There are more and more tourists who are not interested in just swimming and sunbathing. They want to know about the landscape of the country in which they reside, and also enjoy the local history, culture and gastronomy. Therefore theme routes are a perfect choice for them. The fascinating routes give them the oportunity to research comfortably, to learn and encounter specific landscapes that inherently display the history of this area, to enjoy the current life of the local people and their authentic products, and to understand the wealth of natural and cultural heritage that surrounds them. And the tourists can partake of all of this in a fun way.
Whether they are interested only in pleasant walks along idyllic landscapes with a view of the sea or mountain trails, or they are more attracted to history or Dalmatian delicacies, in the Split-Dalmatia area everyone can find something exciting to do. Many tourists like ecology, active walking, or activities in nature, and they are willing to explore and become acquainted with different areas. Theme routes provide them with all of that.


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Sculptures Characters of the Ural tales of Bazhov in Moscow, Rostokino
Sculptural composition Malachite Symphony
In a small park in the Rostokino microdistrict at the corner of st. Bazhova and st. Malakhitova in 2007, sculptures were installed depicting the characters of the Ural tales of P.P. Bazhova. At the entrance to the square there is an abstract-avant-garde composition "Malachite Symphony" ("Stone Flower"), a stylized image of a flower. The sculptural composition is made using the mosaic technique and is a gift to the residents of the district from the Mospromstroy company, sculptor O. Tatarintseva, architect E. Moisyuk.
In the park itself there is a bust of P.P. Bazhov and sculptures of characters from his Ural tales. The park was decorated by the sculptor – Vladimir Valerievich Lepeshov, a member of the Moscow Union of Artists. His workshop is located in the Rostokino area on the street. Agricultural.
P.P. Bazhov
Read moreSculpture Mother's Sorrow in Volgograd
Bazhova Square. Bust of P.P. Bajova
Danila Kondratyevich Zverev – the prototype of Danila the Master
Pavel Petrovich Bazhov is a Russian writer, collector of Ural legends and folklore.
His first collection of fairy tales – "The Malachite Box" was published in 1939 and gained incredible popularity, and has not lost it to this day. His tales are capable of captivating both children and adults.
Read moreMonument to a shoemaker in Vitebsk
From early childhood, the future writer learned to understand the beauty and wealth of the Urals. The miners told him folk legends and myths, and Pavel created his own fairy-tale world.
Sculptors of his characters can be found in the park. Here is Danila the Master. This is the main character of fairy tales, a master of malachite carving. He met the Mistress of the Copper Measure and learned the craft from her.
Read moreSculpture Murom kalach in Murom
Sculpture Danila-Master
In 1946, director Alexander Lukich Ptushko at the Mosfilm film studio shot a fairy tale film "Stone Flower" ("Ural Skaz")Characters of the Ural tales.
The film adaptation was made based on the Ural tales of P.P. Bazhova. It was the first full-length film shot on color film. The costumes and sets were made at the Czechoslovak film studio "Barrandov", where the cave interiors were filmed. Danila the Master was played by actor Vladimir Vasilyevich Druzhnikov, and the Mistress of the Copper Mountain was played by Tamara Fedorovna Makarova.
The Mistress of the Copper Mountain keeps precious stones and rocks. In front of people, she appears in the form of a beautiful woman or a lizard in a crown. Vladimir Lepeshov depicted her in sculpture in both forms at once – women against the background of a rock, and behind – lizards on the rocks.
But a goat with a magic hoof, where he stomps, a precious stone appears, the more he hits, the more stones appear. Of course, this is a character from the Silver Hoof tale.
Jumping Fire
Read moreStatue of Caesar in St. Petersburg
Sculpture Mistress of the Copper Mountain
Sculpture Silver Hoof
There is an Ognevushka-jump in the park.
A small girl the size of a palm, with red hair, in a sarafan and with a handkerchief in her hand. She is the mistress of the gold that is stored in the upper layers of the earth.
Read moreMonument to Danute Danielsson in Swedish city of Växjö
In Soviet times, many books with colorful illustrations were printed based on Bazhov's tales, and many cartoons were shot based on Bazhov's tales. 1977 director-animator Gennady Mikhailovich Sokolsky shot the cartoon "Silver Hoof"
In 1979, director-animator Natalia Evgenievna Golovanova shot the cartoon "Ognevushka-skakushka".
There is an interesting fact that all the characters of P.P. Bazhov are fictional, but Danila the Master is not. In the village of Koltashi, on the Ural River Rezh, there was a housekeeper – Danila Kondratyevich Zverev, it was he who served as the prototype for Danila the Master.
Arriving on this winter day in the Bazhov square, we opened the "Malachite box" and admired the heroes of his Ural tales.
Stills from the film-fairy tale Stone Flower, directed by A.L. Ptushko
The sculptor V.V. Lepeshov
Pavel Bazhov mountain sculptural park
Fairy Tale characters wooden sculpture park
Favorite cartoon characters Sculptural park
Luxurious Moscow House Patriarch twelve sculptures
Sculptures by Botero in Moscow
Creepy sculptures with human teeth
Monument to M.Yu. Lermontov in the park. V. Talalikhina
Monument to Catherine the Great
Monument to Danute Danielsson in Swedish city of Växjö
Statue of Caesar in St. Petersburg

redpajama_set_name: RedPajamaCommonCrawl


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Edexcel, a Pearson company, is the UK's largest awarding body offering academic and vocational qualifications and testing to schools, colleges, employers and other places of learning in the UK and internationally.
Edexcel was formed in 1996 by the merger of the Business & Technology Education Council (BTEC), the country's leading provider of vocational qualifications, and the University of London Examinations & Assessment Council (ULEAC), one of the major exam boards for GCSEs and A levels.
Edexcel whose name derives from educational excellence offer the widest range of learning programmes, from academic qualifications – such as the gold standard GCEs (A levels) and GCSEs vocational and business learning and adult literacy and numeracy qualifications.
City of London College is approved to offer HNDs for Business, Computing, Health and Social Care, Hospitality Management, Travel and Tourism. We also approved to offer Extended Diploma in Strategic Management and Leadership and Advanced Professional Diploma in Strategic Hospitality Management.
ACCA is the largest and fastest-growing global professional accountancy body in the world, with over 320,000 members and students in 170 countries. ACCA has an extensive network of almost 80 staffed offices and other centres around the world.
In 1904 eight people formed the London Association of Accountants, in order to provide more open access to the accountancy profession than the two existing accountancy organisations. ACCA went through a number of mergers and amalgamations over the years. In 1984 it became the Chartered Association of Certified Accountants to reflect the fact that, a decade earlier, it had been granted a Royal Charter of Incorporation. In 1996 ACCA became the Association of Chartered Certified Accountants (ACCA).
City of London College is an Approved Learning Provider – Student Tuition (Gold) and an approved CBE (Computer Based Examination) centre.
Please visit our Computer based Assesment page for more information on test bookings.
CITY & GUILDS
Founded in 1878, City & Guilds was established following a meeting of 16 of the City ofLondon's livery companies and the Corporation of London, the traditional guardians of apprenticeships and workplace training. Its aim was to establish a national system of technical education. Since then City & Guilds offers learners over 500 qualifications in 28 industry areas – so that they can learn skills that equip them to fulfil their career ambitions or enrich their leisure time.
City & Guilds is the leading provider of vocational qualifications in the United Kingdom. City & Guilds qualifications assess skills that are of practical value in the workplace. They are recognised for their quality and are valued by employers in every sector of business.
City of London College is a City & Guilds approved centre. In addition to offering tests for its courses, we provide testing facilities for third parties.
City of London College is a Microsoft Certified Partner. We provide solutions and consultancy for small businesses related to Microsft technologies and how best these can be deployed in an organisation to deliver best practices and benefits.
GLOBAL CYBER ACADEMY
World's first dedicated cyber security academy for business communities.
QAA (QUALITY ASSURANCE AGENCY)
The Quality Assurance Agency for Higher Education (QAA) is the independent body that checks on standards and quality in UK higher education. It conducts quality assessment reviews, develops reference points and guidance for providers, and conducts or commissions research on relevant issues.
BRITISH BEAUTY COUNCIL
The British Beauty Council was founded to represent the voices, opinions and needs of the British beauty industry – from hairdressing to cosmetics, cosmetic surgery, therapy and spa; in education and training; and from formulation to manufacture, supply, logistics packaging, design, retail and media.


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Bulgaria » Bulgaria-USA: FATCA Agreement (2014)
Bulgaria-USA: FATCA Agreement (2014)
Article 4. Application of FATCA to Bulgarian Financial Institutions
Article 8. Consultations and Amendments
Article 9. Annexes
III. Small or Limited Scope Financial Institutions that Qualify as Deemed-Compliant FFIs .
This Treaty was signed on December 5, 2014 and entered into force on June 30, 2015.
Agreement between the Government of the United States of America and the Government of the Republic of Bulgaria to Improve International Tax Compliance and to Implement FATCA
Whereas, the Government of the United States of America and the Government of the Republic of Bulgaria (each, a "Party," and together, the "Parties") desire to conclude an agreement to improve international tax compliance;
Whereas, Article 25 of the Convention between the Government of the United States of America and the Government of the Republic of Bulgaria for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (the "Convention"), along with a Protocol, done at Washington on February 23, 2007, authorizes the exchange of information for tax purposes, including on an automatic basis;
Whereas, the Government of the Republic of Bulgaria is supportive of the underlying policy goal of FATCA to improve tax compliance;
Whereas, FATCA has raised a number of issues, including that Bulgarian financial institutions may not be able to comply with certain aspects of FATCA due to domestic legal impediments;
Whereas, an intergovernmental approach to FATCA implementation would address legal impediments and reduce burdens for Bulgarian financial institutions;
Whereas, the Parties desire to conclude an agreement to improve international tax compliance and provide for the implementation of FATCA based on domestic reporting and automatic exchange pursuant to the Convention, and subject to the confidentiality and other protections provided for therein, including the provisions limiting the use of the information exchanged under the Convention;
d) The term "Bulgaria" means the Republic of Bulgaria.
(2) in the case of Bulgaria, the Minister of Finance or an authorized representative.
l) The term "Bulgarian Financial Institution" means (i) any Financial Institution resident in Bulgaria, but excluding any branch of such Financial Institution that is located outside Bulgaria, and (ii) any branch of a Financial Institution not resident in Bulgaria, if such branch is located in Bulgaria.
n) The term "Reporting Bulgarian Financial Institution" means any Bulgarian Financial Institution that is not a Non-Reporting Bulgarian Financial Institution.
o) The term "Non-Reporting Bulgarian Financial Institution" means any Bulgarian Financial Institution, or other Entity resident in Bulgaria, that is described in Annex II as a Non-Reporting Bulgarian Financial Institution or that otherwise qualifies as a deemed-compliant FFI or an exempt beneficial owner under relevant U.S. Treasury Regulations.
p) The term "Nonparticipating Financial Institution" means a nonparticipating FFI, as that term is defined in relevant U.S. Treasury Regulations, but does not include a Bulgarian Financial Institution or other Partner Jurisdiction Financial Institution other than a Financial Institution treated as a Nonparticipating Financial Institution pursuant to subparagraph 2(b) of Article 5 of this Agreement or the corresponding provision in an agreement between the United States and a Partner Jurisdiction.
y) The term "U.S. Reportable Account" means a Financial Account maintained by a Reporting Bulgarian Financial Institution and held by one or more Specified U.S. Persons or by a Non-U.S. Entity with one or more Controlling Persons that is a Specified U.S. Person. Notwithstanding the foregoing, an account shall not be treated as a U.S. Reportable Account if such account is not identified as a U.S. Reportable Account after application of the due diligence procedures in Annex I.
bb) The term "Specified U.S. Person" means a U.S. Person, other than: (i) a corporation the stock of which is regularly traded on one or more established securities markets; (ii) any corporation that is a member of the same expanded affiliated group, as defined in section 1471(e)(2) of the U.S. Internal Revenue Code, as a corporation described in clause (i); (iii) the United States or any wholly owned agency or instrumentality thereof; (iv) any State of the United States, any U.S. Territory, any political subdivision of any of the foregoing, or any wholly owned agency or instrumentality of any one or more of the foregoing; (v) any organization exempt from taxation under section 501(a) of the U.S. Internal Revenue Code or an individual retirement plan as defined in section 7701(a)(37) of the U.S. Internal Revenue Code; (vi) any bank as defined in section 581 of the U.S. Internal Revenue Code; (vii) any real estate investment trust as defined in section 856 of the U.S. Internal Revenue Code; (viii) any regulated investment company as defined in section 851 of the U.S. Internal Revenue Code or any entity registered with the U.S. Securities and Exchange Commission under the Investment Company Act of 1940 (15 U.S.C. 80a-64); (ix) any common trust fund as defined in section 584(a) of the U.S. Internal Revenue Code; (x) any trust that is exempt from tax under section 664(c) of the U.S. Internal Revenue Code or that is described in section 4947(a)(1) of the U.S. Internal Revenue Code; (xi) a dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures, forwards, and options) that is registered as such under the laws of the United States or any State; (xii) a broker as defined in section 6045(c) of the U.S. Internal Revenue Code; or (xiii) any tax-exempt trust under a plan that is described in section 403(b) or section 457(b) of the U.S. Internal Revenue Code.
ff) An Entity is a "Related Entity" of another Entity if either Entity controls the other Entity, or the two Entities are under common control. For this purpose control includes direct or indirect ownership of more than 50 percent of the vote or value in an Entity. Notwithstanding the foregoing, Bulgaria may treat an Entity as not a Related Entity of another Entity if the two Entities are not members of the same expanded affiliated group as defined in section 1471(e)(2) of the U.S. Internal Revenue Code.
1. Subject to the provisions of Article 3 of this Agreement, Bulgaria shall obtain the information specified in paragraph 2 of this Article with respect to all U.S. Reportable Accounts and shall annually exchange this information with the United States on an automatic basis pursuant to the provisions of Article 25 of the Convention.
2. The information to be obtained and exchanged with respect to each U.S. Reportable Account of each Reporting Bulgarian Financial Institution is:
c) the name and identifying number of the Reporting Bulgarian Financial Institution;
(2) the total gross proceeds from the sale or redemption of property paid or credited to the account during the calendar year or other appropriate reporting period with respect to which the Reporting Bulgarian Financial Institution acted as a custodian, broker, nominee, or otherwise as an agent for the Account Holder;
g) in the case of any account not described in subparagraph 2(e) or 2(f) of this Article, the total gross amount paid or credited to the Account Holder with respect to the account during the calendar year or other appropriate reporting period with respect to which the Reporting Bulgarian Financial Institution is the obligor or debtor, including the aggregate amount of any redemption payments made to the Account Holder during the calendar year or other appropriate reporting period.
1. For purposes of the exchange obligation in Article 2 of this Agreement, the amount and characterization of payments made with respect to a U.S. Reportable Account may be determined in accordance with the principles of the tax laws of Bulgaria.
4. Notwithstanding paragraph 3 of this Article, with respect to each U.S. Reportable Account maintained by a Reporting Bulgarian Financial Institution as of June 30, 2014, and subject to paragraph 2 of Article 6 of this Agreement, Bulgaria is not required to obtain and include in the exchanged information the U.S. TIN of any relevant person if such U.S. TIN is not in the records of the Reporting Bulgarian Financial Institution. In such a case, Bulgaria shall obtain and include in the exchanged information the date of birth of the relevant person, if the Reporting Bulgarian Financial Institution has such date of birth in its records.
6. The Competent Authorities of Bulgaria and the United States shall enter into an agreement or arrangement under the mutual agreement procedure provided for in Article 24 of the Convention, which shall:
7. All information exchanged shall be subject to the confidentiality and other protections provided for in the Convention, including the provisions limiting the use of the information exchanged.
1. Treatment of Reporting Bulgarian Financial Institutions . Each Reporting Bulgarian Financial Institution shall be treated as complying with, and not subject to withholding under, section 1471 of the U.S. Internal Revenue Code if Bulgaria complies with its obligations under Articles 2 and 3 of this Agreement with respect to such Reporting Bulgarian Financial Institution, and the Reporting Bulgarian Financial Institution:
a) identifies U.S. Reportable Accounts and reports annually to the Bulgarian Competent Authority the information required to be reported in paragraph 2 of Article 2 of this Agreement in the time and manner described in Article 3 of this Agreement;
b) for each of 2015 and 2016, reports annually to the Bulgarian Competent Authority the name of each Nonparticipating Financial Institution to which it has made payments and the aggregate amount of such payments;
d) to the extent that a Reporting Bulgarian Financial Institution is (i) acting as a qualified intermediary (for purposes of section 1441 of the U.S. Internal Revenue Code) that has elected to assume primary withholding responsibility under chapter 3 of subtitle A of the U.S. Internal Revenue Code, (ii) a foreign partnership that has elected to act as a withholding foreign partnership (for purposes of both sections 1441 and 1471 of the U.S. Internal Revenue Code), or (iii) a foreign trust that has elected to act as a withholding foreign trust (for purposes of both sections 1441 and 1471 of the U.S. Internal Revenue Code), withholds 30 percent of any U.S. Source Withholdable Payment to any Nonparticipating Financial Institution; and
e) in the case of a Reporting Bulgarian Financial Institution that is not described in subparagraph 1(d) of this Article and that makes a payment of, or acts as an intermediary with respect to, a U.S. Source Withholdable Payment to any Nonparticipating Financial Institution, the Reporting Bulgarian Financial Institution provides to any immediate payor of such U.S. Source Withholdable Payment the information required for withholding and reporting to occur with respect to such payment.
Notwithstanding the foregoing, a Reporting Bulgarian Financial Institution with respect to which the conditions of this paragraph 1 are not satisfied shall not be subject to withholding under section 1471 of the U.S. Internal Revenue Code unless such Reporting Bulgarian Financial Institution is treated by the IRS as a Nonparticipating Financial Institution pursuant to subparagraph 2(b) of Article 5 of this Agreement.
2. Suspension of Rules Relating to Recalcitrant Accounts . The United States shall not require a Reporting Bulgarian Financial Institution to withhold tax under section 1471 or 1472 of the U.S. Internal Revenue Code with respect to an account held by a recalcitrant account holder (as defined in section 1471(d)(6) of the U.S. Internal Revenue Code), or to close such account, if the U.S. Competent Authority receives the information set forth in paragraph 2 of Article 2 of this Agreement, subject to the provisions of Article 3 of this Agreement, with respect to such account.
3. Specific Treatment of Bulgarian Retirement Plans . The United States shall treat as deemed-compliant FFIs or exempt beneficial owners, as appropriate, for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code, Bulgarian retirement plans described in Annex II. For this purpose, a Bulgarian retirement plan includes an Entity established or located in, and regulated by, Bulgaria, or a predetermined contractual or legal arrangement, operated to provide pension or retirement benefits or earn income for providing such benefits under the laws of Bulgaria and regulated with respect to contributions, distributions, reporting, sponsorship, and taxation.
4. Identification and Treatment of Other Deemed-Compliant FFIs and Exempt Beneficial Owners . The United States shall treat each Non-Reporting Bulgarian Financial Institution as a deemed-compliant FFI or as an exempt beneficial owner, as appropriate, for purposes of section 1471 of the U.S. Internal Revenue Code.
5. Special Rules Regarding Related Entities and Branches That Are Nonparticipating Financial Institutions . If a Bulgarian Financial Institution, that otherwise meets the requirements described in paragraph 1 of this Article or is described in paragraph 3 or 4 of this Article, has a Related Entity or branch that operates in a jurisdiction that prevents such Related Entity or branch from fulfilling the requirements of a participating FFI or deemed-compliant FFI for purposes of section 1471 of the U.S. Internal Revenue Code or has a Related Entity or branch that is treated as a Nonparticipating Financial Institution solely due to the expiration of the transitional rule for limited FFIs and limited branches under relevant U.S. Treasury Regulations, such Bulgarian Financial Institution shall continue to be in compliance with the terms of this Agreement and shall continue to be treated as a deemed-compliant FFI or exempt beneficial owner, as appropriate, for purposes of section 1471 of the U.S. Internal Revenue Code, provided that:
a) the Bulgarian Financial Institution treats each such Related Entity or branch as a separate Nonparticipating Financial Institution for purposes of all the reporting and withholding requirements of this Agreement and each such Related Entity or branch identifies itself to withholding agents as a Nonparticipating Financial Institution;
c) such Related Entity or branch does not specifically solicit U.S. accounts held by persons that are not resident in the jurisdiction where such Related Entity or branch is located or accounts held by Nonparticipating Financial Institutions that are not established in the jurisdiction where such Related Entity or branch is located, and such Related Entity or branch is not used by the Bulgarian Financial Institution or any other Related Entity to circumvent the obligations under this Agreement or under section 1471 of the U.S. Internal Revenue Code, as appropriate.
6. Coordination of Timing . Notwithstanding paragraphs 3 and 5 of Article 3 of this Agreement:
a) Bulgaria shall not be obligated to obtain and exchange information with respect to a calendar year that is prior to the calendar year with respect to which similar information is required to be reported to the IRS by participating FFIs pursuant to relevant U.S. Treasury Regulations; and
b) Bulgaria shall not be obligated to begin exchanging information prior to the date by which participating FFIs are required to report similar information to the IRS under relevant U.S. Treasury Regulations.
7. Coordination of Definitions with U.S. Treasury Regulations . Notwithstanding Article 1 of this Agreement and the definitions provided in the Annexes to this Agreement, in implementing this Agreement, Bulgaria may use, and may permit Bulgarian Financial Institutions to use, a definition in relevant U.S. Treasury Regulations in lieu of a corresponding definition in this Agreement, provided that such application would not frustrate the purposes of this Agreement.
1. Minor and Administrative Errors . The U.S. Competent Authority shall notify the Bulgarian Competent Authority when the U.S. Competent Authority has reason to believe that administrative errors or other minor errors may have led to incorrect or incomplete information reporting or resulted in other infringements of this Agreement. The Bulgarian Competent Authority shall apply its domestic law (including applicable penalties) to obtain corrected and/or complete information or to resolve other infringements of this Agreement.
a) The U.S. Competent Authority shall notify the Bulgarian Competent Authority when the U.S. Competent Authority has determined that there is significant non-compliance with the obligations under this Agreement with respect to a Reporting Bulgarian Financial Institution. The Bulgarian Competent Authority shall apply its domestic law (including applicable penalties) to address the significant non-compliance described in the notice.
b) If such enforcement actions do not resolve the non-compliance within a period of 18 months after notification of significant non-compliance is first provided by the U.S. Competent Authority, the United States shall treat the Reporting Bulgarian Financial Institution as a Nonparticipating Financial Institution pursuant to this subparagraph 2(b).
3. Reliance on Third Party Service Providers . Bulgaria may allow Reporting Bulgarian Financial Institutions to use third party service providers to fulfill the obligations imposed on such Reporting Bulgarian Financial Institutions by Bulgaria, as contemplated in this Agreement, but these obligations shall remain the responsibility of the Reporting Bulgarian Financial Institutions.
4. Prevention of Avoidance . Bulgaria shall implement as necessary requirements to prevent Financial Institutions from adopting practices intended to circumvent the reporting required under this Agreement.
1. Treatment of Passthru Payments and Gross Proceeds. The Parties are committed to work together, along with Partner Jurisdictions, to develop a practical and effective alternative approach to achieve the policy objectives of foreign passthru payment and gross proceeds withholding that minimizes burden.
2. Documentation of Accounts Maintained as of June 30, 2014. With respect to U.S. Reportable Accounts maintained by a Reporting Bulgarian Financial Institution as of June 30, 2014, Bulgaria commits to establish, by January 1, 2017, for reporting with respect to 2017 and subsequent years, rules requiring Reporting Bulgarian Financial Institutions to obtain the U.S. TIN of each Specified U.S. Person as required pursuant to subparagraph 2(a) of Article 2 of this Agreement.
1. Bulgaria shall be granted the benefit of any more favorable terms under Article 4 or Annex I of this Agreement relating to the application of FATCA to Bulgarian Financial Institutions afforded to another Partner Jurisdiction under a signed bilateral agreement pursuant to which the other Partner Jurisdiction commits to undertake the same obligations as Bulgaria described in Articles 2 and 3 of this Agreement, and subject to the same terms and conditions as described therein and in Articles 5 through 9 of this Agreement.
2. The United States shall notify Bulgaria of any such more favorable terms, and such more favorable terms shall apply automatically under this Agreement as if such terms were specified in this Agreement and effective as of the date of the signing of the agreement incorporating the more favorable terms, unless Bulgaria declines in writing the application thereof.
1. In case any difficulties in the implementation of this Agreement arise, either Party may request consultations to develop appropriate measures to ensure the fulfillment of this Agreement.
1. This Agreement shall enter into force on the date of Bulgaria's written notification to the United States that Bulgaria has completed its necessary internal procedures for entry into force of this Agreement.
Done at [ _____ ], in duplicate, in the English and Bulgarian languages, both texts being equally authentic, this [__] day of [ _____ ], 20[__].
FOR THE GOVERNMENT OF FOR THE GOVERNMENT OF THE>
THE UNITED STATES OF AMERICA: REPUBLIC OF BULGARIA:>
a) Bulgaria shall require that Reporting Bulgarian Financial Institutions apply the due diligence procedures contained in this Annex I to identify U.S. Reportable Accounts and accounts held by Nonparticipating Financial Institutions.
b) For purposes of the Agreement,
(1) All dollar amounts are in U.S. dollars and shall be read to include the equivalent in other currencies.
(2) Except as otherwise provided herein, the balance or value of an account shall be determined as of the last day of the calendar year or other appropriate reporting period.
(3) Where a balance or value threshold is to be determined as of June 30, 2014 under this Annex I, the relevant balance or value shall be determined as of that day or the last day of the reporting period ending immediately before June 30, 2014, and where a balance or value threshold is to be determined as of the last day of a calendar year under this Annex I, the relevant balance or value shall be determined as of the last day of the calendar year or other appropriate reporting period.
(4) Subject to subparagraph E(1) of section II of this Annex I, an account shall be treated as a U.S. Reportable Account beginning as of the date it is identified as such pursuant to the due diligence procedures in this Annex I.
(5) Unless otherwise provided, information with respect to a U.S. Reportable Account shall be reported annually in the calendar year following the year to which the information relates.
c) As an alternative to the procedures described in each section of this Annex I, Bulgaria may permit Reporting Bulgarian Financial Institutions to rely on the procedures described in relevant U.S. Treasury Regulations to establish whether an account is a U.S. Reportable Account or an account held by a Nonparticipating Financial Institution. Bulgaria may permit Reporting Bulgarian Financial Institutions to make such election separately for each section of this Annex I either with respect to all relevant Financial Accounts or, separately, with respect to any clearly identified group of such accounts (such as by line of business or the location of where the account is maintained).
A. Accounts Not Required to Be Reviewed, Identified, or Reported. Unless the Reporting Bulgarian Financial Institution elects otherwise, either with respect to all Preexisting Individual Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in Bulgaria provide for such an election, the following Preexisting Individual Accounts are not required to be reviewed, identified, or reported as U.S. Reportable Accounts:
(1) Subject to subparagraph E(2) of this section, a Preexisting Individual Account with a balance or value that does not exceed $50,000 as of June 30, 2014.
(2) Subject to subparagraph E(2) of this section, a Preexisting Individual Account that is a Cash Value Insurance Contract or an Annuity Contract with a balance or value of $250,000 or less as of June 30, 2014.
(3) A Preexisting Individual Account that is a Cash Value Insurance Contract or an Annuity Contract, provided the law or regulations of Bulgaria or the United States effectively prevent the sale of such a Cash Value Insurance Contract or an Annuity Contract to U.S. residents (e.g., if the relevant Financial Institution does not have the required registration under U.S. law, and the law of Bulgaria requires reporting or withholding with respect to insurance products held by residents of Bulgaria).
(4) A Depository Account with a balance of $50,000 or less.
(1) Electronic Record Search. The Reporting Bulgarian Financial Institution must review electronically searchable data maintained by the Reporting Bulgarian Financial Institution for any of the following U.S. indicia:
(A) Identification of the Account Holder as a U.S. citizen or resident;
(B) Unambiguous indication of a U.S. place of birth;
(C) Current U.S. mailing or residence address (including a U.S. post office box);
(D) Current U.S. telephone number;
(E) Standing instructions to transfer funds to an account maintained in the United States;
(F) Currently effective power of attorney or signatory authority granted to a person with a U.S. address; or
(G) An "in-care-of" or "hold mail" address that is the sole address the Reporting Bulgarian Financial Institution has on file for the Account Holder. In the case of a Preexisting Individual Account that is a Lower Value Account, an "in-care-of" address outside the United States or "hold mail" address shall not be treated as U.S. indicia.
(2) If none of the U.S. indicia listed in subparagraph B(1) of this section are discovered in the electronic search, then no further action is required until there is a change in circumstances that results in one or more U.S. indicia being associated with the account, or the account becomes a High Value Account described in paragraph D of this section.
(3) If any of the U.S. indicia listed in subparagraph B(1) of this section are discovered in the electronic search, or if there is a change in circumstances that results in one or more U.S. indicia being associated with the account, then the Reporting Bulgarian Financial Institution must treat the account as a U.S. Reportable Account unless it elects to apply subparagraph B(4) of this section and one of the exceptions in such subparagraph applies with respect to that account.
(4) Notwithstanding a finding of U.S. indicia under subparagraph B(1) of this section, a Reporting Bulgarian Financial Institution is not required to treat an account as a U.S. Reportable Account if:
(A) Where the Account Holder information unambiguously indicates a U.S. place of birth, the Reporting Bulgarian Financial Institution obtains, or has previously reviewed and maintains a record of:
(i) A self-certification that the Account Holder is neither a U.S. citizen nor a U.S. resident for tax purposes (which may be on an IRS Form W-8 or other similar agreed form);
(ii) A non-U.S. passport or other government-issued identification evidencing the Account Holder's citizenship or nationality in a country other than the United States; and
(iii) A copy of the Account Holder's Certificate of Loss of Nationality of the United States or a reasonable explanation of:
(i) The reason the Account Holder does not have such a certificate despite relinquishing U.S. citizenship;
(ii) The reason the Account Holder did not obtain U.S. citizenship at birth.
(B) Where the Account Holder information contains a current U.S. mailing or residence address, or one or more U.S. telephone numbers that are the only telephone numbers associated with the account , the Reporting Bulgarian Financial Institution obtains, or has previously reviewed and maintains a record of:
(i) A self-certification that the Account Holder is neither a U.S. citizen nor a U.S. resident for tax purposes (which may be on an IRS Form W-8 or other similar agreed form); and
(ii) Documentary evidence, as defined in paragraph D of section VI of this Annex I, establishing the Account Holder's non-U.S. status.
(C) Where the Account Holder information contains standing instructions to transfer funds to an account maintained in the United States , the Reporting Bulgarian Financial Institution obtains, or has previously reviewed and maintains a record of:
(D) Where the Account Holder information contains a currently effective power of attorney or signatory authority granted to a person with a U.S. address, has an "in-care-of" address or "hold mail" address that is the sole address identified for the Account Holder, or has one or more U.S. telephone numbers (if a non-U.S. telephone number is also associated with the account) , the Reporting Bulgarian Financial Institution obtains, or has previously reviewed and maintains a record of:
(i) A self-certification that the Account Holder is neither a U.S. citizen nor a U.S. resident for tax purposes (which may be on an IRS Form W-8 or other similar agreed form); or
(1) Review of Preexisting Individual Accounts that are Lower Value Accounts for U.S. indicia must be completed by June 30, 2016.
(2) If there is a change of circumstances with respect to a Preexisting Individual Account that is a Lower Value Account that results in one or more U.S. indicia described in subparagraph B(1) of this section being associated with the account, then the Reporting Bulgarian Financial Institution must treat the account as a U.S. Reportable Account unless subparagraph B(4) of this section applies.
(3) Except for Depository Accounts described in subparagraph A(4) of this section, any Preexisting Individual Account that has been identified as a U.S. Reportable Account under this section shall be treated as a U.S. Reportable Account in all subsequent years, unless the Account Holder ceases to be a Specified U.S. Person.
(1) Electronic Record Search. The Reporting Bulgarian Financial Institution must review electronically searchable data maintained by the Reporting Bulgarian Financial Institution for any of the U.S. indicia described in subparagraph B(1) of this section.
(2) Paper Record Search. If the Reporting Bulgarian Financial Institution's electronically searchable databases include fields for, and capture all of the information described in, subparagraph D(3) of this section, then no further paper record search is required. If the electronic databases do not capture all of this information, then with respect to a High Value Account, the Reporting Bulgarian Financial Institution must also review the current customer master file and, to the extent not contained in the current customer master file, the following documents associated with the account and obtained by the Reporting Bulgarian Financial Institution within the last five years for any of the U.S. indicia described in subparagraph B(1) of this section:
(A) The most recent documentary evidence collected with respect to the account;
(B) The most recent account opening contract or documentation;
(C) The most recent documentation obtained by the Reporting Bulgarian Financial Institution pursuant to AML/KYC Procedures or for other regulatory purposes;
(D) Any power of attorney or signature authority forms currently in effect; and
(E) Any standing instructions to transfer funds currently in effect.
(3) Exception Where Databases Contain Sufficient Information. A Reporting Bulgarian Financial Institution is not required to perform the paper record search described in subparagraph D(2) of this section if the Reporting Bulgarian Financial Institution's electronically searchable information includes the following:
(A) The Account Holder's nationality or residence status;
(B) The Account Holder's residence address and mailing address currently on file with the Reporting Bulgarian Financial Institution;
(C) The Account Holder's telephone number(s) currently on file, if any, with the Reporting Bulgarian Financial Institution;
(D) Whether there are standing instructions to transfer funds in the account to another account (including an account at another branch of the Reporting Bulgarian Financial Institution or another Financial Institution);
(E) Whether there is a current "in-care-of" address or "hold mail" address for the Account Holder; and
(F) Whether there is any power of attorney or signatory authority for the account.
(4) Relationship Manager Inquiry for Actual Knowledge. In addition to the electronic and paper record searches described above, the Reporting Bulgarian Financial Institution must treat as a U.S. Reportable Account any High Value Account assigned to a relationship manager (including any Financial Accounts aggregated with such High Value Account) if the relationship manager has actual knowledge that the Account Holder is a Specified U.S. Person.
(5) Effect of Finding U.S. Indicia.
(A) If none of the U.S. indicia listed in subparagraph B(1) of this section are discovered in the enhanced review of High Value Accounts described above, and the account is not identified as held by a Specified U.S. Person in subparagraph D(4) of this section, then no further action is required until there is a change in circumstances that results in one or more U.S. indicia being associated with the account.
(B) If any of the U.S. indicia listed in subparagraph B(1) of this section are discovered in the enhanced review of High Value Accounts described above, or if there is a subsequent change in circumstances that results in one or more U.S. indicia being associated with the account, then the Reporting Bulgarian Financial Institution must treat the account as a U.S. Reportable Account unless it elects to apply subparagraph B(4) of this section and one of the exceptions in such subparagraph applies with respect to that account.
(C) Except for Depository Accounts described in subparagraph A(4) of this section, any Preexisting Individual Account that has been identified as a U.S. Reportable Account under this section shall be treated as a U.S. Reportable Account in all subsequent years, unless the Account Holder ceases to be a Specified U.S. Person.
(1) If a Preexisting Individual Account is a High Value Account as of June 30, 2014, the Reporting Bulgarian Financial Institution must complete the enhanced review procedures described in paragraph D of this section with respect to such account by June 30, 2015. If based on this review such account is identified as a U.S. Reportable Account on or before December 31, 2014, the Reporting Bulgarian Financial Institution must report the required information about such account with respect to 2014 in the first report on the account and on an annual basis thereafter. In the case of an account identified as a U.S. Reportable Account after December 31, 2014 and on or before June 30, 2015, the Reporting Bulgarian Financial Institution is not required to report information about such account with respect to 2014, but must report information about the account on an annual basis thereafter.
(2) If a Preexisting Individual Account is not a High Value Account as of June 30, 2014, but becomes a High Value Account as of the last day of 2015 or any subsequent calendar year, the Reporting Bulgarian Financial Institution must complete the enhanced review procedures described in paragraph D of this section with respect to such account within six months after the last day of the calendar year in which the account becomes a High Value Account. If based on this review such account is identified as a U.S. Reportable Account, the Reporting Bulgarian Financial Institution must report the required information about such account with respect to the year in which it is identified as a U.S. Reportable Account and subsequent years on an annual basis, unless the Account Holder ceases to be a Specified U.S. Person.
(3) Once a Reporting Bulgarian Financial Institution applies the enhanced review procedures described in paragraph D of this section to a High Value Account, the Reporting Bulgarian Financial Institution is not required to re-apply such procedures, other than the relationship manager inquiry described in subparagraph D(4) of this section, to the same High Value Account in any subsequent year.
(4) If there is a change of circumstances with respect to a High Value Account that results in one or more U.S. indicia described in subparagraph B(1) of this section being associated with the account, then the Reporting Bulgarian Financial Institution must treat the account as a U.S. Reportable Account unless it elects to apply subparagraph B(4) of this section and one of the exceptions in such subparagraph applies with respect to that account.
(5) A Reporting Bulgarian Financial Institution must implement procedures to ensure that a relationship manager identifies any change in circumstances of an account. For example, if a relationship manager is notified that the Account Holder has a new mailing address in the United States, the Reporting Bulgarian Financial Institution is required to treat the new address as a change in circumstances and, if it elects to apply subparagraph B(4) of this section, is required to obtain the appropriate documentation from the Account Holder.
F. Preexisting Individual Accounts That Have Been Documented for Certain Other Purposes . A Reporting Bulgarian Financial Institution that has previously obtained documentation from an Account Holder to establish the Account Holder's status as neither a U.S. citizen nor a U.S. resident in order to meet its obligations under a qualified intermediary, withholding foreign partnership, or withholding foreign trust agreement with the IRS, or to fulfill its obligations under chapter 61 of Title 26 of the United States Code, is not required to perform the procedures described in subparagraph B(1) of this section with respect to Lower Value Accounts or subparagraphs D(1) through D(3) of this section with respect to High Value Accounts.
a) Accounts Not Required to Be Reviewed, Identified, or Reported . Unless the Reporting Bulgarian Financial Institution elects otherwise, either with respect to all New Individual Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in Bulgaria provide for such an election, the following New Individual Accounts are not required to be reviewed, identified, or reported as U.S. Reportable Accounts:
(1) A Depository Account unless the account balance exceeds $50,000 at the end of any calendar year or other appropriate reporting period.
(2) A Cash Value Insurance Contract unless the Cash Value exceeds $50,000 at the end of any calendar year or other appropriate reporting period.
b) Other New Individual Accounts. With respect to New Individual Accounts not described in paragraph A of this section, upon account opening (or within 90 days after the end of the calendar year in which the account ceases to be described in paragraph A of this section), the Reporting Bulgarian Financial Institution must obtain a self-certification, which may be part of the account opening documentation, that allows the Reporting Bulgarian Financial Institution to determine whether the Account Holder is resident in the United States for tax purposes (for this purpose, a U.S. citizen is considered to be resident in the United States for tax purposes, even if the Account Holder is also a tax resident of another jurisdiction) and confirm the reasonableness of such self-certification based on the information obtained by the Reporting Bulgarian Financial Institution in connection with the opening of the account, including any documentation collected pursuant to AML/KYC Procedures.
(1) If the self-certification establishes that the Account Holder is resident in the United States for tax purposes, the Reporting Bulgarian Financial Institution must treat the account as a U.S. Reportable Account and obtain a self-certification that includes the Account Holder's U.S. TIN (which may be an IRS Form W-9 or other similar agreed form).
(2) If there is a change of circumstances with respect to a New Individual Account that causes the Reporting Bulgarian Financial Institution to know, or have reason to know, that the original self-certification is incorrect or unreliable, the Reporting Bulgarian Financial Institution cannot rely on the original self-certification and must obtain a valid self-certification that establishes whether the Account Holder is a U.S. citizen or resident for U.S. tax purposes. If the Reporting Bulgarian Financial Institution is unable to obtain a valid self-certification, the Reporting Bulgarian Financial Institution must treat the account as a U.S. Reportable Account.
A. Entity Accounts Not Required to Be Reviewed, Identified or Reported . Unless the Reporting Bulgarian Financial Institution elects otherwise, either with respect to all Preexisting Entity Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in Bulgaria provide for such an election, a Preexisting Entity Account with an account balance or value that does not exceed $250,000 as of June 30, 2014, is not required to be reviewed, identified, or reported as a U.S. Reportable Account until the account balance or value exceeds $1,000,000.
C. Entity Accounts With Respect to Which Reporting Is Required . With respect to Preexisting Entity Accounts described in paragraph B of this section, only accounts that are held by one or more Entities that are Specified U.S. Persons, or by Passive NFFEs with one or more Controlling Persons who are U.S. citizens or residents, shall be treated as U.S. Reportable Accounts. In addition, accounts held by Nonparticipating Financial Institutions shall be treated as accounts for which aggregate payments as described in subparagraph 1(b) of Article 4 of the Agreement are reported to the Bulgarian Competent Authority.
D. Review Procedures for Identifying Entity Accounts With Respect to Which Reporting Is Required . For Preexisting Entity Accounts described in paragraph B of this section, the Reporting Bulgarian Financial Institution must apply the following review procedures to determine whether the account is held by one or more Specified U.S. Persons, by Passive NFFEs with one or more Controlling Persons who are U.S. citizens or residents, or by Nonparticipating Financial Institutions:
(1) Determine Whether the Entity Is a Specified U.S. Person.
(A) Review information maintained for regulatory or customer relationship purposes (including information collected pursuant to AML/KYC Procedures) to determine whether the information indicates that the Account Holder is a U.S. Person. For this purpose, information indicating that the Account Holder is a U.S. Person includes a U.S. place of incorporation or organization, or a U.S. address.
(B) If the information indicates that the Account Holder is a U.S. Person, the Reporting Bulgarian Financial Institution must treat the account as a U.S. Reportable Account unless it obtains a self-certification from the Account Holder (which may be on an IRS Form W-8 or W-9, or a similar agreed form), or reasonably determines based on information in its possession or that is publicly available, that the Account Holder is not a Specified U.S. Person.
(2) Determine Whether a Non-U.S. Entity Is a Financial Institution.
(A) Review information maintained for regulatory or customer relationship purposes (including information collected pursuant to AML/KYC Procedures) to determine whether the information indicates that the Account Holder is a Financial Institution.
(B) If the information indicates that the Account Holder is a Financial Institution, or the Reporting Bulgarian Financial Institution verifies the Account Holder's Global Intermediary Identification Number on the published IRS FFI list, then the account is not a U.S. Reportable Account.
(3) Determine Whether a Financial Institution Is a Nonparticipating Financial Institution Payments to Which Are Subject to Aggregate Reporting Under Subparagraph 1(b) of Article 4 of the Agreement.
(A) Subject to subparagraph D(3)(b) of this section, a Reporting Bulgarian Financial Institution may determine that the Account Holder is a Bulgarian Financial Institution or other Partner Jurisdiction Financial Institution if the Reporting Bulgarian Financial Institution reasonably determines that the Account Holder has such status on the basis of the Account Holder's Global Intermediary Identification Number on the published IRS FFI list or other information that is publicly available or in the possession of the Reporting Bulgarian Financial Institution, as applicable. In such case, no further review, identification, or reporting is required with respect to the account.
(B) If the Account Holder is a Bulgarian Financial Institution or other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution, then the account is not a U.S. Reportable Account, but payments to the Account Holder must be reported as contemplated in subparagraph 1(b) of Article 4 of the Agreement.
(C) If the Account Holder is not a Bulgarian Financial Institution or other Partner Jurisdiction Financial Institution, then the Reporting Bulgarian Financial Institution must treat the Account Holder as a Nonparticipating Financial Institution payments to which are reportable under subparagraph 1(b) of Article 4 of the Agreement, unless the Reporting Bulgarian Financial Institution:
(i) Obtains a self-certification (which may be on an IRS Form W-8 or similar agreed form) from the Account Holder that it is a certified deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or
(ii) In the case of a participating FFI or registered deemed-compliant FFI, verifies the Account Holder's Global Intermediary Identification Number on the published IRS FFI list.
(4) Determine Whether an Account Held by an NFFE Is a U.S. Reportable Account . With respect to an Account Holder of a Preexisting Entity Account that is not identified as either a U.S. Person or a Financial Institution, the Reporting Bulgarian Financial Institution must identify (i) whether the Account Holder has Controlling Persons, (ii) whether the Account Holder is a Passive NFFE, and (iii) whether any of the Controlling Persons of the Account Holder is a U.S. citizen or resident. In making these determinations the Reporting Bulgarian Financial Institution must follow the guidance in subparagraphs D(4)(a) through D(4)(d) of this section in the order most appropriate under the circumstances.
(A) For purposes of determining the Controlling Persons of an Account Holder, a Reporting Bulgarian Financial Institution may rely on information collected and maintained pursuant to AML/KYC Procedures.
(B) For purposes of determining whether the Account Holder is a Passive NFFE, the Reporting Bulgarian Financial Institution must obtain a self-certification (which may be on an IRS Form W-8 or W-9, or on a similar agreed form) from the Account Holder to establish its status, unless it has information in its possession or that is publicly available, based on which it can reasonably determine that the Account Holder is an Active NFFE.
(C) For purposes of determining whether a Controlling Person of a Passive NFFE is a U.S. citizen or resident for tax purposes, a Reporting Bulgarian Financial Institution may rely on:
(i) Information collected and maintained pursuant to AML/KYC Procedures in the case of a Preexisting Entity Account held by one or more NFFEs with an account balance or value that does not exceed $1,000,000; or
(ii) A self-certification (which may be on an IRS Form W-8 or W-9, or on a similar agreed form) from the Account Holder or such Controlling Person in the case of a Preexisting Entity Account held by one or more NFFEs with an account balance or value that exceeds $1,000,000.
(D) If any Controlling Person of a Passive NFFE is a U.S. citizen or resident, the account shall be treated as a U.S. Reportable Account.
(1) Review of Preexisting Entity Accounts with an account balance or value that exceeds $250,000 as of June 30, 2014 must be completed by June 30, 2016.
(2) Review of Preexisting Entity Accounts with an account balance or value that does not exceed $250,000 as of June 30, 2014, but exceeds $1,000,000 as of December 31 of 2015 or any subsequent year, must be completed within six months after the last day of the calendar year in which the account balance or value exceeds $1,000,000.
(3) If there is a change of circumstances with respect to a Preexisting Entity Account that causes the Reporting Bulgarian Financial Institution to know, or have reason to know, that the self-certification or other documentation associated with an account is incorrect or unreliable, the Reporting Bulgarian Financial Institution must redetermine the status of the account in accordance with the procedures set forth in paragraph D of this section.
A. Entity Accounts Not Required to Be Reviewed, Identified or Reported . Unless the Reporting Bulgarian Financial Institution elects otherwise, either with respect to all New Entity Accounts or, separately, with respect to any clearly identified group of such accounts, where the implementing rules in Bulgaria provide for such election, a credit card account or a revolving credit facility treated as a New Entity Account is not required to be reviewed, identified, or reported, provided that the Reporting Bulgarian Financial Institution maintaining such account implements policies and procedures to prevent an account balance owed to the Account Holder that exceeds $50,000.
B. Other New Entity Accounts. With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Bulgarian Financial Institution must determine whether the Account Holder is:
(i) a Specified U.S. Person;
(ii) a Bulgarian Financial Institution or other Partner Jurisdiction Financial Institution;
(iii) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or
(iv) an Active NFFE or Passive NFFE.
C. Subject to subparagraph B(2) of this section, a Reporting Bulgarian Financial Institution may determine that the Account Holder is an Active NFFE, a Bulgarian Financial Institution, or other Partner Jurisdiction Financial Institution if the Reporting Bulgarian Financial Institution reasonably determines that the Account Holder has such status on the basis of the Account Holder's Global Intermediary Identification Number or other information that is publicly available or in the possession of the Reporting Bulgarian Financial Institution, as applicable.
D. If the Account Holder is a Bulgarian Financial Institution or other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution, then the account is not a U.S. Reportable Account, but payments to the Account Holder must be reported as contemplated in subparagraph 1(b) of Article 4 of the Agreement.
E. In all other cases, a Reporting Bulgarian Financial Institution must obtain a self-certification from the Account Holder to establish the Account Holder's status. Based on the self-certification, the following rules apply:
1. If the Account Holder is a Specified U.S. Person, the Reporting Bulgarian Financial Institution must treat the account as a U.S. Reportable Account.
2. If the Account Holder is a Passive NFFE, the Reporting Bulgarian Financial Institution must identify the Controlling Persons as determined under AML/KYC Procedures, and must determine whether any such person is a U.S. citizen or resident on the basis of a self-certification from the Account Holder or such person. If any such person is a U.S. citizen or resident, the Reporting Bulgarian Financial Institution must treat the account as a U.S. Reportable Account.
3. If the Account Holder is:
(i) a U.S. Person that is not a Specified U.S. Person;
(ii) subject to subparagraph B(3)(d) of this section, a Bulgarian Financial Institution or other Partner Jurisdiction Financial Institution;
(iii) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations;
(iv) an Active NFFE; or
(v) a Passive NFFE none of the Controlling Persons of which is a U.S. citizen or resident,
then the account is not a U.S. Reportable Account, and no reporting is required with respect to the account.
4. If the Account Holder is a Nonparticipating Financial Institution (including a Bulgarian Financial Institution or other Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating Financial Institution), then the account is not a U.S. Reportable Account, but payments to the Account Holder must be reported as contemplated in subparagraph 1(b) of Article 4 of the Agreement.
A. Reliance on Self-Certifications and Documentary Evidence. A Reporting Bulgarian Financial Institution may not rely on a self-certification or documentary evidence if the Reporting Bulgarian Financial Institution knows or has reason to know that the self-certification or documentary evidence is incorrect or unreliable.
1. AML/KYC Procedures . "AML/KYC Procedures" means the customer due diligence procedures of a Reporting Bulgarian Financial Institution pursuant to the anti-money laundering or similar requirements of Bulgarian to which such Reporting Bulgarian Financial Institution is subject.
2. NFFE. An "NFFE" means any Non-U.S. Entity that is not an FFI as defined in relevant U.S. Treasury Regulations or is an Entity described in subparagraph B(4)(j) of this section, and also includes any Non-U.S. Entity that is established in Bulgaria or another Partner Jurisdiction and that is not a Financial Institution.
(1) It is established and operated in its jurisdiction of residence exclusively for religious, charitable, scientific, artistic, cultural, athletic, or educational purposes; or it is established and operated in its jurisdiction of residence and it is a professional organization, business league, chamber of commerce, labor organization, agricultural or horticultural organization, civic league or an organization operated exclusively for the promotion of social welfare;
(2) It is exempt from income tax in its jurisdiction of residence;
(3) It has no shareholders or members who have a proprietary or beneficial interest in its income or assets;
(4) The applicable laws of the NFFE's jurisdiction of residence or the NFFE's formation documents do not permit any income or assets of the NFFE to be distributed to, or applied for the benefit of, a private person or non-charitable Entity other than pursuant to the conduct of the NFFE's charitable activities, or as payment of reasonable compensation for services rendered, or as payment representing the fair market value of property which the NFFE has purchased; and
(5) The applicable laws of the NFFE's jurisdiction of residence or the NFFE's formation documents require that, upon the NFFE's liquidation or dissolution, all of its assets be distributed to a governmental entity or other non-profit organization, or escheat to the government of the NFFE's jurisdiction of residence or any political subdivision thereof.
5. Preexisting Account . A "Preexisting Account" means a Financial Account maintained by a Reporting Bulgarian Financial Institution as of June 30, 2014.
(1) Aggregation of Individual Accounts. For purposes of determining the aggregate balance or value of Financial Accounts held by an individual, a Reporting Bulgarian Financial Institution is required to aggregate all Financial Accounts maintained by the Reporting Bulgarian Financial Institution, or by a Related Entity, but only to the extent that the Reporting Bulgarian Financial Institution's computerized systems link the Financial Accounts by reference to a data element such as client number or taxpayer identification number, and allow account balances or values to be aggregated. Each holder of a jointly held Financial Account shall be attributed the entire balance or value of the jointly held Financial Account for purposes of applying the aggregation requirements described in this paragraph 1.
(2) Aggregation of Entity Accounts. For purposes of determining the aggregate balance or value of Financial Accounts held by an Entity, a Reporting Bulgarian Financial Institution is required to take into account all Financial Accounts that are maintained by the Reporting Bulgarian Financial Institution, or by a Related Entity, but only to the extent that the Reporting Bulgarian Financial Institution's computerized systems link the Financial Accounts by reference to a data element such as client number or taxpayer identification number, and allow account balances or values to be aggregated.
(3) Special Aggregation Rule Applicable to Relationship Managers . For purposes of determining the aggregate balance or value of Financial Accounts held by a person to determine whether a Financial Account is a High Value Account, a Reporting Bulgarian Financial Institution is also required, in the case of any Financial Accounts that a relationship manager knows, or has reason to know, are directly or indirectly owned, controlled, or established (other than in a fiduciary capacity) by the same person, to aggregate all such accounts.
(4) Currency Translation Rule. For purposes of determining the balance or value of Financial Accounts denominated in a currency other than the U.S. dollar, a Reporting Bulgarian Financial Institution must convert the U.S. dollar threshold amounts described in this Annex I into such currency using a published spot rate determined as of the last day of the calendar year preceding the year in which the Reporting Bulgarian Financial Institution is determining the balance or value.
D. Documentary Evidence . For purposes of this Annex I, acceptable documentary evidence includes any of the following:
(1) A certificate of residence issued by an authorized government body (for example, a government or agency thereof, or a municipality) of the jurisdiction in which the payee claims to be a resident.
(2) With respect to an individual, any valid identification issued by an authorized government body (for example, a government or agency thereof, or a municipality), that includes the individual's name and is typically used for identification purposes.
(3) With respect to an Entity, any official documentation issued by an authorized government body (for example, a government or agency thereof, or a municipality) that includes the name of the Entity and either the address of its principal office in the jurisdiction (or U.S. Territory) in which it claims to be a resident or the jurisdiction (or U.S. Territory) in which the Entity was incorporated or organized.
(4) With respect to a Financial Account maintained in a jurisdiction with anti-money laundering rules that have been approved by the IRS in connection with a QI agreement (as described in relevant U.S. Treasury Regulations), any of the documents, other than a Form W-8 or W-9, referenced in the jurisdiction's attachment to the QI agreement for identifying individuals or Entities.
(5) Any financial statement, third-party credit report, bankruptcy filing, or U.S. Securities and Exchange Commission report.
E. Alternative Procedures for Financial Accounts Held by Individual Beneficiaries of a Cash Value Insurance Contract . A Reporting Bulgarian Financial Institution may presume that an individual beneficiary (other than the owner) of a Cash Value Insurance Contract receiving a death benefit is not a Specified U.S. Person and may treat such Financial Account as other than a U.S. Reportable Account unless the Reporting Bulgarian Financial Institution has actual knowledge, or reason to know, that the beneficiary is a Specified U.S. Person. A Reporting Bulgarian Financial Institution has reason to know that a beneficiary of a Cash Value Insurance Contract is a Specified U.S. Person if the information collected by the Reporting Bulgarian Financial Institution and associated with the beneficiary contains U.S. indicia as described in subparagraph (B)(1) of section II of this Annex I. If a Reporting Bulgarian Financial Institution has actual knowledge, or reason to know, that the beneficiary is a Specified U.S. Person, the Reporting Bulgarian Financial Institution must follow the procedures in subparagraph B(3) of section II of this Annex I.
F. Reliance on Third Parties . Regardless of whether an election is made under paragraph C of section I of this Annex I, Bulgaria may permit Reporting Bulgarian Financial Institutions to rely on due diligence procedures performed by third parties, to the extent provided in relevant U.S. Treasury Regulations.
1. Applicability . If Bulgaria has provided a written notice to the United States prior to entry into force of this Agreement that, as of July 1, 2014, Bulgaria lacked the legal authority to require Reporting Bulgarian Financial Institutions either: (i) to require Account Holders of New Individual Accounts to provide the self-certification specified in section III of this Annex I, or (ii) to perform all the due diligence procedures related to New Entity Accounts specified in section V of this Annex I, then Reporting Bulgarian Financial Institutions may apply the alternative procedures described in subparagraph G(2) of this section, as applicable, to such New Accounts, in lieu of the procedures otherwise required under this Annex I. The alternative procedures described in subparagraph G(2) of this section shall be available only for those New Individual Accounts or New Entity Accounts, as applicable, opened prior to the earlier of: (i) the date Bulgaria has the ability to compel Reporting Bulgarian Financial Institutions to comply with the due diligence procedures described in section III or section V of this Annex I, as applicable, which date Bulgaria shall inform the United States of in writing by the date of entry into force of this Agreement, or (ii) the date of entry into force of this Agreement. If the alternative procedures for New Entity Accounts opened on or after July 1, 2014, and before January 1, 2015, described in paragraph H of this section are applied with respect to all New Entity Accounts or a clearly identified group of such accounts, the alternative procedures described in this paragraph G may not be applied with respect to such New Entity Accounts. For all other New Accounts, Reporting Bulgarian Financial Institutions must apply the due diligence procedures described in section III or section V of this Annex I, as applicable, to determine if the account is a U.S. Reportable Account or an account held by a Nonparticipating Financial Institution.
a) Within one year after the date of entry into force of this Agreement, Reporting Bulgarian Financial Institutions must: (i) with respect to a New Individual Account described in subparagraph G(1) of this section, request the self-certification specified in section III of this Annex I and confirm the reasonableness of such self-certification consistent with the procedures described in section III of this Annex I, and (ii) with respect to a New Entity Account described in subparagraph G(1) of this section, perform the due diligence procedures specified in section V of this Annex I and request information as necessary to document the account, including any self-certification, required by section V of this Annex I.
b) Bulgaria must report on any New Account that is identified pursuant to subparagraph G(2)(a) of this section as a U.S. Reportable Account or as an account held by a Nonparticipating Financial Institution, as applicable, by the date that is the later of: (i) September 30 next following the date that the account is identified as a U.S. Reportable Account or as an account held by a Nonparticipating Financial Institution, as applicable, or (ii) 90 days after the account is identified as a U.S. Reportable Account or as an account held by a Nonparticipating Financial Institution, as applicable. The information required to be reported with respect to such a New Account is any information that would have been reportable under this Agreement if the New Account had been identified as a U.S. Reportable Account or as an account held by a Nonparticipating Financial Institution, as applicable, as of the date the account was opened.
c) By the date that is one year after the date of entry into force of this Agreement, Reporting Bulgarian Financial Institutions must close any New Account described in subparagraph G(1) of this section for which it was unable to collect the required self-certification or other documentation pursuant to the procedures described in subparagraph G(2)(a) of this section. In addition, by the date that is one year after the date of entry into force of this Agreement, Reporting Bulgarian Financial Institutions must: (i) with respect to such closed accounts that prior to such closure were New Individual Accounts (without regard to whether such accounts were High Value Accounts), perform the due diligence procedures specified in paragraph D of section II of this Annex I, or (ii) with respect to such closed accounts that prior to such closure were New Entity Accounts, perform the due diligence procedures specified in section IV of this Annex I.
d) Bulgaria must report on any closed account that is identified pursuant to subparagraph G(2)(c) of this section as a U.S. Reportable Account or as an account held by a Nonparticipating Financial Institution, as applicable, by the date that is the later of: (i) September 30 next following the date that the account is identified as a U.S. Reportable Account or as an account held by a Nonparticipating Financial Institution, as applicable, or (ii) 90 days after the account is identified as a U.S. Reportable Account or as an account held by a Nonparticipating Financial Institution, as applicable. The information required to be reported for such a closed account is any information that would have been reportable under this Agreement if the account had been identified as a U.S. Reportable Account or as an account held by a Nonparticipating Financial Institution, as applicable, as of the date the account was opened.
H. Alternative Procedures for New Entity Accounts Opened on or after July 1, 2014, and before January 1, 2015 . For New Entity Accounts opened on or after July 1, 2014, and before January 1, 2015, either with respect to all New Entity Accounts or, separately, with respect to any clearly identified group of such accounts, Bulgaria may permit Reporting Bulgarian Financial Institutions to treat such accounts as Preexisting Entity Accounts and apply the due diligence procedures related to Preexisting Entity Accounts specified in section IV of this Annex I in lieu of the due diligence procedures specified in section V of this Annex I. In this case, the due diligence procedures of section IV of this Annex I must be applied without regard to the account balance or value threshold specified in paragraph A of section IV of this Annex I.
This Annex II may be modified by a mutual written decision entered into between the Competent Authorities of Bulgaria and the United States: (1) to include additional Entities and accounts that present a low risk of being used by U.S. Persons to evade U.S. tax and that have similar characteristics to the Entities and accounts described in this Annex II as of the date of signature of the Agreement; or (2) to remove Entities and accounts that, due to changes in circumstances, no longer present a low risk of being used by U.S. Persons to evade U.S. tax. Any such addition or removal shall be effective on the date of signature of the mutual decision, unless otherwise provided therein. Procedures for reaching such a mutual decision may be included in the mutual agreement or arrangement described in paragraph 6 of Article 3 of the Agreement.
The following Entities shall be treated as Non-Reporting Bulgarian Financial Institutions and as exempt beneficial owners for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code, other than with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a Specified Insurance Company, Custodial Institution, or Depository Institution.
A. Governmental Entity. The government of Bulgaria, any political subdivision of Bulgaria (which, for the avoidance of doubt, includes a state, province, county, or municipality), or any wholly owned agency or instrumentality of Bulgaria or any one or more of the foregoing (each, a "Bulgarian Governmental Entity"). This category is comprised of the integral parts, controlled entities, and political subdivisions of Bulgaria.
1. An integral part of Bulgaria means any person, organization, agency, bureau, fund, instrumentality, or other body, however designated, that constitutes a governing authority of Bulgaria. The net earnings of the governing authority must be credited to its own account or to other accounts of Bulgaria, with no portion inuring to the benefit of any private person. An integral part does not include any individual who is a sovereign, official, or administrator acting in a private or personal capacity.
2. A controlled entity means an Entity that is separate in form from Bulgaria or that otherwise constitutes a separate juridical entity, provided that:
a) The Entity is wholly owned and controlled by one or more Bulgarian Governmental Entities directly or through one or more controlled entities;
b) The Entity's net earnings are credited to its own account or to the accounts of one or more Bulgarian Governmental Entities, with no portion of its income inuring to the benefit of any private person; and
c) The Entity's assets vest in one or more Bulgarian Governmental Entities upon dissolution.
B. International Organization. Any international organization or wholly owned agency or instrumentality thereof. This category includes any intergovernmental organization (including a supranational organization) (1) that is comprised primarily of non-U.S. governments; (2) that has in effect a headquarters agreement with Bulgaria; and (3) the income of which does not inure to the benefit of private persons.
C. Central Bank. An institution that is by law or government sanction the principal authority, other than the government of Bulgaria itself, issuing instruments intended to circulate as currency. Such an institution may include an instrumentality that is separate from the government of Bulgaria, whether or not owned in whole or in part Bulgaria.
The following Entities shall be treated as Non-Reporting Bulgarian Financial Institutions and as exempt beneficial owners for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code.
A. Treaty-Qualified Retirement Fund. A fund established in Bulgaria, provided that the fund is entitled to benefits under an income tax treaty between Bulgaria and the United States on income that it derives from sources within the United States (or would be entitled to such benefits if it derived any such income) as a resident of Bulgaria that satisfies any applicable limitation on benefits requirement, and is operated principally to administer or provide pension or retirement benefits.
B. Broad Participation Retirement Fund. A fund established in Bulgaria to provide retirement, disability, or death benefits, or any combination thereof, to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that the fund:
2. Is subject to government regulation and provides annual information reporting about its beneficiaries to the relevant tax authorities in Bulgaria; and
a) The fund is generally exempt from tax in Bulgaria on investment income under the laws of Bulgaria due to its status as a retirement or pension plan;
b) The fund receives at least 50 percent of its total contributions (other than transfers of assets from other plans described in paragraphs A through D of this section or from retirement and pension accounts described in subparagraph A(1) of section V of this Annex II) from the sponsoring employers;
c) Distributions or withdrawals from the fund are allowed only upon the occurrence of specified events related to retirement, disability, or death (except rollover distributions to other retirement funds described in paragraphs A through D of this section or retirement and pension accounts described in subparagraph A(1) of section V of this Annex II), or penalties apply to distributions or withdrawals made before such specified events; or
C. Narrow Participation Retirement Fund. A fund established in Bulgaria to provide retirement, disability, or death benefits to beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, provided that:
3. The employee and employer contributions to the fund (other than transfers of assets from treaty-qualified retirement funds described in paragraph A of this section or retirement and pension accounts described in subparagraph A(1) of section V of this Annex II) are limited by reference to earned income and compensation of the employee, respectively;
4. Participants that are not residents of Bulgaria are not entitled to more than 20 percent of the fund's assets; and
5. The fund is subject to government regulation and provides annual information reporting about its beneficiaries to the relevant tax authorities in Bulgaria.
D. Pension Fund of an Exempt Beneficial Owner. A fund established in Bulgaria by an exempt beneficial owner to provide retirement, disability, or death benefits to beneficiaries or participants that are current or former employees of the exempt beneficial owner (or persons designated by such employees), or that are not current or former employees, if the benefits provided to such beneficiaries or participants are in consideration of personal services performed for the exempt beneficial owner.
E. Investment Entity Wholly Owned by Exempt Beneficial Owners . An Entity that is a Bulgarian Financial Institution solely because it is an Investment Entity, provided that each direct holder of an Equity Interest in the Entity is an exempt beneficial owner, and each direct holder of a debt interest in such Entity is either a Depository Institution (with respect to a loan made to such Entity) or an exempt beneficial owner.
The following Financial Institutions are Non-Reporting Bulgarian Financial Institutions that shall be treated as deemed-compliant FFIs for purposes of section 1471 of the U.S. Internal Revenue Code.
1. The Financial Institution must be licensed and regulated as a financial institution under the laws of Bulgaria;
2. The Financial Institution must have no fixed place of business outside of Bulgaria. For this purpose, a fixed place of business does not include a location that is not advertised to the public and from which the Financial Institution performs solely administrative support functions;
3. The Financial Institution must not solicit customers or Account Holders outside Bulgaria. For this purpose, a Financial Institution shall not be considered to have solicited customers or Account Holders outside Bulgaria merely because the Financial Institution (a) operates a website, provided that the website does not specifically indicate that the Financial Institution provides Financial Accounts or services to nonresidents, and does not otherwise target or solicit U.S. customers or Account Holders, or (b) advertises in print media or on a radio or television station that is distributed or aired primarily within Bulgaria but is also incidentally distributed or aired in other countries, provided that the advertisement does not specifically indicate that the Financial Institution provides Financial Accounts or services to nonresidents, and does not otherwise target or solicit U.S. customers or Account Holders;
4. The Financial Institution must be required under the laws of Bulgaria to identify resident Account Holders for purposes of either information reporting or withholding of tax with respect to Financial Accounts held by residents or for purposes of satisfying Bulgaria's AML due diligence requirements;
5. At least 98 percent of the Financial Accounts by value maintained by the Financial Institution must be held by residents (including residents that are Entities) of Bulgaria or a Member State of the European Union;
6. Beginning on or before July 1, 2014, the Financial Institution must have policies and procedures, consistent with those set forth in Annex I, to prevent the Financial Institution from providing a Financial Account to any Nonparticipating Financial Institution and to monitor whether the Financial Institution opens or maintains a Financial Account for any Specified U.S. Person who is not a resident of Bulgaria (including a U.S. Person that was a resident of Bulgaria when the Financial Account was opened but subsequently ceases to be a resident of Bulgaria) or any Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Bulgaria;
7. Such policies and procedures must provide that if any Financial Account held by a Specified U.S. Person who is not a resident of Bulgaria or by a Passive NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not residents of Bulgaria is identified, the Financial Institution must report such Financial Account as would be required if the Financial Institution were a Reporting Bulgarian Financial Institution (including by following the applicable registration requirements on the IRS FATCA registration website) or close such Financial Account;
8. With respect to a Preexisting Account held by an individual who is not a resident of Bulgaria or by an Entity, the Financial Institution must review those Preexisting Accounts in accordance with the procedures set forth in Annex I applicable to Preexisting Accounts to identify any U.S. Reportable Account or Financial Account held by a Nonparticipating Financial Institution, and must report such Financial Account as would be required if the Financial Institution were a Reporting Bulgarian Financial Institution (including by following the applicable registration requirements on the IRS FATCA registration website) or close such Financial Account;
9. Each Related Entity of the Financial Institution that is a Financial Institution must be incorporated or organized in Bulgaria and, with the exception of any Related Entity that is a retirement fund described in paragraphs A through D of section II of this Annex II, satisfy the requirements set forth in this paragraph A; and
10. The Financial Institution must not have policies or practices that discriminate against opening or maintaining Financial Accounts for individuals who are Specified U.S. Persons and residents of Bulgaria.
1. The Financial Institution operates solely as (and is licensed and regulated under the laws of Bulgaria as) (a) a bank or (b) a credit union or similar cooperative credit organization that is operated without profit;
5. Any Related Entity must be incorporated or organized in Bulgaria, and any Related Entity that is a Financial Institution, with the exception of any Related Entity that is a retirement fund described in paragraphs A through D of section II of this Annex II or a Financial Institution with only low-value accounts described in paragraph C of this section, must satisfy the requirements set forth in this paragraph B.
C. Financial Institution with Only Low-Value Accounts. A Bulgarian Financial Institution satisfying the following requirements:
D. Qualified Credit Card Issuer. A Bulgarian Financial Institution satisfying the following requirements:
IV. Investment Entities that Qualify as Deemed-Compliant FFIs and Other Special Rules . The Financial Institutions described in paragraphs A through E of this section are Non-Reporting Bulgarian Financial Institutions that shall be treated as deemed-compliant FFIs for purposes of section 1471 of the U.S. Internal Revenue Code. In addition, paragraph F of this section provides special rules applicable to an Investment Entity.
A. Trustee-Documented Trust. A trust established under the laws of Bulgaria to the extent that the trustee of the trust is a Reporting U.S. Financial Institution, Reporting Model 1 FFI, or Participating FFI and reports all information required to be reported pursuant to the Agreement with respect to all U.S. Reportable Accounts of the trust.
B. Sponsored Investment Entity and Controlled Foreign Corporation . A Financial Institution described in subparagraph B(1) or B(2) of this section having a sponsoring entity that complies with the requirements of subparagraph B(3) of this section.
1. A Financial Institution is a sponsored investment entity if (a) it is an Investment Entity established in Bulgaria that is not a qualified intermediary, withholding foreign partnership, or withholding foreign trust pursuant to relevant U.S. Treasury Regulations; and (b) an Entity has agreed with the Financial Institution to act as a sponsoring entity for the Financial Institution.
2. A Financial Institution is a sponsored controlled foreign corporation if (a) the Financial Institution is a controlled foreign corporation organized under the laws of Bulgaria that is not a qualified intermediary, withholding foreign partnership, or withholding foreign trust pursuant to relevant U.S. Treasury Regulations; (b) the Financial Institution is wholly owned, directly or indirectly, by a Reporting U.S. Financial Institution that agrees to act, or requires an affiliate of the Financial Institution to act, as a sponsoring entity for the Financial Institution; and (c) the Financial Institution shares a common electronic account system with the sponsoring entity that enables the sponsoring entity to identify all Account Holders and payees of the Financial Institution and to access all account and customer information maintained by the Financial Institution including, but not limited to, customer identification information, customer documentation, account balance, and all payments made to the Account Holder or payee.
d) The sponsoring entity agrees to perform, on behalf of the Financial Institution, all due diligence, withholding, reporting, and other requirements that the Financial Institution would have been required to perform if it were a Reporting Bulgarian Financial Institution;
C. Sponsored, Closely Held Investment Vehicle. A Bulgarian Financial Institution satisfying the following requirements:
2. The sponsoring entity is a Reporting U.S. Financial Institution, Reporting Model 1 FFI, or Participating FFI, is authorized to act on behalf of the Financial Institution (such as a professional manager, trustee, or managing partner), and agrees to perform, on behalf of the Financial Institution, all due diligence, withholding, reporting, and other requirements that the Financial Institution would have been required to perform if it were a Reporting Bulgarian Financial Institution;
b) The sponsoring entity agrees to perform, on behalf of the Financial Institution, all due diligence, withholding, reporting, and other requirements that the Financial Institution would have been required to perform if it were a Reporting Bulgarian Financial Institution and retains documentation collected with respect to the Financial Institution for a period of six years;
D. Investment Advisors and Investment Managers. An Investment Entity established in Bulgaria that is a Financial Institution solely because it (1) renders investment advice to, and acts on behalf of, or (2) manages portfolios for, and acts on behalf of, a customer for the purposes of investing, managing, or administering funds deposited in the name of the customer with a Financial Institution other than a Nonparticipating Financial Institution.
E. Collective Investment Vehicle. An Investment Entity established in Bulgaria that is regulated as a collective investment vehicle, provided that all of the interests in the collective investment vehicle (including debt interests in excess of $50,000) are held by or through one or more exempt beneficial owners, Active NFFEs described in subparagraph B(4) of section VI of Annex I, U.S. Persons that are not Specified U.S. Persons, or Financial Institutions that are not Nonparticipating Financial Institutions.
F. Special Rules. The following rules apply to an Investment Entity:
1. With respect to interests in an Investment Entity that is a collective investment vehicle described in paragraph E of this section, the reporting obligations of any Investment Entity (other than a Financial Institution through which interests in the collective investment vehicle are held) shall be deemed fulfilled.
2. With respect to interests in:
a) An Investment Entity established in a Partner Jurisdiction that is regulated as a collective investment vehicle, all of the interests in which (including debt interests in excess of $50,000) are held by or through one or more exempt beneficial owners, Active NFFEs described in subparagraph B(4) of section VI of Annex I, U.S. Persons that are not Specified U.S. Persons, or Financial Institutions that are not Nonparticipating Financial Institutions; or
b) An Investment Entity that is a qualified collective investment vehicle under relevant U.S. Treasury Regulations;
the reporting obligations of any Investment Entity that is a Bulgarian Financial Institution (other than a Financial Institution through which interests in the collective investment vehicle are held) shall be deemed fulfilled.
3. With respect to interests in an Investment Entity established in Bulgaria that is not described in paragraph E or subparagraph F(2) of this section, consistent with paragraph 3 of Article 5 of the Agreement, the reporting obligations of all other Investment Entities with respect to such interests shall be deemed fulfilled if the information required to be reported by the first-mentioned Investment Entity pursuant to the Agreement with respect to such interests is reported by such Investment Entity or another person.
1. Retirement and Pension Account. A retirement or pension account maintained in Bulgaria that satisfies the following requirements under the laws of Bulgaria.
b) The account is tax-favored (i.e., contributions to the account that would otherwise be subject to tax under the laws of Bulgaria are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate);
c) Annual information reporting is required to the tax authorities in Bulgaria with respect to the account;
2. Non-Retirement Savings Accounts. An account maintained in Bulgaria (other than an insurance or Annuity Contract) that satisfies the following requirements under the laws of Bulgaria.
B. Certain Term Life Insurance Contracts. A life insurance contract maintained in Bulgaria with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements:
C. Account Held By an Estate. An account maintained in Bulgaria that is held solely by an estate if the documentation for such account includes a copy of the deceased's will or death certificate.
D. Escrow Accounts. An account maintained in Bulgaria established in connection with any of the following:
E. Partner Jurisdiction Accounts. An account maintained in Bulgaria and excluded from the definition of Financial Account under an agreement between the United States and another Partner Jurisdiction to facilitate the implementation of FATCA, provided that such account is subject to the same requirements and oversight under the laws of such other Partner Jurisdiction as if such account were established in that Partner Jurisdiction and maintained by a Partner Jurisdiction Financial Institution in that Partner Jurisdiction.