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FATCA & CRS Compliance

DOWNLOADS:  
Individuals Self-Certification   Download
Entities Self-Certification   Download
Controlling Persons Self-Certification   Download


FATCA

The Foreign Account Tax Compliance Act (FATCA) is a US legislation aimed at reducing tax evasion in the US. 

In 2013 Malta signed an agreement with the United States government to implement FATCA in Malta.  Consequently, the obligations under FATCA have been transposed into local legislation.

Under FATCA MAPFRE MSV as a Maltese financial institution for FATCA purposes, needs to collect certain information about the policy owner’s tax related information.  MAPFRE MSV may also need to provide information on accounts held by US persons to the Maltese Inland Revenue Department who in turn may exchange it with US tax authorities. 

In order to establish whether your account should be reported under FATCA, MAPFRE MSV needs to obtain from you signed declarations in which you will be able to declare and confirm your status to us. 

 

CRS

The Common Reporting Standard (CRS) is another legislation which is also aimed at combating and reducing tax evasion, which is however not limited to the United States like FATCA.  CRS was implemented into Maltese legislation and came into effect from 1st January 2016. 

Under CRS MAPFRE MSV needs to collect certain information about the policy owner’s tax status, which will enable us to determine your tax residency.

If your tax residency is not Maltese we may be required to provide details, including information relating to your accounts held with MAPFRE MSV to the Maltese Inland Revenue Department who may in turn exchange that information with tax authorities of the jurisdiction where you are tax resident. 

 

MAPFRE MSVs Commitment to you

MAPFRE MSV is committed to fully comply with both FATCA and CRS legislations.  In doing so, however, we also strive to make this with the least inconvenience to you. We have therefore devised our own FATCA and CRS Self-Certification Forms, which you should find very easy to complete. 

 

Which Form shall I complete?

If you are an individual customer you are required to complete the Individuals Self-Certification.

If you are representing an entity you are required to complete the Entities Self-Certification.

In certain cases the natural persons(s) who exercise control over an Entity may be required to complete the Controlling Persons Self-Certification. The Entities Self-Certification form indicates those instances, however, they may be other cases where we might get back to the entity ourselves requesting this form to be completed.   

If you are receiving proceeds from a policy as results of a death claim you are required to complete the Beneficiary Self-Certification Form.  If you will be required to complete this form usually you will receive it from us as part of the documentation which are required by us to process a claim. 

 

When Shall I complete the Forms?     

Generally speaking all customers who will be applying for a new MAPFRE MSV policy will be required to complete any one or more of the relevant Forms.

Certain transactions such as maturity and surrender may also require the completion of the relevant forms. 

You are also required to complete the relevant self-certification form if your tax residency status changes during the duration of your life insurance policy with us.

In some other instances we might also get in touch with you to update our records and confirm your tax residency status.

If you are in doubt whether you are required to complete the relevant self-certification do not hesitate to contact us.  In all cases we will guide you through the process.

For more information on FATCA and CRS please refer to Inland Revenue Malta website, the OECD CRS portal or consult your tax adviser. 

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