2017 REPORTING AS PER THE AGREEMENTS FOR THE AUTOMATIC EXCHANGE OF FINANCIAL INFORMATION

Pursuant to the Agreements for the Automatic Exchange of Financial Information which were concluded between the Republic of Cyprus and other countries for tax matters and the relevant legislation (including those relating to the Foreign Account Tax Compliance Act – FATCA and the Common Reporting Standard – CRS) all financial institutions in Cyprus, including Bank of Cyprus (BOC), are required to submit specific financial information to the Cyprus Tax Authorities which in turn will report this information to the Tax Authorities of the foreign CRS reportable jurisdictions and/or to the IRS of the United States.  The deadlines for submission of the relevant reports are 30/06/2017 for FATCA and 21/07/2017 for CRS reports.

FATCA reporting

Clients to be reported under the FATCA regulatory framework consist of

  1. Specified US persons (i.e. US Citizens or Residents for tax purposes, or legal entities organized in the United States or under the laws of the United States or any State thereof) who either hold a Reportable Account, or are Controlling Persons of an entity that is a passive Non-Financial Foreign Entity.
  2. Individuals with indicia indicating that they may be US persons but who fail to comply with requests by the financial institutions for the documentation or information that is required for determining the status of such person as a U.S. person or other than a U.S. person and who either hold a Reportable Account, or are Controlling Persons of an entity that is a passive Non-Financial Foreign Entity.
  3. Entities with balances above thresholds that fail to comply with requests by the financial institutions for the documentation or information that is required for determining the status for FATCA purposes that hold a Reportable Account.

For FATCA purposes the reportable information consists of the following:

  • Name
  • Address
  • US Tax identification Number (where applicable or Date of Birth for pre-existing accounts)
  • Account number or functional equivalent
  • The account balance or value as at 31/12/2016 or, if the account was closed during such year or period, the balance immediately prior to closure
  • Total gross amount of interest
  • For custodial accounts additional information required includes the following
  1. Total gross amount of dividends.
  2. Total gross amount of other income paid or credited to the account.
  • The total gross proceeds from the sale or redemption of property paid or credited to the account.
  • For other accounts the total gross amount paid or credited to the account including the aggregate amount of redemption payments made to the Account Holder during the calendar year or other.

CRS reporting

Clients to be reported under the CRS regulatory framework for the upcoming reporting in July 2017 consists of:

  1. Individuals with aggregate account balances on 31/12/2015 of more than 1 million USD, who are either tax residents in a reportable jurisdiction, or have indicia indicating that they may be residents in a reportable jurisdiction but who fail to comply with requests by the financial institutions for the documentation or information that is required for determining their tax residence.
  2. Individuals and entities (active and passive non-financial entities with tax residency in a reportable jurisdiction irrespective of balance.
  3. Individuals who are Controlling Persons of Passive Non-Financial Entities with tax residency in a reportable jurisdiction and.

The information to the reported for CRS purposes, consists of the following:

  • Name
  • address
  • TIN(s)
  • date and place of birth (for individuals only)
  • the account number
  • The account balance or value as at 31/12/2016 or, if the account was closed during such year or period, the closure of the account
  • the total gross amount of interest paid or credited to the account during 2016
  • For custodial accounts addition information required includes the following
  1. the total gross amount of dividends
  2. the total gross amount of other income generated with respect to the assets held in the account, in each case paid or credited to the account (or with respect to the account) during 2016 and
  • the total gross proceeds from the sale or redemption of Financial Assets paid or credited to the account during 2016 or other appropriate reporting period with respect to which BOC acted as a custodian, broker, nominee, or otherwise as an agent for the Account Holder.

 

The list of 2017 reportable jurisdictions can be found at the following link (please note that the list is in Greek):

http://www.mof.gov.cy/mof/taxdep.nsf/All/202F5D11F50CD129C22580F3002FDBB7/$file/ΚΑΤΑΛΟΓΟΣ%20ΚΡΑΤΩΝ%20ΜΕ%20ΤΑ%20ΟΠΟΙΑ%20Η%20ΚΔ%20ΕΧΕΙ%20ΣΥΜΒΛΗΘΕΙ%20ΓΙΑ%20ΤΗΝ%20ΑΥΤΟΜΑΤΗ%20ΑΝΤΑΛΛΑΓΗ%20ΠΛΗΡΟΦΟΡΙΩΝ.pdf?OpenElement

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