Investigation with regards to the determination of status of our clients in the United States (FATCA)

With Act XIX of 2014, the Agreement on the implementation of the regulation of the Foreign Account Tax Compliance Act (FATCA) and the advancement of international tax compliance between the Government of Hungary and the Government of the United States has been published. The primary goal of the regulation is to monitor the foreign investments of American citizens / American residents abroad.

In the interest of this effort, our Bank has to perform an investigation with regard to the determination of status of our clients in the United States. If the Bank has a reason to assume that you are a United States resident, or the Bank identifies any US indicia according to FATCA, we are going to contact you to clarify your status, whether your account qualifies as an Account to be Reported. In the event that this effort is unsuccessful, pursuant to the FATCA Act, we shall have to classify the account as an Account to be Reported to the United States and report it accordingly.

Pursuant to §43/B-43/C of Act XXXVII of 2013 regarding certain procedures of the FATCA Act and certain rules of international public administrative cooperation in connection with taxation and other public burdens, the Bank has to report to the National Tax and Customs Administration of Hungary with regard to Accounts to be Reported the account owner’s name, address, United States identifier, account number and balance/value. Pursuant to the FATCA Act, the National Tax and Customs Administration of Hungary forwards the data to the applicable United States agency, the Internal Revenue Service (IRS).

Should our Bank not find any indicia that you are a United States resident, or any other indicia according to FATCA, obviously no reporting liability arises.

• FATCA Questionnaire – US Entities
  
• FATCA Questionnaire – Financial Institutions
  
• FATCA Questionnaire – Hungarian Financial Institutions

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