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Why does Younited need to collect information about the tax status of its investor clients?

Update on 13/12/2023

Tax liability and tax status request by Younited

Under certain conditions, we may request additional information from you in order to assess your US tax situation, in accordance with FATCA or CRS. This article explains the reasons for these requests, and what information is required.

 

Reasons for tax status requests

To preserve the integrity of tax systems, various countries have adopted a common declaration on tax-related information. OECD member states have ratified the Common Reporting Standard (CRS), providing participating countries with a framework for sharing information on tax matters.

Prior to this, the US enacted the Foreign Account Tax Compliance Act (FATCA) in 2015 to identify non-compliance by US taxpayers using offshore accounts.

 

FATCA and CRS reporting

As a provider of banking services, Younited is required to comply with all applicable CRS regulations. This means that Younited must determine the country where you are taxable and collect your tax identification number. Your information may therefore be shared with the national tax authority, which may in turn share it with tax authorities in other countries where you are fiscally liable. You can find out more about how to determine your tax residence here.

Similarly, Younited is registered with the U.S. Internal Revenue Service (IRS) and is therefore legally obliged to review our customers’ personal details with regard to U.S. tax liability, and to report them under FATCA.

 

CRS indicators

Younited may ask you to submit your tax identification number based on the following criteria, which are considered an indication that you may be fiscally liable in a country participating in the CRS:

  • You live in a country that participates in CRS
  • You have a post office box or address in a country participating in CRS
  • The telephone number you have registered on your Younited account is from a country where CRS is in force.
  • You have an automatic transfer or recurring transfers to an account based in a country in agreement with the CRS.

FATCA indicators

Younited may request additional documents, such as your full Social Security number (SSN), to evaluate your U.S. tax situation. Some indicators that you may be taxable in the US:

  • You are a citizen of the United States
  • The phone number registered on your Younited account is an American number.
  • You were born in the United States
  • You have provided an American address
  • You have set up standing orders to the United States

How to submit your information

Your tax identification number may be requested by Younited on the basis of the above criteria.

To submit this information, simply send us an email or letter. In addition, this information is systematically requested in account opening documents.

 

Information for foreign customers

As described above, as a bank we are required to submit tax information to the regulatory authorities. This also applies to accounts created in 2016 that were subsequently closed. In the event that you receive an email from Younited asking you to enter your social security number or tax ID, please follow the steps below:

  • Read the email carefully
  • If you need help, you can find precise instructions for obtaining tax identifiers for each country here in section III of each document.
  • Call the number indicated in the email within the time limit.
  • We’ll ask you a few questions to pass on your tax information.
  • Your personal data will be stored securely and will only be used to fulfil CRS and FATCA obligations.

 

Are you taxable in the United States?

U.S. law states that not only people living in the U.S., but also other people under certain conditions, must pay taxes to the U.S. government. A person is defined as American when one or more of the following apply:

  • U.S. citizen – includes dual nationals
  • U.S. residency – e.g. Greencard holder
  • Born in the U.S. / on U.S. territory – Includes U.S. embassies abroad
  • Other reasons – for example, multiple residences or marriage to an American citizen

If you have any doubts, contact a specialist tax advisor to clarify your tax situation. If you become taxable in the USA during the term of the deposit, please inform Younited. You are entirely responsible if your answer is incorrect.

 

Where can you find your tax ID?

You can find your tax identification number (TIN) on your tax returns or payslips. If you can’t find your TIN, you can also request it from the tax authority in the country where you are fiscally liable.

 

Important

Please note that we are not authorized to advise you on your tax status. If you are unsure of your tax status, please consult a tax advisor.

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