The Foreign Account Tax Compliance Act (FATCA) is a United States (US) federal law that requires US persons (legal persons and individuals) who live outside the US, to report their financial accounts held outside of the US, and requires foreign financial institutions to report to the US Internal Revenue Service (IRS) certain information regarding their US clients.
Cyprus has signed a reciprocal FATCA Model 1 Intergovernmental Agreement (IGA) with the US Treasury (FATCA) on the 2nd of December 2014. Under Model 1 IGA, Financial Institutions in the partner country should report all FATCA-related information for tax reporting purposes to the Cyprus Inland Revenue Authority (IRA), which will then provide the information to the IRS.
Eurobank Cyprus Ltd (the ‘Bank’) has registered with the IRS on 26 March 2014 as a Registered Deemed Compliant Financial Institution (Reporting Financial Institution) under a Model 1 IGA and has obtained the Global Intermediary Identification Number (GIIN) 0T0F5N.00006.ME.196.
In order to comply with FATCA, the Bank has amended its account opening documentation and procedures and, if required, customers might be contacted for additional information or clarifications.
Further information on FATCA is readily available on the IRS website www.irs.gov.