Financial Institution with Only Low-Value Accounts. A Gibraltar Financial Institution satisfying the following requirements: 1. The Financial Institution is not an Investment Entity; 2. No Financial Account maintained by the Financial Institution or any Related Entity has a balance or value in excess of $50,000, applying the rules set forth in paragraph C of section VI Annex I for account aggregation and currency translation; and 3. The Financial Institution does not have more than $50 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $50 million in total assets on their consolidated or combined balance sheets.
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Samples: Agreement to Improve International Tax Compliance, Non Reporting Financial Institutions and Exempt Products, Agreement to Improve International Tax Compliance
Financial Institution with Only Low-Value Accounts. A Gibraltar Financial Institution satisfying the following requirements:
1. The Financial Institution is not an Investment Entity;
2. No Financial Account maintained by the Financial Institution or any Related Entity has a balance or value in excess of $50,000, applying the rules set forth in paragraph C of section VI Annex I for account aggregation and currency translation; and
3. The Financial Institution does not have more than $50 million in assets on its balance sheet, and the Financial Institution and any Related Entities, taken together, do not have more than $50 million in total assets on their consolidated or combined balance sheets.
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