News & Updates
IBAN AdoptionJULY 14TH 2015
We are proud to announce that following our initiative, Saint Lucia has now adopted the IBAN numbering system.
The International Bank Account Number (IBAN) is an international standard for identifying bank accounts (excluding credit cards). The main purpose of the IBAN is to facilitate the automatic processing of money transfers, to improve the speed and accuracy of your payment transactions
FATCA CompliantJULY 7TH 2014
FATCA (Foreign Account Tax Compliance Act) was passed into law in 2010 as part of the HIRE (Hiring Incentives to Restore Employment) Act. Starting from July 1st 2014, all foreign financial institutions will be required to report account information of all US Persons to the IRS. Anyone belonging to one or more of the following categories falls under the classification of a US Person:
- A citizen of the United States, including any person born in the U.S. but resident in another country, who has not renounced their U.S. citizenship
- A lawful resident of the U.S., including a U.S. green card holder
- Anyone who is residing in the U.S.
- Physical persons spending a significant number of days in the U.S. each year.
- U.S. corporations, U.S. estates and U.S. trusts.
The act also requires foreign financial institutions such as banks to report all accounts belonging to US persons to the IRS. Non-compliance will leave the foreign financial institutions subject to a 30% withholding on any US investments.
FATCA further requires US citizens with foreign financial assets above certain limits to report these assets to the IRS in their annual tax filings.
More information about FATCA and how this may impact your relationship with Hermes is available HERE