Cainess

I have just received a letter (along with forms to fill & return) from the bank I had an account with when we lived in the UK, asking that I "self certify" the country of my "tax residency", which they are now obliged to 'identify' under current tax regulations....

Has anyone else received similar, and is this 'standard', or some new means for Big Brother to have a hook in us??

Cook_County

Hundreds of millions of FATCA letters have been sent by financial institutions globally. FATCA was enacted back in 2010. It is not new.

robin1234

Yeah this is pretty standard. I've been filling these in for my UK and Isle of Man bank accounts for several years now.

Cainess

Thanks guys. Good to know it's not some sneaky manoeuvre by the bank to try to get me liable for some other con they're pulling...!!

celticgrid

Do you still have a relationship with the bank? You use the past tense. If you no longer have an account with the bank I wonder why they are writing to you. Unless you had the account until recently?

Cook_County

You'll already be reporting the account on your FBAR & 8938 each year (if required). This letter changes nothing.

Cainess

No, the account is still technically 'open', though I've no doubt it's probably 'in the red' by now since we cleaned it out before we emigrated, and that was nearly 5 years ago, so any bank 'charges' or fees would have taken it into minus figures... haven't cared enough to check it.

Either way, it seems their request for Tax Residency (which basically equates to them wanting my SS number....) isn't unusual....