As of July 1, 2014, Optima bank is fully compliant with the "Foreign Account Tax Compliance Act", or FATCA, as it applies in the USA. This Act aims at combating tax evasion by entities subject to US taxation that maintains bank accounts and investments in securities outside the USA. Up to now, more than 80 countries have signed or are at the final stages of signing inter-state treaties with the competent US tax authorities.
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.
- Send, on an annual basis, and if an inter-state treaty is signed as per Model 1 (A or B) by 31/12/2014 between Greece and the competent US tax authorities, a report file to the Greek tax administration, which, in the context of the above inter-state treaty, will forward same to the US tax administration.
- 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 sector; and
- non-cooperating customers who refuse to submit the necessary data.
In particular, existing customers - individuals may be asked 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 and confirming that the person concerned is exempted from FATCA's scope of application;
- true copy of certificate confirming that US citizenship has been lost;
- appropriate documentation, in the case of filing a US address or stating that the USA is the country of birth, while concurrently claiming non-subjection to FATCA;
- appropriate documentation evidencing permanent residence address or indicating country of residence, citizenship or nationality.
In addition, as of July 1, 2014, new customers - individuals will be asked to notify the Bank if:
- They are US citizens or permanently resident in the USA.
- They hold a passport issued by the USA.
- They are considered US residents for tax purposes.
- They hold a green card.
- They have been born in the USA.
- They intend to give a standing order for the transfer of funds to an account maintained in the USA.
- They have appointed a proxy or have granted authorisation to sign to an individual having a US address.
- They have in the USA:
- any mailing address / post office box or residence address;
- a telephone number;
- a bank account.
New customers - individuals will also be asked to submit appropriate documentation evidencing the above.
Customers - legal entities may be asked:
- to fill in and submit to the Bank specific forms of the US Internal Revenue Service (W-8BEN-Ε or W-9);
- to fill-in specific documents of Optima bank, depending on the category of legal entity;
- the above data asked of individuals, concerning the ultimate beneficiaries of the legal entity-customer or its shareholders, according to the case each time.
The processing of personal data for the purpose of the implementation of Foreign Account Tax Compliance Act (FATCA) and Law 4493/2017 is made in compliance with the Bank’s obligations as imposed by law, there applying the provisions of General Data Protection Regulation (GDPR) and the national data protection legislation in force. For detailed information about the terms of personal data processing on behalf of the Bank, please check “Optima bank Customer Information on the Processing of Personal Data in accordance with the General Data Protection Regulation (GDPR)” by clicking here.
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