Cyprus Banks Move to Comply With FATCA
Cyprus’ banks are exerting all efforts to comply with the Foreign Account Tax Compliance Act (FATCA) agreement signed between Cyprus and the USA, the Association of Cyprus Banks revealed yesterday.
Cyprus and the US signed an agreement for the improvement of international tax compliance in December 2014. The Act aims to combat tax evasion by US tax residents using foreign accounts. It requires financial institutions outside of the US to pass on information regarding their US customers to the US tax authorities, the Internal Revenue Services (IRS).
The Association of Cyprus Banks noted that all licensed credit institutions on the island are now required to follow certain procedures to identify US account holders.
All of the banks – members of the Association – are taking steps to comply with the FATCA agreement.
Source: GoldNews – Cyprus Banks Move to Comply With FATCA