[Moulard]

Also you were right about my UK bank not going away, they sent me a text today reminding me to reply to their letter!

This is to be expected, and is not just a US thing. There is almost definitely enabling legislation for both FATCA and CRS compliance by the bank. So even if you were an Australian tax resident you would be in the same boat (having to provide a Tax File Number to comply with CRS requirements).

I can't recall which FATCA agreement type the UK has, but fundamentally all they will do is info onto HMRC according to domestic UK law and from what I have seen from FOI releases elsewhere in the world there it is impossible for the IRS to align what you provide (if you were, are, or intending to filing taxes) with what they would get from HMRC...

 

[Chriscyou]

Hi all, I hope you’re well, I got same latter received from bank FATCA and CRS
And my switch to other bank because they move from my area , and my is closed once is switch near 2 year, I’m resident in uk, but I’m from italy
My email received :

Please confirm your tax residency information
We recently wrote to you asking you to complete an 'Individual self-certification form'.
We haven't received your form back yet and we need you to complete and send it back to us as soon as possible.
If you need either the address to send it back to, or another copy of the form, you can find them under 'Forms: Barclays Bank UK PLC Business and Personal Banking Clients' at home.barclays/aeoi
Why we need this information
By law, we have to provide certain information about some of our customers to tax authorities. We're asking you to complete a self-certification form so that we know the information we have about you is correct. If it's not, a tax authority might you directly.
We can't advise on where you're deemed to be resident for tax purposes, or give advice on any other tax matters. If you're not sure, please seek independent tax advice.
Any advices I appreciate a lots

 

[MrNiceGuy]

Hi all, I hope you’re well, I got same latter received from bank FATCA and CRS

Please confirm your tax residency information
We recently wrote to you asking you to complete an 'Individual self-certification form'.
We haven't received your form back yet and we need you to complete and send it back to us as soon as possible.
If you need either the address to send it back to, or another copy of the form, you can find them under 'Forms: Barclays Bank UK PLC Business and Personal Banking Clients' at home.barclays/aeoi

Just tell them you are currently resident in UK, and YOU DO NOT HAVE USA CITIZENSHIP.

 

[Chriscyou]

Just tell them you are currently resident in UK, and YOU DO NOT HAVE USA CITIZENSHIP.

Hi thanks for advice I will try but if I don’t complete the form I wass worried to not happen something wrong, you have the same situation?

 

[Moulard]

I’m resident in uk, but I’m from italy

With the only exception (that I am aware of) being the US, you only have one tax residency. If you are living in the UK and you meet the UK statutory residence test, then you simply need to self-certify on the form provided that you are only a tax resident of the UK.

UK Banks are obligated to collect tax residencies of their customers to comply with both the Common Reporting Standard and FATCA.

 

[Chriscyou]

With the only exception (that I am aware of) being the US, you only have one tax residency. If you are living in the UK and you meet the UK statutory residence test, then you simply need to self-certify on the form provided that you are only a tax resident of the UK.

UK Banks are obligated to collect tax residencies of their customers to comply with both the Common Reporting Standard and FATCA.

Hi thanks for advice I was not sure why I got this I’m residence in uk , my county Is Italian ,I don’t pay any tax other country, bank have all my details why I have to send again? My bank is switched 2 year ago with other bank reason because close down on my area..

 

[Bevdeforges]

They send these forms out every couple of years. And yes, my Italian friends who live here in got similar forms from their French banks. It's an EU/OECD thing - apparently they survey all "foreigners" who hold s in the various countries.

 

[Moulard]

Hi thanks for advice I was not sure why I got this I’m residence in uk

You go it because you are a customer of the Financial Institution. They will be required by UK law to collect the tax residency information of all of their customers.

It's an EU/OECD thing - apparently they survey all "foreigners" who hold s in the various countries.

Its actually a global thing (only about 50-60 countries have not signed or have not indicated they will sign the multi-lateral agreement). Its an obligation under the common reporting standard.. basically FATCA for everyone other than the US. I have read the text of the CRS in a very long time, but basically signatory countries undertake the automatic exchange of financial information between tax agencies - replacing the old "on request" process that pre-dated it.

To be able to share information with the correct country (countries) there is typically enabling legislation that then requires financial institutions to collect this information.

 

[ThaitilDeath]

Hello,
I have received a letter from my UK bank saying that they need some information about my tax residency status, and include a form of their own with the letter. They call the form a 'Tax Residence Self-Certification for Individual' form and there is a heading that says CRS & FATCA INDIVIDUAL FORM on the form itself. I am here looking for some advice about what to do with it!
My background is that I was born in the US but moved to the UK in 1992 when I was 11, and have been a British citizen and lived in the UK since then. I have no intention of going back to the US.
After a quick look for information on the internet to see what the bank's request was about I mostly saw advice from ants, banks and the government suggesting that I should immediately start filing US tax returns... so I was very grateful to find this forum offering more reasonable (and welcome!) advice, so thanks very much for that.
I do have a question though about my best course of action with regards to the bank's letter, and would be grateful for some advice.
The letter says that the bank has to legally confirm my tax residency status, and that they have enclosed a form for me to fill in. It then says that if they do not hear from me "we'll have to on your information to the tax authorities based on our current records, which might be out of date". The form states my name and my current address, but the country of birth section is left blank. It then asks if I am a US person, and if so for my TIN.
I have seen some stories about people not getting back to their bank and having their bank s frozen, and a lot of advice that it is a bad idea to ignore this letter from my bank. But what I am wondering is if it is such a bad idea to ignore it. It seems like they are going to on my information in any case, and the letter is not actually threatening any other action. So is it a bad idea to just let them get on with ing on what they know about me already, and make the apparently reasonable assumption that I will never hear from the IRS? This would also have the benefit of not actually informing my bank that I am a US person, which seems to have negative effects for some. Or will it somehow effect my UK bank if I do not reply and am therefore seen as not complying with their request for information?
Anyway, my options seem to be to a) ignore the letter b) reply saying that I am a US person and provide them with my SSN (which I have managed to find) or c) lie on the form and say that I am not a US person. I am inclined to go with option a) but am wondering if anyone has any thoughts or advice on this!
And thanks again to all the helpful people who reply to posts on this forum, it is much appreciated

My 2 cents worth: I am an American expat retired in Thailand so also a Thai tax resident but I don't pay any local taxes due to the DTA between my two countries. Last year the local banks too sent out letters or emails advising their customers too fill out CSR (non-US citizens) or FATCA (US citizens) paperwork. In addition for the US persons, in filling out that short questionaire, it says one must fill out the IRS form 7 certifying a foreign address which one "swears to accuracy" when signed. As some people will say, lie and ignore - but there have been stories of bank s locked down or closed if people ignore that. By filling out the required personal data, one IMHO will not ever be bothered by the IRS as this is a result of the OECD agreement signed in the summer of 2023 by 136 countries. Many of the US expats here that have opened bank s since the beginning of the FATCA reporting, many years ago filled out the necessary paperwork with the bank at that time such as providing one's social security number which previously was not needed to open an at a local bank. Anyway, some people here too ignore the requests for filing of those forms but I haven't heard any stories yet from those who did ignore. I checked with my local bank and was told that when I opened my with them 5 years ago, all the necessary info was provided at that time so ignore any requests from them about that documentation. I of course also have to do the FBAR (Foreign Bank Reporting) and note that on my income tax forms. Again, only for US persons. But IMHO you will not ever have any problems if you fill in that paperwork and forward to whomever. Best of luck!

 

[ThaitilDeath]

You go it because you are a customer of the Financial Institution. They will be required by UK law to collect the tax residency information of all of their customers.



Its actually a global thing (only about 50-60 countries have not signed or have not indicated they will sign the multi-lateral agreement). Its an obligation under the common reporting standard.. basically FATCA for everyone other than the US. I have read the text of the CRS in a very long time, but basically signatory countries undertake the automatic exchange of financial information between tax agencies - replacing the old "on request" process that pre-dated it.

To be able to share information with the correct country (countries) there is typically enabling legislation that then requires financial institutions to collect this information.

for your information, FATCA is for US only, CRS is for those from the other 135 countries that signed the Summer of 2023 OECD agreement on sharing of tax inforlmation. The CRS form has you indicate whether or not you are a citizen of the US. IF US then you need to fill in the FATCA information.

 

[ThaitilDeath]

You go it because you are a customer of the Financial Institution. They will be required by UK law to collect the tax residency information of all of their customers.



Its actually a global thing (only about 50-60 countries have not signed or have not indicated they will sign the multi-lateral agreement). Its an obligation under the common reporting standard.. basically FATCA for everyone other than the US. I have read the text of the CRS in a very long time, but basically signatory countries undertake the automatic exchange of financial information between tax agencies - replacing the old "on request" process that pre-dated it.

To be able to share information with the correct country (countries) there is typically enabling legislation that then requires financial institutions to collect this information.

FATCA is for Americans CRS is the standard for all not US!

 

[Moulard]

FATCA is for Americans CRS is the standard for all not US!

No. Fatca is not just for Americans. The FATCA IGAs are for anyone who is considered a tax resident of the US.
While under US law that includes all US Citizens it covers a host of others including Permanent Residents, Resident Aliens, Non-Resident Aliens who have elected to be treated as US persons and more.

for your information, FATCA is for US only, CRS is for those from the other 135 countries that signed the Summer of 2023 OECD agreement on sharing of tax inforlmation. The CRS form has you indicate whether or not you are a citizen of the US. IF US then you need to fill in the FATCA information.

And CRS is not limited to those "from" a signatory country. Again it is all about tax residence. You don't have to be from a country to be considered a tax resident. Indeed that specific distinction is limited to a small number of countries the US being the most significant (the others mostly focused on citizens moving to tax havens)

Last year the local banks too sent out letters or emails advising their customers too fill out CSR (non-US citizens) or FATCA (US citizens) paperwork. In addition for the US persons, in filling out that short questionaire, it says one must fill out the IRS form 7 certifying a foreign address which one "swears to accuracy" when signed.

Given most countries introduce enabling legislation, you need to fill in the information required under local law that directs financial institutions what to collect and in some circumstances how. So your experience will be different to the OP in the UK, and for me in Australia despite all three countries g an IGA based on the same model agreement (model 1)