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Foreign Account Tax Compliance Act ("FATCA")
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Cooperative Central Bank Ltd


Foreign Account Tax Compliance Act ("FATCA")

The Foreign Account Tax Compliance Act ("FATCA") is a U.S. tax legislation which was enacted as part of the Hiring Incentives to Restore Employment ("HIRE") Act in March 2010 to prevent and detect U.S. tax evasion and improve taxpayer compliance. FATCA is focused on strengthening information reporting and withholding compliance with respect to U.S. persons that invest through, or in, non-U.S. entities, such as Cyprus resident financial institutions.

The FATCA Intergovernmental Agreement (“IGA”) between the Cyprus and U.S. governments was signed on 2 December 2014, and published in the Official Gazette of the Republic of Cyprus on 5 December 2014. As a result, Cypriot Financial Institutions, such as the Cooperative Central Bank and the Cooperative Credit institutions, are required to comply with the relevant provisions of the Cyprus-U.S. IGA, such as:
•    Register on the U.S. Internal Revenue Service ("IRS") FATCA Portal and obtain a Global Intermediary Identification Number ("GIIN").
•    Employ enhanced due diligence procedures in order to identify, document and report all U.S. persons to the local tax authorities.
•    Undertake the responsibility of withholding, or reporting information upstream, for withholding purposes, in case of any payments relating to U.S.-sourced income where the payment is made to non-FATCA compliant payees.
The Cooperative Central Bank and the Cooperative Credit Institutions are in full compliance with all FATCA obligations, in line with the provisions of the Cyprus-U.S. IGA. As such, the Cooperative Central Bank and the Cooperative Credit Institutions have registered with the IRS and have obtained a GIIN.
The GIIN assigned to the Cooperative Central Bank is the following:

HWY6DF.00000.LE.196   

For the list of all FATCA registered FFIs, please visit the IRS website: 
IRS FFI List.