Foreign Account Tax Compliance Act
FATCA (Foreign Account Tax Compliance Act)
The United States of America adopted FATCA to prevent tax evasion of U.S. taxpayers. The law allows the U.S. Internal Revenue Services to collect data on assets of U.S. individuals and corporations abroad and imposes various obligations on non-US financial organizations.
Based on mutual communication with the U.S.A., the Slovak Republic will likely sign an international agreement at the end of 2014. Its wording has been provisionally approved by both the American and the Slovak side in April 2014.
On the basis of this international agreement and domestic laws of the SR, an obligation will arise for Slovak financial institutions to identify accounts held by United States citizens or U.S. legal entities. Financial institutions will be required to verify and establish the identities of U.S. clients in a more detailed manner / deeper than before. In the future (probably from 2017) there will be an obligation to submit reports on these subjects to Slovak authorities (Financial Administration), which will provide this information to IRS.
Foreign (non-US) financial institutions involved (banks, funds, investment companies, securities dealers, etc.). had an obligation to register before 4/25/2014 on the website of IRS, and based on their registration they received a GIIN (Global Intermediary Identification Number).
OTP Banka Slovensko, a.s., ICO 31318916, registered in the Commercial Register: District Court Bratislava I, Div. Sa. en. No. 335/B registered on the IRS website as a Registered Deemed Compliant FFI and received the following GIIN: UH5299.00008.ME.703.