FATCA and CRS declaration
bg

FATCA and CRS declaration

 

 

Declaration and Signature:

I/We declare that all the particulars and information provided herein, are true, correct, complete and up-to-date in all respects and I/We have not withheld any information and I/We acknowledge that STC BANK will rely on the information provided in this form until notice in satisfactory to STC BANK of its revocation and by submission of an updated Self-Certification & Declaration Form is received by STC BANK, within 30 days where any change in circumstances occurs.

I/We hereby undertake to inform STC BANK of any change in information / circumstances provided, and to furnish to STC BANK any changes/amendments taking place in future with reference to the documents submitted by me/us as and when such changes/amendments occur.

I/We undertake to inform STC BANK if I/We are away from my/our own country of residence for any period that may impact the United States Substantial Presence Test as herein defined, or the presence test related to any other countries I/We are tax residents in.

I/We confirm and accept that should any withholding, tax, other impositions or other governmental dues related to me/us become payable to domestic or overseas regulators or tax authorities, all payments made to me/us shall be net of any such taxes etc. and STC BANK assumes no liability in this regard.

I/We waive STC BANK of its duty of confidentiality and grant STC BANK the liberty to make available, as and when required by law/authorities, to the Courts, regulatory/or other authorities of Saudi Arabia or my/our country of residence or the country in whose currency this account will be maintained or routed, or to any other regulator/tax authority or other authorities in domestic and other jurisdictions, any information relating to my/our account, without any prior consent from me/us.

 

Definitions:
The definitions in this section are the relevant ones related to this International Tax Transparency Form and are not an exhaustive list. For the complete set of definitions, please refer to the FATCA / CRS regulations which are readily available on the internet.

 

Foreign Account Tax Compliance Act (FATCA) Definitions:

  • U.S. Person
    Means a U.S. citizen or resident individual, a partnership or corporation organized in the United States or under the laws of the United States or any State thereof.
  • US Resident
    US resident is a US citizen or a resident alien, which is an individual that is not a citizen or national of the United States and who meets either the green card test or the substantial presence test for the calendar year
  • Green Card
    “green card” recipient as an alien who has been granted “the status of having been lawfully accorded the privilege of residing permanently in the United States as an immigrant in accordance with the immigration laws, such status not having changed.”
  • Born in the USA
    A person born in the USA is considered as a ‘US person’ under FATCA unless the person has formally renounced his or her right to US citizenship.
  • US Address
    An address in the US. Please Note: “Shop and Ship” addresses or other similar services maintained by customers will not be considered as a relevant address for this purpose.
  • Telephone number
    Telephone number(s) provided is a US telephone number.
  • Standing Instructions
    Standing instruction to periodically transfer funds to an account with US address.
  • Hold mail address
    Address for communication AND all mails are retained at the Bank for physical collection by a representative of the customer.
  • Substantial Presence Test
    You will be considered a United States resident for tax purposes if you meet the substantial presence test for the calendar year. To meet this test, you must be physically present in the United States (U.S.) on at least:

    • 31 days during the current year, and
    • 183 days during the 3-year period that includes the current year and the 2 years immediately before that, counting:
      • All the days you were present in the current year, and
      • 1/3 of the days you were present in the first year before the current year, and
      • 1/6 of the days you were present in the second year before the current year

 

Common Reporting Standards (CRS) Definitions:

  • Tax Residency
    Tax residency is the country where you are resident/registered for tax purposes. Each country has its own rules for defining tax residence. For more information on tax residence, please consult your tax advisor or check the OECD information readily available on the internet.
  • Tax Information Number
    A Taxpayer Identification / Information Number (TIN) is a unique combination of letters and/or numbers assigned to the person or you/your entity. Some countries do not issue a TIN, but may rely on other issued numbers such as social security/insurance numbers or company registration numbers for entities. You may need to provide these if requested. The OECD has published a list of the acceptable Taxpayer Identification Number (TIN) formats and their alternatives.
  • Self-Certification Forms
    A completed self-certification form is used to confirm your tax residency status under the CRS.
  • العربية