Exchange of information

What does FATCA and CRS mean for an Account Holder?

Financial Institutions in a jurisdiction signed up to CRS or FATCA are obliged to collect and report certain information to their tax authority. This information can then be exchanged with another jurisdiction.

CRS is the global standard for the exchange of Financial Account information. Over 100 jurisdictions globally have signed up to CRS, including all EU Member States. CRS within the EU is called DAC 2. While FATCA is a bilateral agreement with the United States.

Ireland has signed up to both CRS and FATCA. In Ireland, Financial Institutions review their accounts to identify and report accounts held by non-Irish residents. Revenue then exchanges the information with the jurisdiction of tax residence of the Account Holder if they have signed up to CRS or FATCA.

What does FATCA and CRS mean for an Account Holder who is an individual?

If you have a Financial Account (including a bank and credit union account), in a Financial Institution in Ireland, the Financial Institution will determine your tax residency status.

A New Account for:

• CRS is an account opened after 31 December 2015
• FATCA is an account opened after 30 June 2014.

When opening a New Account, the Financial Institution will require you to fill in a self-certification. This self-certification will ask for details of your tax residence and Tax Identification Number (TIN), if you are a non-resident.

A Pre-existing Account for:

• CRS an account opened on or before 31 December 2015
• FATCA is an account opened on or before 30 June 2014.

If you have a Pre-existing Account, the Financial Institution will check its records for your tax residency status. However in some circumstances the Financial Institution will require you to fill in a self-certification.

What happens if I am an Irish tax resident?

Once the Financial Institution determines that you are an Irish tax resident there is no further action taken. No information will be reported to Revenue.

What happens if I am tax resident in another country?

Information can be shared if you are tax resident in another jurisdiction and hold a Financial Account in a Financial Institution in Ireland. The Financial Institution will report the following information about you to Revenue:

• your name, address, Foreign TIN and the financial account number
• your date of birth, and place of birth (if on record)
• the name and Identification Number of the Financial Institution
• the account balance or value at year end
• any payments made with respect to the account during the calendar year for example, interest paid.

Revenue will exchange this information with your jurisdiction of tax residence if:

• they have signed up to CRS or FATCA
• and
• there is a legal basis in place to exchange the information.