FATCA/DAC2-CRS

Information reported to Revenue under FATCA and DAC2-CRS

In general, financial institutions must report the following information to Revenue:

• the account holder’s name, address and foreign Tax Identification Number (TIN) 
• jurisdiction of tax residence
• date and place of birth
• the controlling persons (in the case of certain entities)
• the name and identifying number of the financial institution
• the gross amount of interest paid on a deposit account
• the gross amount of dividends paid or credited to the account
• the gross amount of interest (including interest and dividends) paid into the account
• the gross amount made from the sale of an asset held in the account
• the account balance on the reporting date
• and
• the closure of the account (if it has been closed during the reporting period).

How your information is collected

For new accounts, a financial institution will collect your information on completion of a self-certification.

For the purposes of the Foreign Account Tax Compliance Act (FATCA), a new account is an account opened after 30 June 2014. For the Common Reporting Standard (CRS), a new account is an account opened since 31 December 2015. The financial institution must verify information provided on the self-certification.

Does this include older accounts?

For pre-existing accounts, financial institutions must examine your records for indicators of non-residence. Pre-existing accounts were opened on or before 1 January 2016 for CRS, and on or before 1 July 2014 for FATCA.

Indicators of non-residence include:

• a foreign address
• a foreign telephone number
• transfer instructions to a foreign bank account
• power of attorney with a foreign person
• and
• a foreign place of birth.

Next: What FATCA and the CRS mean for an account holder