Hellenic Bank - FATCA & CRS

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Alewfin
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Hellenic Bank - FATCA & CRS

Post by Alewfin » Wed Jun 05, 2019 9:44 am

Has anyone else received a letter from the Hellenic Bank requesting completion of two forms (FATCA & CRS) to establish whether they are a U.S. persons ?

The query I have. If you are not a U.S. person why do you need to submit private information (income, source of wealth and Politically Exposed Person whatever that may be) to the bank or as it seems the American government ?

daveg
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Re: Hellenic Bank - FATCA & CRS

Post by daveg » Wed Jun 05, 2019 2:46 pm

Have been with Hellenic for years, no such form received....

PolemIan
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Re: Hellenic Bank - FATCA & CRS

Post by PolemIan » Wed Jun 05, 2019 4:46 pm

Yup, we both got them the other day and dropped them off at our branch yesterday morning. Your effectively declaring you’re not a US citizen or not liable for tax in the US. Takes about 5 mins to to fill in. Came into law in US about 9 or 10 years ago and over here 4 or 5 years ago.

Ian

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Dominic
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Re: Hellenic Bank - FATCA & CRS

Post by Dominic » Wed Jun 05, 2019 5:31 pm

Huh? Why should you have to fill in a form in Cyprus for a Greek bank stating that you are not a US citizen?
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PolemIan
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Re: Hellenic Bank - FATCA & CRS

Post by PolemIan » Wed Jun 05, 2019 9:19 pm

Dominic, financial services regs are increasingly global, especially where information on tax liabilities are concerned.

Ian

Alewfin
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Re: Hellenic Bank - FATCA & CRS

Post by Alewfin » Wed Jun 05, 2019 10:00 pm

PolemIan wrote:
Wed Jun 05, 2019 9:19 pm
Dominic, financial services regs are increasingly global, especially where information on tax liabilities are concerned.

Ian
Ian,

This is true so why hasn't every account holder of every bank in Cyprus received these letters ?

Why does the United States want to know an account holders personal and financial details if they are not an American citizen and have no dealings with the United States ?

Surely the American authorities already know who are American citizens ?

The threat in the Hellenic letters is that if not completed and handed over to the bank by a given date they will alert the Cyprus Tax Authorities to pass the individuals tax and bank details over to the corresponding tax authority of other countries. So the US tax authorities would know that I receive an old age pension from the UK government and have an NT tax code in the U.K. Big Deal.

gazzaga
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Re: Hellenic Bank - FATCA & CRS

Post by gazzaga » Thu Jun 06, 2019 1:53 pm

Alewfin wrote:
Wed Jun 05, 2019 10:00 pm
PolemIan wrote:
Wed Jun 05, 2019 9:19 pm
Dominic, financial services regs are increasingly global, especially where information on tax liabilities are concerned.

Ian
Ian,

This is true so why hasn't every account holder of every bank in Cyprus received these letters ?

Why does the United States want to know an account holders personal and financial details if they are not an American citizen and have no dealings with the United States ?

Surely the American authorities already know who are American citizens ?

The threat in the Hellenic letters is that if not completed and handed over to the bank by a given date they will alert the Cyprus Tax Authorities to pass the individuals tax and bank details over to the corresponding tax authority of other countries. So the US tax authorities would know that I receive an old age pension from the UK government and have an NT tax code in the U.K. Big Deal.
The answer to your questions about the US lies in the second form. FATCA is a a U.S. Law and requires all foreign banks to declare US taxpayers earnings overseas. CRS is the Organisation for Economic Co-Operation and Development (OECD) version of similar legislation. Overall, the requirement is to know if you are a US Taxpayer (could be a Green Card holder- non U.S. Citizen), if you are a Politically Exposed Person (PEP), your current contry(ies) of tax residence and the corresponding tax ID numbers (TIC/TIN). If you have already supplied your TIC/TIN, it's unlikely you'll receive a letter unless you have links to the US.

Alewfin
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Re: Hellenic Bank - FATCA & CRS

Post by Alewfin » Thu Jun 06, 2019 4:15 pm

I phoned the Hellenic Bank's Customer Officer who insisted that every non Cypriot whose tax status in the Hellenic Bank was not defined would have to complete the forms.

Having told her that I had been a customer for nearly 15 years, a MEU3 holder and a Cyprus Tax Resident she acknowledged that perhaps the Hellenic Bank's records were not quite up to date as they should be.

Had I completed various Hellenic forms previously to say I was a Cyprus Tax Resident ? Yes, I said.

She paused and then said that there was probably no need to complete the new forms.

gazzaga
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Re: Hellenic Bank - FATCA & CRS

Post by gazzaga » Mon Jun 10, 2019 6:34 pm

Alewfin wrote:
Thu Jun 06, 2019 4:15 pm
I phoned the Hellenic Bank's Customer Officer who insisted that every non Cypriot whose tax status in the Hellenic Bank was not defined would have to complete the forms.

Having told her that I had been a customer for nearly 15 years, a MEU3 holder and a Cyprus Tax Resident she acknowledged that perhaps the Hellenic Bank's records were not quite up to date as they should be.

Had I completed various Hellenic forms previously to say I was a Cyprus Tax Resident ? Yes, I said.

She paused and then said that there was probably no need to complete the new forms.
The easy answer for her. I wouldn't be surprised if this comes up again.

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