The following rules and procedures apply for purposes of identifying U.S. Reportable Accounts among Financial Accounts held by individuals and opened on or after July 1, 2014 (“New Individual Accounts”).
- A.. Unless the Reporting Netherlands Financial Institution elects otherwise, either with respect to all New Individual Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in the Netherlands provide for such an election, the following New Individual Accounts are not required to be reviewed, identified, or reported as U.S. Reportable Accounts:
- 1.A Depository Account unless the account balance exceeds $50,000 at the end of any calendar year or other appropriate reporting period.
- 2.A Cash Value Insurance Contract unless the Cash Value exceeds $50,000 at the end of any calendar year or other appropriate reporting period.
- B.. With respect to New Individual Accounts not described in paragraph A of this section, upon account opening (or within 90 days after the end of the calendar year in which the account ceases to be described in paragraph A of this section), the Reporting Netherlands Financial Institution must obtain a self-certification, which may be part of the account opening documentation, that allows the Reporting Netherlands Financial Institution to determine whether the Account Holder is resident in the United States for tax purposes (for this purpose, a U.S. citizen is considered to be resident in the United States for tax purposes, even if the Account Holder is also a tax resident of another jurisdiction) and confirm the reasonableness of such self-certification based on the information obtained by the Reporting Netherlands Financial Institution in connection with the opening of the account, including any documentation collected pursuant to AML/KYC Procedures.
- 1.If the self-certification establishes that the Account Holder is resident in the United States for tax purposes, the Reporting Netherlands Financial Institution must treat the account as a U.S. Reportable Account and obtain a self-certification that includes the Account Holder’s U.S. TIN (which may be an IRS Form W-9 or other similar agreed form).
- 2.If there is a change of circumstances with respect to a New Individual Account that causes the Reporting Netherlands Financial Institution to know, or have reason to know, that the original self-certification is incorrect or unreliable, the Reporting Netherlands Financial Institution cannot rely on the original self-certification and must obtain a valid self-certification that establishes whether the Account Holder is a U.S. citizen or resident for U.S. tax purposes. If the Reporting Netherlands Financial Institution is unable to obtain a valid self-certification, the Reporting Netherlands Financial Institution must treat the account as a U.S. Reportable Account.
