CRS/FATCA

FATCA, which stands for Foreign Account Tax Compliance Act,  is intended to make United States tax subjects who hold assets outside the United States correctly file tax returns to the United States tax authorities the IRS.

Τhe Common Reporting Standard (CRS) is aiming at improving international tax compliance and preventing tax evasion, through the automatic exchange of information between the countries that implement CRS. 

The Cyprus government has reached an agreement in substance with The United States and is treated as having an intergovernmental agreement in effect. This agreement requires Cypriot  Financial Institutions to identify financial accounts held by U.S.  citizens or by entities that are organized in the U.S.  or controlled by certain U.S persons and report those accounts annually to Cyprus Income Tax Authorities.
 
Hellenic Bank Public Company Ltd,  is registered under Model 1 IGA and the Global Intermediary Identification Number (GIIN) is  7THJLM.00000.LE.196
 
Therefore, customers might be contacted by the Bank, to state information regarding their country of residence and Tax identification number.  It is important to respond to this request.
 
Customers that believe that they as individuals or their companies could be a US person, should visit  The United States IRS website www.IRS.gov for further/additional information.

CRS requires the financial institutions to submit information on financial accounts that are held, directly or indirectly, by account holders who are tax residents of countries which implement CRS.
For more details you can read the announcement below of the Association of Cyprus Banks.

FATCA requires Financial Institutions to report information relating to reportable accounts as provided in the Intergovernmental Agreement to the Cyprus Tax Department.
CRS requires Financial Institutions covered by the standard to report certain information relating to reportable accounts to the Cyprus Tax Department.
In the event of a tax declaration by a customer outside the Republic of Cyprus, Hellenic Bank Public Company Ltd may report data and information regarding to client’s accounts to the Cypriot Tax Department and the Cyprus Tax Department may in turn exchange such information with tax authorities of other countries in which client may be a tax resident, where those countries have entered into agreements to exchange financial account information.