Frequently Asked Questions (FAQ) | Eastern Caribbean Amalgamated Bank (ECAB)

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Account Update

What you need to know about Common Reporting Standards (CRS)

What you need to know about the Foreign Account Tax Compliance Act (FATCA)

Client FAQs

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Account Update

What you need to know about Common Reporting Standards (CRS)

What is CRS?

How many countries have committed to CRS?

How does CRS work?

Who does it apply to?

What is ECAB's policy?

What does this mean for customer?

Who must complete the Tax Residency Self-Certification Form (the

What should I do if I do not know how to complete the Self-Certification form or the other related forms?

What happens if I do not complete the Self-Certification and other required forms or do not provide the required information?

Are all banks doing this?

I am not aware of my tax residence, can the Bank advise me?

I live in the same country as I pay tax so why do I need to give you these details?

What is your reportable information under CRS?

What does the term "Tax Residence" mean?

What is the difference between country of residence and tax residence?

The information I have been asked for on the forms is similar to the information I have been asked for under FATCA. Why is this different?

Will the Bank respect my data privacy?

What information will be reported to tax authorities?

What is a Taxpayer Identification Number, and do all countries issue such a number?

How often do I submit the Form?

What happens if you do not respond to the Bank's request for tax information under CRS?

What you need to know about the Foreign Account Tax Compliance Act (FATCA)

What is FATCA?

FATCA rationale

Who or what is a U.S. person for U.S. tax purposes?

FATCA fundamentals and international tax compliance

What are the consequences to a Foreign Financial Institution of not complying with FATCA?

When will FATCA apply?

Will ECAB comply with FATCA?

Client FAQs

I am not a U.S. person. What does FATCA mean for me?

I am a U.S. person. What does FATCA mean for me?

I am a U.S. citizen but have not lived in the U.S. for years and do not pay U.S. taxes. Why does this apply to me?

Where can I find FATCA information provided by the IRS?

Are other financial institutions complying with FATCA?

What authority does ECAB have to provide my account information to the local tax authority or directly to the IRS?

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