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 ?

Location

Comment

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.  

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.