) For the purposes of this Act, a corporation sole is a resident of a particular country if, and only if, the corporation sole was established in that country.

Body politic
 (6) For the purposes of this Act, a body politic of, or of a part of, a particular country is a resident of that country.

When an individual is ordinarily resident in a particular country
 (7) The AML/CTF Rules may specify matters that are to be taken into account in determining, for the purposes of this section, whether an individual (including an individual in the capacity of trustee) is ordinarily resident in a particular country.
 (8) The AML/CTF Rules may provide that an individual (including an individual in the capacity of trustee) is taken, for the purposes of this section, to be ordinarily resident in a particular country if the individual satisfies one or more specified conditions.
 (9) The AML/CTF Rules may provide that an individual (including an individual in the capacity of trustee) is taken, for the purposes of this section, not to be ordinarily resident in a particular country if the individual satisfies one or more specified conditions.
Note: The expression resident is used in subsection 6(6) (designated services) and sections