Automatic exchange of tax information (FATCA and CRS)

Residence in the US for tax purposes - FATCA

The United States and Finland have signed an agreement on the exchange of information under the Foreign Account Tax Compliance Act (FATCA). In accordance with this agreement, financial institutions must identify the accounts and investment assets held by US persons and notify their amounts to the local tax authorities. The information will be reported to the US Internal Revenue Service (IRS).

• US persons refer to, among others,
• persons residing in the United States
• US citizens/persons with dual citizenship
• holders of a permanent residence permit, i.e. Green Card businesses registered in the US.

If you receive a letter from Nordea regarding FATCA-related matters, we kindly ask you to fill in the form requested in the letter in accordance with the instructions provided. You can find the forms behind the links on this page.

For further information about the FATCA act, please see the frequently asked questions. You can also call Nordea Customer Service, tel 0200 70 000, Mon–Fri 8.00–18.00 (local network charge/mobile call charge).

Nordea cannot provide tax advice. For further information on matters related to the FATCA act or determination of tax residency, please contact a taxation specialist or search for information at www.irs.gov.

OECD's Common Reporting Standard (CRS)

OECD's Common Reporting Standard (CRS) is an international standard on the automatic exchange of financial account information. The standard requires that financial institutions identify the financial accounts of the customers whose tax residency or tax jurisdiction is not the same as that of the financial institution. The purpose of the standard is to prevent international tax evasion.

The standard entered into force on 1 January 2016. Since this date, all financial institutions must

• identify the tax residency of new personal and corporate customers (including customers who are liable to pay tax in their home country only
• go through their present personal and corporate customers in order to identify the customers who are tax resident in some other country than the bank’s country (up to 31 December 2017)
• identify certain corporate customers and their beneficial owners / persons who exercise authoritative powers and who are tax resident in some other country than the bank's country
• report to the local tax authorities the customers who are tax resident in some other country than the bank’s country.

For further information on the reporting standard (CRS) and the forms to be filled in, see the frequently asked questions. You can also call Nordea Customer Service, tel 0200 70 000, Mon–Fri 8.00–18.00 (local network charge/mobile call charge).

Nordea cannot provide tax advice. In any questions related to the determination of tax residency, please contact a taxation specialist or local tax authority