US banks and FATCA reporting
Mar 28th 2017, 4:57 pm
#31
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Re: US banks and FATCA reporting
The reason for asking is the US is not a party to the OECD CRS (common reporting standard). Because of States Rights regards control of banks, they can not reciprocate on the information exchange required by CRS. They exchange via FATCA only for these types of agreements.
So, if you reply to this, as you would have to, it seems likely given the statement above you will also be receiving a FATCA form from Citi UK once this is returned.
Mar 28th 2017, 5:00 pm
#32
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Re: US banks and FATCA reporting
Citibank have now requested my US information after 10 years of sending my mail to the US. This was their email.
I am writing to you today as there is an important action we need you to take relating to tax reporting on your account(s) with us.
As the UK government has adopted the Common Reporting Standard (CRS) to protect the integrity of tax systems between countries, Citi is required to collect and report certain information about our clients’ tax residence status.
Information we hold on file indicates you may be tax resident in another CRS jurisdiction and we therefore need you to complete and return the Automatic Exchange of Information Form for Individuals as soon as possible, to ensure we hold accurate and up-to-date information about your tax residency.
Please note, this form is for CRS purposes only and must be completed in addition to any Foreign Account Tax Compliance Act (FATCA) and IRS forms you may have already completed.
Next steps
It is important that you return the completed form before 30 April 2017 to ensure our records are up to date.
Further information is provided on the front page of the form and instructions of how to return your completed form can be found in the Appendix. As Citi does not provide tax advice, you should contact your tax advisor if you require assistance in completing the form.
I am writing to you today as there is an important action we need you to take relating to tax reporting on your account(s) with us.
As the UK government has adopted the Common Reporting Standard (CRS) to protect the integrity of tax systems between countries, Citi is required to collect and report certain information about our clients’ tax residence status.
Information we hold on file indicates you may be tax resident in another CRS jurisdiction and we therefore need you to complete and return the Automatic Exchange of Information Form for Individuals as soon as possible, to ensure we hold accurate and up-to-date information about your tax residency.
Please note, this form is for CRS purposes only and must be completed in addition to any Foreign Account Tax Compliance Act (FATCA) and IRS forms you may have already completed.
Next steps
It is important that you return the completed form before 30 April 2017 to ensure our records are up to date.
Further information is provided on the front page of the form and instructions of how to return your completed form can be found in the Appendix. As Citi does not provide tax advice, you should contact your tax advisor if you require assistance in completing the form.
Mar 28th 2017, 5:09 pm
#33
Lost in BE Cyberspace
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,425
Re: US banks and FATCA reporting
If I may ask, are there other countries you are connected with via financial accounts besides the US and the UK(?)? Is it correct this Citi office is located in the UK?
The reason for asking is the US is not a party to the OECD CRS (common reporting standard). Because of States Rights regards control of banks, they can not reciprocate on the information exchange required by CRS. They exchange via FATCA only for these types of agreements.
So, if you reply to this, as you would have to, it seems likely given the statement above you will also be receiving a FATCA form from Citi UK once this is returned.
The reason for asking is the US is not a party to the OECD CRS (common reporting standard). Because of States Rights regards control of banks, they can not reciprocate on the information exchange required by CRS. They exchange via FATCA only for these types of agreements.
So, if you reply to this, as you would have to, it seems likely given the statement above you will also be receiving a FATCA form from Citi UK once this is returned.
Citi UK is now located in Dublin. They moved from London a year or two ago. The address on the form is a PO box in Swindon.
The interest I report is 0.005% pa, which equates to not very much.
Last edited by mrken30; Mar 28th 2017 at 5:12 pm.
Mar 28th 2017, 7:03 pm
#34
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Location: The Shire
Posts: 1,117
Re: US banks and FATCA reporting
Yes, you're probably right, it's a mass mailing fishing expedition required by Ireland (and the UK) due to their obligation to CRS. But, CRS has nothing to do with FATCA. It would be rather cheeky of Citi Ireland to mail a form under the guise of CRS to someone in the US seeking FATCA information.
Mar 28th 2017, 7:24 pm
#35
Lost in BE Cyberspace
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,425
Re: US banks and FATCA reporting
Yes, you're probably right, it's a mass mailing fishing expedition required by Ireland (and the UK) due to their obligation to CRS. But, CRS has nothing to do with FATCA. It would be rather cheeky of Citi Ireland to mail a form under the guise of CRS to someone in the US seeking FATCA information.
Please note, this form is for CRS purposes only and must be completed in addition to any Foreign Account Tax Compliance Act (FATCA) and IRS forms you may have already completed.
Mar 28th 2017, 7:26 pm
#36
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Joined: Aug 2013
Location: Athens GA
Posts: 2,133
Re: US banks and FATCA reporting
Yes, you're probably right, it's a mass mailing fishing expedition required by Ireland (and the UK) due to their obligation to CRS. But, CRS has nothing to do with FATCA. It would be rather cheeky of Citi Ireland to mail a form under the guise of CRS to someone in the US seeking FATCA information.
Last edited by MidAtlantic; Mar 28th 2017 at 7:28 pm.
Mar 28th 2017, 8:28 pm
#37
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Location: The Shire
Posts: 1,117
Re: US banks and FATCA reporting
Which, again, is the reason we will be most interested to see if Citi follows up with a request for FATCA information. Or, taking the worst paranoid pessimistic outlook, will they simply transfer the info you send for CRS to their FATCA data bank.
Mar 28th 2017, 10:26 pm
#38
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Joined: Oct 2007
Location: Charlotte,NC
Posts: 1,717
Re: US banks and FATCA reporting
Most forms issued now by the FIs are dual-purpose and cover both CRS and FATCA. Although FATCA remediation was supposed to be done by June 30 16 so they are a bit late if they are collecting FATCA data now. After all, it is the same information - to determine which country the FI will report you to or in the case of a USC residing in a CRS country, report you to both!
CRS is a PIA for the Financial Institutions. Most went out to their client base in 2014 asking whether US or Non US to satisfy FATCA. Then in 2016/17 they had to go out again for CRS data to those who were Non US, or in many cases, just did another mass mailing and picked up some of the stragglers from the initial FATCA mailing.
CRS is a PIA for the Financial Institutions. Most went out to their client base in 2014 asking whether US or Non US to satisfy FATCA. Then in 2016/17 they had to go out again for CRS data to those who were Non US, or in many cases, just did another mass mailing and picked up some of the stragglers from the initial FATCA mailing.
