Foreign Account Tax Compliance Act (FATCA)
Fatca is legislation enacted by the US tax authority to combat tax evasion in the US.
Fatca agreement between the USA and Greece
For the implementation of Fatca and the exchange of data, an agreement was signed between the parties involved, Greece and the USA. In particular, in Greek legislation, Law 4493/2017 includes the ratification of the Memorandum of Understanding for the improvement of international tax compliance and the implementation of the Foreign Account Tax Compliance Law.
Under the Fatca legislation, banks, institutions and other financial institutions are required to provide information on accounts held by US persons. Specifically:
- Declare to the US tax authority the assets of their US tax resident customers
- May withhold and remit tax at a rate of 30% to the US Internal Revenue Service (IRS) for certain types of payments and transactions if the customer is deemed uncooperative
- Collect information on US tax resident customers and report the information to the Independent Authority for Public Revenue (AADE)
The Institution’s customers need to fill in the following forms concerning Fatca
Update on the Processing of Personal Data and FATCA
All necessary data, details and information are kept and stored securely by the Institution exclusively for the purpose for which they are intended, applying the provisions of European Regulation EU/2016/679 on the protection of natural persons with regard to the processing of personal data. Similarly, the data transmitted relate to the obligations of InteliExpress S.A. under Law 4493/2017.
As the Institution cannot provide tax advice, please obtain further information from: