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What is FATCA?

The FATCA - Foreign Account Tax Compliance Act - is a US law aimed at reducing the tax evasion of US citizens and saving their savings abroad, their yields.

Hungary and the United States of America signed an agreement on the implementation of the FATCA legislation on 4 February 2014, (hereinafter referred to as the FATCA Law) was promulgated.

The FATCA Law identifies the Hungarian Financial Institutions and reports to the National Tax and Customs Administration (NAV), and also to the United Revenue Services (IRS). The identification and reporting obligation applies to persons (natural persons and entities) that are designated as Specified United States Individuals and for the accounts of the FATCA law account or non-US legal entities (eg legal persons, other entities), which any of its controllers (actual owners) are known as Specified United States Persons.

Who applies to FATCA?

According to the FATCA Act:

  • Customers who have already contacted us (owner, co-owner) need to reflect on the necessity of reporting to the NAV or the IRS. For this purpose, finding some of our customers may be necessary.

Our customers who:

  • you want to open a new account or
  • want to change data

What does the screening mean?

  • For our clients who own the CIB Bank Zrt. Account holder of the Financial Account (eg current account, savings account, custodian account) on June 30, 2014, the previously provided data is reviewed and only in certain cases (eg United US data or FATCA bill that is considered to be of high value) it is necessary to state separately about the US resident.
  • To open a new account or to change data from our customers, we request a statement about US residents.
  • CIB Bank Zrt. May request further documents in the cases specified in the law (eg for data referring to United States residency)

The due diligence and, where necessary, the reporting is needed to avoid the withholding of 30% of the withholding tax on the incoming US withholding tax. Without that, our customers would receive only HUF 70 from 100 HUF.

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The due diligence and, where necessary, the reporting is needed to avoid the withholding of 30% of the withholding tax on the incoming US withholding tax. Without that, our customers would receive only HUF 70 from 100 HUF.

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The due diligence and, where necessary, the reporting is needed to avoid the withholding of 30% of the withholding tax on the incoming US withholding tax. Without that, our customers would receive only HUF 70 from 100 HUF.

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