FATCA
PJSC GRAWE UKRAINE Life Insurance (hereinafter also referred to as the Company/Grawe Ukraine) expresses gratitude for your cooperation and informs you about the requirements for identifying persons with US tax resident status.
In order to implement an effective mechanism for identifying, preventing and stopping US tax evasion by US citizens and tax residents, carried out by direct or indirect placement of funds outside the territory of the United States of America (USA) through Non-US Financial Institutions (NFIs), the US Congress in March 2010 Act “On Tax Requirements for Foreign Accounts” (Foreign Account Tax Compliance Act – FATCA) (hereinafter referred to as the Law).
Grawe Ukraine is registered on the U.S. website. The IRS is a Reporting Model 1 FFI and has received a Global Intermediary Identification Number (GIIN) – EUJ5WN.00006.ME.804.
Enacted on July 1, 2014, the Law requires Grawe Ukraine to identify and report to the U.S. Internal Revenue Service (IRS) information on accounts owned by U.S. taxpayers or non-U.S. entities in which U.S. taxpayers have significant interests.
Identification of US tax residents takes place within the framework of the Agreement between the Government of Ukraine and the Government of the United States of America to improve the implementation of tax rules and application of the provisions of the Law.
The concept of US tax resident
According to FATCA, individuals, individual entrepreneurs and self-employed persons engaged in independent professional activities are recognized as US tax residents if one of the following conditions is met:
the individual is a US citizen;
the individual has permission to permanently reside in the United States (Green Card);
the individual meets the criteria for “long-term stay” (staying in the United States for at least 31 days during the current calendar year and at least 183 days during the last 3 years, including the current year and the two previous years. In this case, for the current year, all days are taken into account carried out by the client in the USA, for the previous year - 1/3 days, and for the year before last - 1/6 days).
According to FATCA, legal entities are recognized as US tax residents if one of the following conditions is met:
the legal entity is registered/based in the United States;
the legal entity is registered/founded outside the United States and its owners/participants, who directly or indirectly own more than 10% of the share in the legal entity, include individuals who are tax residents of the United States;
other, according to FATCA requirements.
If you confirm your US tax resident status based on the above criteria, you must fill out one of the following forms:
For clients – individuals
Request for Taxpayer Identification Number and Certification
Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)
For clients – legal entities
Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)
In order to fulfill these conditions and in order to determine (confirm) Grawe Ukraine clients’ own US tax residency status and/or the US tax residency status of their ultimate beneficial owners (controllers), we ask you to fill out and submit to Grawe Ukraine the appropriate forms to confirm the status of a US tax resident, separately for each year for the period from 2014 to 2020 (inclusive).
To avoid possible misunderstandings, detailed information about the requirements and impact of FATCA is duly communicated to all Grawe Ukraine clients. For detailed information, use the link.
We draw your attention to the fact that if you obtain the status of a US resident in the process of servicing a life insurance contract, you must inform Grawe Ukraine about such changes by sending the appropriate form to confirm the status of a US tax resident to the email address: info@grawe.ua and/or to the post office address Kiev, 03150, st. Bolshaya Vasilkovskaya, 65 until 01.07. every next year.