Hey bunqers 🌈
In order to comply with the laws and regulations, we ask you for information on your tax residency within 90 days from signup. If you are a U.S. citizen, we will need some additional information.
Wondering why?
According to the Foreign Account Tax Compliance Act (FATCA), a financial institution is obliged to report financial information about U.S. persons (indirectly) to the American Tax Authorities. That includes:
- U.S. citizens, including those born in the United States, naturalized citizens, and individuals who have obtained U.S. citizenship through their parents
- US lawful permanent residents (green card holders)
- Individuals meeting the “substantial presence test” (physically present in the United States for at least 183 days during the current calendar year or a weighted average over three years.)
- Any U.S. corporation or partnership formed under U.S. state laws.
- Entities that qualify as U.S. persons based on substantial U.S. ownership or control criteria.
- Anyone born in the U.S. is automatically a U.S. citizen by law, and abolishment is only possible following the procedure for renouncement or relinquishment of nationality.
Due to these special regulations, we are required to ask all U.S. people to provide us with either their Social Security Number (SSN), National ID, and State of residence or a Certificate of Loss of Nationality (CLN).
Social Security Number
The Social Security Number is a nine-digit number in the format AAA-GG-SSSS, and it helps the U.S. accurately record covered wages or self-employment earnings. The SSN is issued to U.S. citizens, permanent residents and temporary (working) residents, and it is necessary to get a job, to collect Social Security benefits and get some other government services. Once a citizen has been issued an SSN, it is difficult to opt out of the Social Security Program. One option is to revoke US citizenship.
You can find your SSN on your Social Security Card, tax returns, W2 forms or bank statements.
Certificate of Loss of Nationality
Citizens who receive a Certificate of Loss of Nationality surrender their United States passport and lose all rights of United States citizenship. You are allowed to prove that you aren't in fact an U.S. person/citizen by providing evidence of renouncement or relinquishment of citizenship and a proof that you have the nationality of another country.
Do you still have questions? You can always send us a message in Support and we'll be happy to help you out!
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