In General
In 2010, FATCA legislation was enacted in the United States and referred to the tax compliance of foreign accounts. Under the relevant provisions, persons who are taxable in the US and at the same time hold accounts in foreign financial institutions may be requested to file tax documents and to be taxed in the US.
Liable Persons
If you are a U.S. citizen or permanent resident or have dual citizenship and you have income even from activities outside the US, you may be taxable in the US and you may need to file tax documents with the IRS.
The FATCA Legal Framework
The Greek government has entered into a bilateral agreement with the US government on the implementation of FATCA rules. This agreement was incorporated into Greek law by virtue of Law 4493/2017 on Tax Compliance of Foreign Accounts. In accordance with this legislation, foreign financial institutions:
- are requested to report the accounts of their customers who are US tax residents to the US Internal Revenue Service (IRS).
- may withhold and pay tax at a rate of 30% to the IRS for specific payments and transactions in the event that the customer is deemed non-cooperative.
FATCA Implementation
Financial institutions’ relevant obligations include:
• The selection of data and specific information about customers who are U.S. tax residents.
• Transmission of this information to the competent Greek tax authorities on an annual basis.
Required Information
The Greek tax authorities exchange with the US tax authority specific data of liable customers, such as:
- Full name / Company name
- Address
- Tax identification number (TIN)
- Account details and balance
Customer’s Eligibility for FATCA
In order to determine your eligibility for FATCA, you may be requested to complete special forms and provide supporting documentation.
Useful Information for FATCA
Considering that we cannot provide you with tax advice, for more information about FATCA you may consult:
- The US Internal Revenue Service (IRS: https://www.irs.gov/).
- Your tax advisor.
Collection and Processing of Your Personal Data Within the Framework of FATCA
Your relevant information already at our disposal or collected by us through the self-certification documents is forwarded to the competent tax authorities for the fulfillment of Viva Payments' legal obligation in accordance with the applicable legal framework governing FATCA. As for the processing of your personal data by Viva Payments in accordance with EU Regulation 2016/679 (General Data Protection Regulation) you may refer to Viva Payments' Privacy Policy.