Hellenic Bank - FATCA & CRS

Chat with fellow forum users. No adverts or trade links in here please.
Post Reply
Alewfin
Posts: 140
Joined: Wed Dec 28, 2016 8:16 am

Hellenic Bank - FATCA & CRS

Post by Alewfin »

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
Posts: 573
Joined: Sun Feb 05, 2017 2:58 pm

Re: Hellenic Bank - FATCA & CRS

Post by daveg »

Have been with Hellenic for years, no such form received....
PolemIan
Posts: 962
Joined: Thu Dec 29, 2016 8:50 am
Location: Polemi

Re: Hellenic Bank - FATCA & CRS

Post by PolemIan »

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
User avatar
Dominic
Site Admin
Posts: 14930
Joined: Wed Dec 28, 2016 5:00 pm
Location: Polemi
Contact:

Re: Hellenic Bank - FATCA & CRS

Post by Dominic »

Huh? Why should you have to fill in a form in Cyprus for a Greek bank stating that you are not a US citizen?
Web Designer / Developer. Currently working on Paphos Life.
Living in Polemi, Cyprus with my wife and daughter.
PolemIan
Posts: 962
Joined: Thu Dec 29, 2016 8:50 am
Location: Polemi

Re: Hellenic Bank - FATCA & CRS

Post by PolemIan »

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

Ian
Alewfin
Posts: 140
Joined: Wed Dec 28, 2016 8:16 am

Re: Hellenic Bank - FATCA & CRS

Post by Alewfin »

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
Posts: 22
Joined: Thu Mar 16, 2017 8:24 am

Re: Hellenic Bank - FATCA & CRS

Post by gazzaga »

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
Posts: 140
Joined: Wed Dec 28, 2016 8:16 am

Re: Hellenic Bank - FATCA & CRS

Post by Alewfin »

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
Posts: 22
Joined: Thu Mar 16, 2017 8:24 am

Re: Hellenic Bank - FATCA & CRS

Post by gazzaga »

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.
Post Reply