Tax information reporting
Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)
Financial institutions in Ireland, including Bankinter are required under legislation, which incorporates the US Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) into Irish law to collect information related to U.S. citizenship and/or tax residence status from customers to enable us to identify accounts that are reportable to the Revenue Commissioners for onward transmission to tax authorities in relevant jurisdiction(s).
How does it affect you?
- Financial institutions in Ireland, such as Bankinter, are required to seek answers to questions regarding U.S. citizenship and/or tax residence status. We may be obliged to include the account(s) details in the annual FATCA and CRS returns to the Revenue Commissioners.
- If customers do not provide all the information requested, we may not be able to proceed with opening the new account until the relevant information is provided.
- Customers should promptly advise us of any change in their U.S. citizenship and/or tax residence status. To the extent that there is a change in the account information of a customer e.g. a change of address, we may contact them to complete a new tax certification and / or reasonable explanation so that we can update the tax information we hold. If a customer does not respond to any such request, we may be obliged to report details of their account(s) to the Revenue Commissioners.
- Please note that we are unable to offer taxation advice. For tax-related questions and/or further information, please contact your professional tax advisor or visit the Automatic Exchange of Information portal on the Irish Revenue website.