Cyprus Mail
Business

Banks take steps to comply with FATCA

Banks are taking steps to comply with the US Foreign Account Tax Compliance Act (FATCA) agreement signed between Cyprus and the USA, the Bank Association said on Wednesday.
Cyprus and the US signed the agreement in December and the deal was ratified by Parliament.
FATCA aims to combat tax evasion by US tax residents using foreign accounts. It requires financial institutions outside the US to pass information about their US customers to the US tax authorities.
The Bank Association said that all licensed credit institutions in Cyprus and other financial institutions were required to follow certain procedures to identify US account holders.
“All the banks – members of the Bank Association are taking steps to comply with their FATCA agreement,” the association said.


Related posts

Teachers who do not speak English, French or German ‘unfairly treated’

Gina Agapiou

Rewording of UN draft resolution after bid to avoid recognition fears

George Psyllides

Students vote to strike over new exam system

Staff Reporter

Edek insists Elam bust-up was in self-defence

Evie Andreou

Italy reiterates support for Cyprus over Turkish violation of EEZ (Updated)

Evie Andreou

Turkish Cypriots raising issue of direct flights with post-Brexit UK

Evie Andreou