FATCA

The U.S. Foreign Account Tax Compliance Act (FATCA) came into effect on 1 July 2014 and binds upon all global financial institutions.

FATCA is intended to reduce the levels of tax avoidance by U.S. taxpayers in the USA through foreign financial institutions (FFIs).

FATCA regulations came into effect in accordance with the Agreement between the Government of the United States of America and the Government of the Republic of Latvia to Improve International Tax Compliance and to Implement FATCA.

Latvian financial institutions will report information about accounts held by U.S. taxpayers to Latvia’s National Revenue Service (Valsts ieņēmumu dienests) for subsequent processing, protection of personal data and further delivery to U.S. tax authorities.

As a Latvia-licensed credit institution (an EU-licensed credit institution), Baltic International Bank is ready to comply with the duties stemming from the envisaged IGA.

Baltic International Bank is registered on the FATCA Registration Website as a FATCA-compliant FFI with the IRS-issued Global Intermediary Identification Number (GIIN) NPA7J5.99999.SL.428

The fulfilment of the IGA requirements shall not in any way materially affect the day-to-day banking operations and the proper maintenance of bank secrecy (bank privacy).

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