What is FATCA/CRS?

FATCA (Foreign Account Tax Compliance Act): This is a U.S. law that requires foreign financial institutions to report information about financial accounts held by U.S. taxpayers to the IRS (Internal Revenue Service of USA). It’s designed to prevent tax evasion by U.S. citizens using foreign accounts.

CRS (Common Reporting Standard): This is a global standard for the automatic exchange of financial account information between countries. It was developed by the OECD (Organization for Economic Co-operation and Development) to combat tax evasion and improve tax transparency. Under CRS, financial institutions report information about account holders with foreign tax residency to their local tax authorities, who then exchange this information with other countries.

In short, both FATCA and CRS are aimed at ensuring that individuals pay the correct amount of tax on their global income by increasing transparency and information sharing between countries.

With the adoption of FATCA and CRS by the Republic of Cyprus, all local financial institutions, including Freedom Finance Europe Ltd., need to comply with the regulatory requirements. Therefore, the Company communicates with its clients to collect relevant tax information, including their country of tax residence and tax identification number (TIN). This information is collected on the relevant self-certification form.

The Company is unable to comment on your tax position, and you may need to consider professional advice if you are unsure of your personal tax circumstances.

When do I need to disclose my FATCA/CRS status?

You are required to disclose your FATCA/CRS status during the account opening process when selecting your country or region of tax residency.

What is a Taxpayer Identification Number (TIN)?

A Taxpayer Identification Number (TIN) is a unique identifier used for tax purposes. It’s issued by tax authorities to individuals and entities to track their tax obligations and payments.

When do I need to provide my TIN?

You are required to provide your TIN during the account opening process when indicating your FATCA status. If you did not provide it at that time (e.g. you selected “I don’t remember my Tax ID”), you will need to provide it during a periodic update or review of your account information, or as a part of due diligence requirements for certain transactions (see question «Where do I input my TIN?» below).

Do I need to provide the document issued by tax authorities?

No, you only need to provide the TIN itself, not the document issued by tax authorities. However, if you choose to provide this document as the government document required for verification during the account opening process, you may do so. This is optional, and you can choose other types of documents to prove your identity, such as a bank statement or utility bill.

Why is providing my TIN necessary?

Providing your TIN is necessary for us to comply with FATCA and CRS legislation.

Where do I input my TIN?

You will need to open a security session. Learn more here: How to open a security session?

Then go to Member Area (1) → Personal Details (2) → Change Details (3) → Taxpayer Details (4)

Mobile Version:

You will need to open a security session. Learn more here: How to open a security session?

Then go to Menu (1) → Requests (2) → Personal Details (3) → Change Details (4) → Taxpayer Details (5)

Print out, sign and upload the scanned copy of the signed document to the website

Please carefully check all your details