Examples of San Marino Financial Institution in a sentence
In general, where a Financial Institution is resident for tax purposes in a Member State, San Marino or another Participating Jurisdiction, it is subject to the jurisdiction of such Member State, San Marino or another Participating Jurisdiction and it is, thus, a Member State Financial Institution, San Marino Financial Institution or another Participating Jurisdiction Financial Institution.
Such a trust is a Non-Reporting San Marino Financial Institution treated as a certified deemed-compliant FFI for purposes of section 1471 of the U.S. Internal Revenue Code.
A “Preexisting Account” means a Financial Account maintained by a Reporting San Marino Financial Institution as of June 30, 2014.
A Reporting San Marino Financial Institution must implement procedures to ensure that a relationship manager identifies any change in circumstances of an account.
In such case, the provisions of subparagraph 2(b) of Article 3 of this Agreement shall apply with respect to the Reporting San Marino Financial Institution, and the San Marino Competent Authority must exchange the requested information with the U.S. Competent Authority as soon as possible.
If based on this review such account is identified as a U.S. Account, the Reporting San Marino Financial Institution must report the required information about such account with respect to the year in which it is identified as a U.S. Account and subsequent years on an annual basis, unless the Account Holder ceases to be a Specified U.S. Person.
If based on this review such account is identified as a U.S. Account on or before December 31, 2014, the Reporting San Marino Financial Institution must report the required information about such account with respect to 2014 in the first report on the account and on an annual basis thereafter.
Subject to the provisions of paragraph 2 of Article 4 of this Agreement, each Reporting San Marino Financial Institution that registers with the IRS on the IRS FATCA registration website and complies with the terms of an FFI Agreement shall be treated as complying with the requirements of, and as not subject to withholding under, section 1471 of the U.S. Internal Revenue Code.
For example, if a relationship manager is notified that the Account Holder has a new mailing address in the United States, the Reporting San Marino Financial Institution is required to treat the new address as a change in circumstances and, if it elects to apply subparagraph B(4) of this section, is required to obtain the appropriate documentation from the Account Holder.
If a Preexisting Individual Account is not a High Value Account as of June 30, 2014, but becomes a High Value Account as of the last day of 2015 or any subsequent calendar year, the Reporting San Marino Financial Institution must complete the enhanced review procedures described in paragraph D of this section with respect to such account within six months after the last day of the calendar year in which the account becomes a High Value Account.