As of July 1, 2014, Optima bank has been fully compliant with the "Foreign Account Tax Compliance Act", or FATCA, as applicable in the USA. This Act aims at combating tax evasion by entities subject to US taxation that maintain bank accounts and investments in securities outside the USA. Today over 80 countries have signed or are about to sign intergovernmental agreements with the Internal Revenue Service (IRS).In the framework of the obligations it has thereby undertaken, Optima bank must:
- Identify its customers, both individuals and legal entities, who come under FATCA's scope of application.
- Provided that a Model 1 intergovernmental agreement has been signed (A or B) by 31/12/2014 between Greece and the IRS, send annually a report file to the Greek tax administration, which will forward same to the IRS, under the above intergovernmental agreement.
- Withhold 30% from specific types of payments originating in the USA (e.g. income and/or gross revenue derived from the sale of assets that yielded interest or dividend) in the case of:
- non- FATCA-compliant entities of the financial institutions and
- non-cooperating customers who refuse to submit the required data.
In particular, existing individual customers may be requested to supply the following data, which will be maintained in file for the purposes of compliance with FATCA:
- specific forms of the US Internal Revenue Service (W-8BEN ή W-9), filled-in and submitted to the bank;
- certificate issued by the US tax authorities attesting that the person concerned is exempted from FATCA's scope of application;
- true copy of the US lost citizenship certificate;
- appropriate documentation, in the case of filing a US address or stating the USA as country of birth, while concurrently claiming non-subjection to FATCA;
- appropriate documentation evidencing permanent residence or indicating country of residence, citizenship or nationality.
In addition, as of July 1, 2014, new individual customers will be asked to notify the Bank if:
- They are US citizens or permanent residents;
- They hold a passport issued by the USA;
- They are considered US residents for tax purposes;
- They hold a green card;
- They were born in the USA;
- They intend to give a standing order for the transfer of funds to an account kept in the USA;
- They have appointed a proxy or have granted signing power to an individual having a US address;
- They have in the USA:
- a postal address / post office box or home address
- a telephone number
- a bank account.
New individual customers will also be asked to submit appropriate documentation evidencing the above.
Legal entity customers may be requested to:
- Fill in and submit to the Bank specific forms of the US Internal Revenue Service (W-8BEN-Ε or W-9);
- Fill-in specific Optima bank documents, depending on the category of legal entity;
- the above data listed under individual customers, for concerning the ultimate beneficiaries or the shareholders of the legal entity, as per case.
The processing of personal data for the purpose of implementing the Foreign Account Tax Compliance Act (FATCA) and Law 4493/2017 is necessary for the compliance of the the Bank with legal obligations under to the provisions of General Data Protection Regulation (GDPR) and the national data protection legislation in force. For detailed information regarding the terms of personal data processing on behalf of the Bank, please refer to “Optima bank S.A. Customer Information on the Processing of Personal Data in accordance with the General Data Protection Regulation (GDPR)” by clicking here.
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