I am trying to open an account with Citibank UK, however they are asking me to sign a declaration statement saying:
"I understand that you may disclose information about me and my account to any tax or other authority in the U.S.A. if I am subject to the jurisdiction of that authority."
Firstly is this normal? Secondly why does it say U.S.A. if both the customer and the bank are UK based? Thirdly what are the implications for a person that lives in UK?
jurisdiction of that authority."
Well I guess unless you're American, you aren't "subject to the jurisdiction of that authority".
I suspect so, probably anti-money-laundering regulations.
I thought the bank was American-based, part of Citigroup?
None I imagine, unless you have dodgy dealings with US companies using your Citibank account.
FWIW I have three Citibank accounts and all dealings with them are fine, although I admit I don't have many transactions through the accounts. And neither the IRS, FBI or CIA have been on to me as yet.
JD
That's what you think ;-)
Because if you are a US citizen you are subject to US tax law (and have to file returns for and pay Federal Income Tax) wherever in the world you live.
None if you are not a US citizen or become liable to US tax in some other way.
jb
Yes for a US financial institution.
If you read carefully you will notice that Citibank International plc. is a subsidiary of Citibank Inc., itself a subsidiary of Citicorp Inc. and then Citigroup Inc. The last three are registered in the state of New York in the USA.
None unless you are a US citizen, or are engaged in dealing in narcotics, money laundering or terrorism. Yanks are liable for tax on their worldwide income in the USA no matter where they live. Oddly some states (like Belgium) give them a softer deal than the Brits.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.