DCSIMG Foreign Accounts Tax Compliance Act | DenizBank

FATCA (Foreign Accounts Tax Compliance Act) Announcement

Dear Valued Customer,

FATCA (The Foreign Account Tax Compliance Act) is a USA law aimed at foreign financial institutions (FFIs) outside of the U.S.A to report information on the FFI's USA accounts to American IRS (Internal Revenue Service).

FATCA agreement “Agreement Between the Government of the Republic of Turkey and the Government of the United States of America to Improve International Tax Compliance Through Enhanced Exchange of Information” was signed on 29 July 2015.

This agreement shall enter into force on the date of Turkey’s written notification to the Unites States that Turkey has completed its necessary internal procedures for entry into force of this Agreement.

Customer onboarding processes are being modified to be compliant with FATCA and customer information that is to be reported within the scope of FATCA will be reported to the Ministry of Finance, Revenue Administration of Turkey.

In this regard, USA related customers’ total asset values that are above the thresholds and other related information will be reported according to a date determined by Ministry of Finance, Revenue Administration of Turkey.

Customer identification criteria are as below:

For individual accounts (that meet at least one of the criterion below);

  • U.S.A nationality
  • U.S.A place of birth
  • U.S.A residency
  • Having Green Card
  • Having double citizenship (one of the citizenship should be U.S.A)
  • Having TIN/SSN (Tax Identification Number/ Social Security Number
  • Having U.S.A address or telephone number registered in the Bank
  • Power of attorney given to US person

For legal entities’ accounts

Only having the below criteria

  • Country of incorporation as U.S.A and not having tax exemption in the U.S.A

Or

Having the below 2 criteria at the same time

  • Having 25% or more shareholders with the above mentioned U.S.A criteria
  • Having “Passive Income” structure

For detailed information you could consult our branches.

For your kind information.

DenizBank A.Ş

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