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Last change: Jan 20, 2019

FATCA & CRS FAQ

 

The information below was assembled by Moneta International from publicly available sources for your convenience. However, please be advised to discuss your specific details with your expert tax advisors.

WHAT IS THE FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA)?

The Foreign Account Tax Compliance Act (FATCA) was introduced by the United States Department of Treasury and the US Internal Revenue Service (IRS) as a means to curb tax evasion by US Persons.
You can find more information about FATCA on the IRS website: www.irs.gov

WHAT IS THE COMMON REPORTING STANDARD (CRS)?

The Common Reporting Standard (CRS), introduced by the Organisation for Economic Co-operation and Development (OECD), is a new information-gathering and reporting requirement for Financial Institutions in participating countries.
List of participating countries can be found in: http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/crs-by-jurisdiction/

You can find more information about the CRS on the OECD website: www.oecd.org

WHAT IS FATCA AND CRS SELF-CERTIFICATION?

Self-certification is the process whereby a Financial Institution asks their Account Holders to certify a number of details about themselves in order to determine their tax domicile(s). We are required to collect this information from you under both FATCA and CRS.

WHY DO I NEED TO COMPLETE A SELF-CERTIFICATION FORM?

Moneta International UAB is required to collect and report certain information relating to the tax status of Account Holders.

HOW DOES SELF-CERTIFICATION WORK AT MONETA INTERNATIONAL UAB?

To self-certify, we will ask you to fill out the combined FATCA and CRS Individual and Entity Self-Certification Form provided by your Account Manager.

Please follow the instructions on the form closely and make sure you fill in all required information. If you have questions while filling out the form, please contact your tax advisor.

In addition, if any of the information in our system suggests you might be a US Person (from a Tax point of view), you may be required to fill in an additional W8/W9 form.
Please contact your tax advisor for further guidance.

WHAT INFORMATION WILL I NEED TO PROVIDE IN THE SELF-CERTIFICATION FORM?

The FATCA and CRS Individual Self-Certification Form will ask you to confirm the following:

WHERE CAN I FIND INFORMATION ABOUT THE LOCAL EQUIVALENT OF A TIN IN MY COUNTRY?

For details about the Taxpayer Identification Number in your country, please consult your professional tax advisor or visit the section on Tax Identification Numbers within the OECD CRS portal: http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers/

HOW DO I KNOW IF I AM A US PERSON?

In the context of FATCA, a US Person is defined as, among other things:

If you are unsure as to how to determine whether you are a US Person, please consult your tax advisor.

In addition, if your account shows any of the following, we may request further information or documentation to determine if you are a US Person under FATCA:

WHAT HAPPENS IF I DON’T COMPLETE THE SELF-CERTIFICATION FORM AND/OR ANY OTHER REQUIRED DOCUMENTATION?

We are committed to being fully compliant with FATCA and CRS wherever we operate. Therefore, if we do not obtain all the necessary documentation to enable the determination of your FATCA and CRS status:

I ALREADY COMPLETED THE SELF-CERTIFICATION AND/OR THE W8/W9 FORMS – WHY ARE YOU ASKING ME FOR ADDITIONAL INFORMATION/DOCUMENTATION?

We are required to verify the details you have provided as part of your self-certification.

In certain cases where the information you provided conflicts with the information we have on file, or we have reason to believe it is not correct, we may need you to provide additional documentation or information to ensure we have correctly determined your tax status.

I AM DOMICILED IN THE SAME COUNTRY WHERE MY ACCOUNT IS HELD AND I AM NOT A US PERSON – WHY DO I NEED TO GIVE YOU THESE DETAILS?

Under both CRS and FATCA regimes, we are required to establish the tax residency status of all our Account Holders, therefore the self-certification due diligences are applicable to you even if you are not a US Person and are domiciled and tax resident in the same country where your account is held.

WHERE CAN I FIND MORE INFORMATION ABOUT FATCA AND CRS SELF-CERTIFICATION?

Information about how to complete self-certification is available directly on the FATCA and CRS Individual Self-Certification Form.

For further information on your tax residency, please refer to the rules governing tax residence that have been published by each national tax authority: http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/

WILL YOU RESPECT MY DATA PRIVACY RIGHTS?

Your data privacy rights will be respected to the extent that they do not conflict with our legal obligations as a Financial Institution to report your data under FATCA and/or CRS regimes, or any other governing law, regulations or orders require. Moneta International UAB as well as its affiliates and third party service providers are bound by applicable data protection laws.

WHAT DOES FATCA MEAN FOR ME IF I AM A US PERSON?

If we identify you as a US Person, you may be asked to supply us with additional information or documentation.

In addition, we might be obliged to report your personal details, as well as the information regarding your Financial Account(s) – including the account balance, or value, and the total amount of any payments of dividends, interest, other income and gross proceeds made, or credited, to the account – to the local tax authority or the IRS.

You should visit the IRS website for additional information on your personal obligations.

DOES FATCA REPLACE OTHER TAX REPORTING OBLIGATIONS THAT I ALREADY MEET?

It is our understanding that FATCA does not replace the existing US tax regime, it may however add additional requirements to the existing US tax rules. We recommend that you contact a professional tax advisor to discuss your personal tax situation.

DOES CRS REPLACE OTHER TAX REPORTING OBLIGATIONS THAT I ALREADY FOLLOW?

It is our understanding that CRS does not replace local tax regimes, it may however add additional requirements to any existing local tax rules. We recommend that you contact a professional tax advisor to discuss your personal tax situation.