Accounts Not Required to Be Identified or Reported. Unless the Reporting [FATCA Partner] Financial Institution elects otherwise where the implementing rules in [FATCA Partner] provide for such an election: 1. A New Individual Account that is a Depository Account is not required to be reviewed, identified, or reported as a U.S. Reportable Account unless the account balance exceeds $50,000. 2. A New Individual Account that is a Cash Value Insurance Contract is not required to be reviewed, identified, or reported as a U.S. Reportable Account unless the Cash Value exceeds $50,000.
Appears in 8 contracts
Samples: Intergovernmental Agreement to Improve Tax Compliance and Implement Fatca, Intergovernmental Agreement to Improve Tax Compliance and to Implement Fatca, Intergovernmental Agreement to Improve Tax Compliance and to Implement Fatca
