Customer'S Declaration Form On Tax Residency printable pdf download

INFORMATION ABOUT FATCA

FATCA is an acronym for the Foreign Account Tax Compliance Act, adopted and promulgated in March 2010, in

the United States of America. The purpose of FATCA is to ensure that U.S. persons pay the appropriate tax set

by the U.S. also for their financial assets held outside the U.S.

The FATCA regulation requires foreign financial institutions to introduce a new and wider client screening and

registration system in order to be able to identify U.S. accounts and report the information required about them

to the IRS (Internal Revenue Service).

FATCA affects nearly 150,000 organizations across the world, including credit institutions, investment

companies, fund managers, brokerages and insurers.

FATCA imposes numerous obligations on both financial institutions and customers. In order to appropriately

perform these obligations and to exempt Hungarian financial institutions from the 30 percent withholding

imposed on incomes from a United States trade or business, on February 4, 2014, the Government of Hungary

and the United States of America signed an Intergovernmental Agreement (IGA) to support the automatic

exchange of information between the tax authorities of the two countries and the performance of the duties

determined in the provisions of FATCA.

Accordingly, the Hungarian Parliament passed Act XIX of 2014 on the promulgation of the intergovernmental

agreement on FATCA and the related amendment of certain acts (FATCA Act). With effect from July 1, 2014, the

FATCA Act imposes numerous new obligations on both domestic financial institutions and customers.

Pursuant to Article 288/B., inserted in Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises by

Article 22 of the FATCA Act, Citibank informs you of the following:

(a) For accounts opened on or after July 1, 2014, Citibank is obliged to check the account holder’s tax residency.

The purpose of the tax residency check is to determine whether the account holder is resident in the United

States of America for tax purposes. The basis of the residency check is the account holder’s declaration

made on a mandatory basis.

(b) Pursuant to Articles 43/B. and 43/C. of Act XXXVII of 2013 on the rules of international public administration

cooperation related to taxes and other public duties, by June 30 of the year following the tax year, Citibank

is required to report to the Hungarian State Tax Authority (NAV) about the accounts maintained by U.S.

persons and subject to FATCA. The information to be reported include the following:

a. name, address and U.S. tax identification number (TIN) of the U.S. person;

b. data of the particular account (or accounts);

c. total gross amount of interest paid or credited.

exchange of information.

Further information on FATCA, the intergovernmental agreement and tax documents is available in English on

the following site:

Further details of the regulation concerning FATCA, including Citibank’s reporting obligation, are also available

LLf 168/01

Citibank Europe plc Hungarian Branch Office – Mailing address: 1367 Budapest, P.O. Box 123 –

Customer'S Declaration Form On Tax Residency