Hungary and the United States signed an intergovernmental agreement (IGA) on 4 February 2014 in order to implement the US FATCA. The Hungarian IGA is based on the ‘Model 1 A’ Agreement, which means a reciprocal information exchange between the Hungarian tax authority and the US Internal Revenue Service (IRS).
The Bank is required to inform the National Tax and Customs Administration (NAV) of the data of all accounts qualifying as “U.S. reportable accounts” as well as the relevant data of the account holders, and NAV will transmit such data to the U.S. tax authority (Internal Revenue Service = IRS).
The following major banks in Hungary are generally considered FATCA-compliant:
- Erste Bank
- CIB Bank
- K&H Bank
- Raiffeisen Bank
- UniCredit Bank
- MBH Bank
- Citibank Europe
- Deutsche Bank