07.00 – New Individual Accounts

For each New Individual Account, a Financial Institution will have to obtain a self-certification from the Account Holder that allows the Financial Institution to determine whether the Account Holder is resident in a CD or Gibraltar for tax purposes (see Section 4.10 of the US guidance).

However, as is the case under the regulations to implement the US agreement, if an election is made by the Financial Institution to apply the reporting thresholds, no review or report needs to be made of depository accounts with an aggregated balance under $50,000 (see section 6.1 of the US guidance). If such an election is made then, the self certification need only be obtained if and when the account balance exceeds $50,000.