Hello, I have a bank account in Italy, as I

10/18/2020 - 11:59

Hello, I have a bank account in Italy, as I own a house there but reside in UK. The bank has sent a letter by recorded delivery asking for il numero di identificatione fiscale to comply with the Foreign Account tax compliance account (FATCA) In addition it requests a copy of my Tax Identification number (TIN). It wants a response within 15 days.

Idon't particularly want to provide them with my unique tax reference number here in the Uk, I don't rent out the Italian property either so there is no undeclared income. 

I'd like to know if anyone else has been asked for this and how does one respond ?



This is perfectly normal.  FOr two years banks have required your NIN/TIN when opening an Italian bank account,  they are just catching up with the new legislation.  

I also came across a similar request from a bank regarding FATCA and TIN. It is important to understand that these requirements are related to compliance with international financial standards. I solved similar problems at the university, but I used finance assignments then, I found https://essays.edubirdie.com/finance-assignments for this. In my case, I provided the necessary information after making sure the transmission was secure. If you have no undeclared income, providing information should not be a concern.

FATCA is made mandatory by the interbank agreement against double taxation and the anti-money laundering law - It is used to identify the person who has foreign exchange relationships with Italian banks - Non-EU citizens are also subject to FATCA - If you do not communicate the requested data , the bank, to comply with the legislation, must:
1> communicate your name and your non-compliance, to the Italian tax office and to the anti-money laundering tax unit, of the financial police

2> immediately close your bank account in Italy.

I've had the same, not keen but those are the rules. I've tried to reply to my branch but the bank want me to attend in person so a job next time in Italy.

It's a shame blind trusts owned by British ultra wealthy don't have to do same with their offshore wealth.