According to the provisions of the Law "On Taxes and Fees" and in accordance with the procedure provided for in its subordinate regulatory acts on the automatic exchange of information on financial accounts (CRS) as well as in accordance with the current Agreement between the Government of the Republic of Latvia and the Government of the United States of America (in the text of the "US"), signed on June 27, 2014, due to which the Republic of Latvia has been required to report on certain accounts of the US Foreign Currency Accounts (FATCA) Law, Luminor Bank obliged to obtain information about the countries of residence of their Clients and provide information about the Client's accounts to the State Revenue Service if the Client is a tax resident of another country.
The Government of the Republic of Latvia and the US Government signed an intergovernmental agreement on improving the implementation of international tax obligations of June 27, 2014, under the US FATCA Taxation Act (hereinafter FATCA or the Foreign Account Tax Compliance Act), whose goal is to increase the budget revenues of the US and improve the declaration of taxes. Under this agreement, a Latvian financial institution must identify Clients, US tax residents and provide the necessary information about them to the State Revenue Service.
US taxpayers include the following:
The global standard for the automatic exchange of information on financial accounts in the tax sphere (hereinafter "CRS"), developed by the Organization for Economic Cooperation and Development (hereinafter "OECD"), was introduced in accordance with the procedure provided for in normative acts on the automatic exchange of information on financial accounts in the tax area.
An individual customer is required by the legal acts to disclose the tax residence with the respective Taxpayer Identification Number (TIN).
A legal entity is required by the legal acts to disclose the tax residence with the respective Taxpayer Identification Number (TIN) and other relevant information of its beneficial owner. If more than 50% of the income of a legal entity whose beneficial owner is a taxpayer in foreign jurisdiction comprises passive economic activities, the financial institution must disclose the data of the legal entity to the State revenue service.
To confirm your tax residence as an individual customer, please:
1. Update Know Your Customer related information via Netbank or
2. Fill in Customer's questionnaire in each of Customer Service Unit or
3. Fill in Individual Self-Certification form and return it:
If You are a legal entity, please, fill in Entity Self-Certification form and return it:
If you need some other form to provide only US-related tax information, then you will find it on the US Internal Revenue Services’ webpage www.irs.gov.
Please be aware that if a customer does not provide the required information, the financial institution will be obliged to submit data of the person to the State revenue service.
Please be advised that Luminor bank cannot give you any FATCA and CRS related tax advice. If you have tax related questions, please contact a tax specialist or visit the webpages www.irs.gov (FATCA) and www.oecd.org/tax/ (CRS).
Credit Institution Law
State Revenue Service
Foreign Account Tax Compliance Act (FATCA)
US Internal Revenue Service
CRS Taxpayer Identification Number (TIN) formats
CRS Tax residence rules
Multilateral Competent Authority agreement on the Exchange of Country-by-Country Reports
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