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bigduckontax
bigduckontax, Accountant
Category: UK Tax
Satisfied Customers: 3716
Experience:  FCCA FCMA CGMA ACIS
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A Cayman Island bank is asking me non-resident tax ID to

Customer Question

A Cayman Island bank is asking me for a non-resident tax ID to complete the FATCA/CRS forms. I am a 70 year old non-resident UK citizen, who has not lived in the UK for many years and hasn't paid any UK tax since my late teens.
Submitted: 1 year ago.
Category: UK Tax
Expert:  bigduckontax replied 1 year ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

The FATCA was introduced by the US Department of Treasury and IRS in 2010 to encourage better tax compliance by preventing US persons from using banks and other financial organisations to avoid taxation on their income and assets. It is used as a disclose document between different countries.

The CRS is part of a global standard proposed last year by the OECD, at the request of the G8 and the G20, for the annual cross border exchange of information on financial accounts. Because the standard shares a lot of similarities with FATCA, it is informally referred to as GATCA (the global version of FATCA). So while there is an evolutionary relationship between FATCA and CRS, they certainly are not the same animal.

You have nothing to fear from these procedures, they are there merely to make sure that tax is not being evaded using cross border exchanges.

You can read a fuller summary if these systems here:

http://economia.icaew.com/finance/september-2015/the-differences-between-facta-and-crs

I do hope that you have found my reply of assistance.

Customer: replied 1 year ago.
No, as my question stated, the bank in the Cayman Islands is asking me whether I have a non-resident tax ID as it will be required for the FATCA/CRS forms.
Customer: replied 1 year ago.
Here are the 2 forms the bank has sent me.
Customer: replied 1 year ago.
The problem is that I have no tax documentation from anyone and certainly not a "non-resident tax I'D". So how can I complete the form?
Expert:  bigduckontax replied 1 year ago.

Just tell the Caymen Islands not to be so over sensitive in this matter and explain you residential status viz a viz the UK.

Customer: replied 1 year ago.
That approach doesn't work anymore. Is there such a thing as a UK non-resident tax I'D and if there is, how do I get one?
Customer: replied 1 year ago.
Is that it for US$45? You have to be joking, sorry but I want my money back

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