FATCA and JSC CB PRIVATBANK

FATCA and JSC CB PRIVATBANK

The Foreign Account Tax Compliance Act (FATCA) is a U.S. law that was passed on March 18, 2010 and enacted on July 1, 2014. FATCA establishes regulatory requirements for foreign financial institutions to report the existence of accounts held by U.S. persons. JSC CB PRIVATBANK recognizes the importance of FATCA and complies with its requirements.

JSC CB PRIVATBANK is registered on the U.S. IRS website with the status of “Registered Deemed-Compliant Financial Institution” (including a Reporting Financial Institution under a Model 1 IGA) and received a Global Intermediary Identification Number (GIIN) – JUG662.99999.SL.804

Ukraine is one of the states that reached an agreement on an intergovernmental treaty and is considered by the United States to be a state participating under a Model 1.

The bank's Form W8 is available at W8-BEN-E, form of the Cyprus Branch of JSC CB PRIVATBANK. Pursuant to the requirements set forth in U.S. Treasury Regulations in § 1.1441-1(e)(4)(IV)(B), certificates may be filed and transferred electronically in PDF format.
Should you have any questions, please contact us at help@pb.ua.

Frequently Asked Questions (this publication may not be regarded as advice on U.S. tax matters)

What should PrivatBank report under FATCA?

U.S. reportable accounts opened by:

  • U.S. citizens or residents;
  • partnerships or corporations organized in the United States or under U.S. federal law or the laws of any of its states;
  • trusts where one or more U.S. persons have the authority to control all substantial decisions of the trust, or an estate of a deceased U.S. citizen or resident;
  • non-U.S. business entities with one or more controlling persons who are the above U.S. persons.

Do all banks have to submit information on the above U.S. persons?

Yes, all financial institutions must comply with FATCA reporting requirements.

In which countries does FATCA apply?

The full list of countries is available on the U.S. Department of the Treasury website.

If I am a not a U.S. resident and my activities do not involve the U.S. (In particular, there are no U.S. ultimate beneficiaries), does FATCA affect me?

No.

I have an account in U.S. dollars. Does this mean my information will be reported to the IRS?

The currency of the account does not affect the need to provide information under FATCA.

Does Ukraine report information on the above U.S. persons to the U.S. Internal Revenue Service?

Ukraine must report information on the above U.S. persons to the U.S. Internal Revenue Service in accordance with the requirements of the Agreement between the Government of the United States of America and the Government of Ukraine to Improve International Tax Compliance and to Implement FATCA, which was ratified by Act of Ukraine No 229-IX dated October 29, 2019 and took effect on November 18, 2019 on the basis of Letter of the Ministry of Foreign Affairs of Ukraine No. 72/14-612/1-3086 dated December 4, 2019.

Where can I get more information?

Detailed information about FATCA is available on the website.

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Should you have any questions, please contact us at help@pb.ua.