Law 19/2016, From 30 November, Automatic Exchange Of Information In Tax Matters

Original Language Title: Llei 19/2016, del 30 de novembre, d’intercanvi automàtic d’informació en matèria fiscal

Read the untranslated law here: https://www.bopa.ad/bopa/028077/Pagines/CGL20161219_11_40_18.aspx

CGL20161219_11_40_18 Law 19/2016, from 30 November, automatic exchange of information in tax matters law 19-2016, from 30 November, automatic exchange of information in tax matters law 19/2016, from 30 November, automatic exchange of information in tax matters since the General Council at its session of November 30, 2016 has approved the following : Law 19/2016, from 30 November, automatic exchange of information in tax matters preamble The 12 February 2016 the Minister of finance signed the modificatiu Protocol of the agreement between the European Community and the Principality of Andorra concerning the establishment of measures equivalent to those provided for in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments.
The modification of the agreement entails the automatic exchange of information between the Member States of the European Union and the Principality of Andorra with application of the common standards of the Organization for Economic cooperation and development (OECD) of the rules of communication and due diligence relating to information about financial accounts (Common Reporting Standard OECD-CRS).
You want to improve the international tax compliance on the basis of the automatic information exchange reciprocal subject to a certain degree of confidentiality and other protections, including provisions that limit the use of the information exchanged and applying the laws and respective data protection practices in the treatment of the personal data exchanged and following the provisions of the regulations regarding the protection of personal data.
In compliance with the agreement, the Principality of Andorra and the Member States of the European Union must have (i) of adequate safeguards to ensure that the information exchanged will remain confidential and will use only for the purposes and to the persons or authorities involved in the determination, collection, or the collection of taxes, on the procedures for BaseTemplate or executives in tax matters in the resolution of resources in tax matters, or their supervision, as well as for other authorized purposes: and (ii) of the infrastructure for an effective exchange of information. This law regulates the legal framework necessary to fulfil these commitments and derogates the law 11/2005 of 13 June, on the application of the agreement between the Principality of Andorra and the European Community concerning the establishment of measures equivalent to those provided for in Directive 2003/48/EC of the Council, on taxation of savings income in the form of interest payments.
Dated November 5, 2013, the Ambassador of Andorra to France signed the accession to the multilateral Agreement of the Council of Europe and the OECD relating to mutual administrative assistance in tax matters (OECD multilateral Agreement). This membership was endorsed unanimously by the General Council of Andorra dated 28 July 2016.
Article 6 of the OECD multilateral Agreement establishes the possibility to carry out automatic exchanges of information with other States parties with the common application standard of the OECD rules and due diligence relating to information about financial accounts. This automatic exchanges of information necessarily requires a prior agreement of bilateral or multilateral character between competent authorities, on the procedure to be followed and the object of the Exchange.
The multilateral Agreement of automatic exchanges of information on tax matters between competent authorities (Autorithy Competent Multilateral Agreement-MCAA), signed by the Secretary of State for international financial affairs on 3 December 2015, is the multilateral instrument for the possible automatic exchanges of information with the United States part of the OECD multilateral Agreement on implementation of article 6. The automatic exchange of information with the United States requires that the United States comply with the requirements provided in the same MCAA and depicting the first final provision of this law. You will need also an assessment of bilateral relations with the Principality of Andorra and the political stability of the country, the respect for human rights and the principles of the rule of law.
In addition, the General Council may conclude bilateral agreements with other States parties of the agreement multilateral OECD, on the sidelines of the multilateral instrument that constitutes the MCAA. The automatic exchange of information in accordance with the bilateral agreements also require that the United States comply with the requirements of this law.
The law consists of ten articles, a transitional provision, repeal provision, two final provisions, the annex I – which contains the rules of communication and due diligence relating to information about financial accounts – and the annex II – which contains complementary norms.
In order to guarantee the fulfilment of the commitments achieved through the ratification of international agreements relating to the automatic exchange of information, the law States that the obligations and due diligence relating to information about financial accounts have the nature of tax obligations. The verification of compliance is subject to the rules relating to the procedure for inspection of the law 21/2014, 16 October, of the Tax Ordinance.
Fines as a special tax infringement consistent behavior to adopt practices aimed at circumventing the procedures for communication of information and due diligence provisions of this law. By means of this copyright infringement accomplished the NINTH section of the OECD standards and due diligence relating to information about financial accounts, strengthening the deterrent effect of the rules that prevent the adoption of practices elusives of this law.
The deadlines for the first automatic communication of information relating to existing accounts in application of the agreement with the European Union or in application of the OECD multilateral Agreement is binding to the deadlines for the identification of existing accounts that control section III and section V of annex I of this law.
Chapter first. General provisions Article 1. Purpose and scope of application this law regulates the automatic exchange of information on tax matters between the Principality of Andorra and other States within the framework of agreements and international agreements as follows:

a) agreement between the European Union and the Principality of Andorra concerning the automatic exchange of information of financial accounts to improve international tax compliance, signed on 12 February 2016.
b) Other agreements or international agreements that establish an automatic exchange of information of financial accounts between other States and the Principality of Andorra with the common application standard OECD norms and due diligence relating to information about financial accounts.
Article 2. Definitions the provisions of this law are interpreted in accordance with the definitions contained in section VIII of annex i. annex I and annex II are an integral part of this law and establish norms and due diligence relating to information about financial accounts in Andorran financial institutions.
Article 3. Andorran financial institutions required to report information 1. Andorran financial institutions forced to communicate information are subject to the obligations of communication relating to information about financial accounts, in the terms established by the articles and the annexes of this law, when individuals or entities account holders, or persons who exercise control of passive SINK YOUR account holders, are tax residents in: a) a Member State of the European Union; or b) a State which applies a deal or an agreement that establishes an automatic exchange of information with application of the common standard OECD norms and due diligence relating to information about financial accounts.
2. Andorran financial institutions Are forced to communicate information by entities resident in Andorra and branches of non-resident entities located in Andorra, set forth in section A of section VIII of annex I of this law, and, in particular, the insurance companies and the operational entities of the financial system following, regulated by the law 7/2013, on 9 may, on the legal regime of the operating entities of the Andorran financial system , and other provisions that govern the exercise of the financial activities in the Principality of Andorra: a) banks;
b) financial investment Societies;
c) investment financial Agencies;
of asset management companies);
e) management companies of collective investment in financial assets.
3. The Government, on the recommendation of the Minister of finance, must approve the criteria to avoid repetition in the communication of information about a financial account by reason of the performance of more than one Andorran financial institution required to communicate information as depositary, custodian or investment entity.
Article 4. Andorran financial institutions are not required to report information 1. Andorran financial institutions are not obliged to communicate information the financial institutions defined in paragraph B of section VIII of annex I of this law residing in Andorra and, in particular, the following: a) the Principality of Andorra and its public administration:-the Government and bodies put under his direction;
-The common and quarters and the organs that depend on them;
-The autonomous bodies or semi-public entities.
b) the Institut Nacional Andorrà de Finances (INAF);
c) The Caixa Andorrana de Seguretat Social (CASS);
of) the State Agency of Bank Resolution (AREB);
e) The reserve fund retirement.
2. The Government, on the recommendation of the Minister of finance, may designate other entities such as financial institutions are not obliged to communicate information to the extent that these entities present a low risk of being used for the purpose of evading taxes and which have characteristics substantially similar to any of the entities described in paragraph b. 1, letters a and b)), of section VIII of annex I of this law or the applicable international Convention or agreement.
Article 5. Excluded accounts 1. Accounts are excluded from the obligations of communication of information are defined in section c. 17 of section VIII of annex I of this law and, in particular, the following: a) the accounts linked to contracts of insurance or in any other contractual modality instrumentin pension plans and other instruments of social forecasting with the features covered in the article 7 of the regulation for the application of the law 5/2014 , April 24, the tax on income of individuals, when you meet one of the following requirements: (i) The annual contributions cannot exceed $50,000 births; or (ii) the maximum contribution to your account throughout the life of the providing may not exceed one million American dollars; in each case apply the rules on aggregation of accounts and currency conversion set forth in section VII, paragraph C, of the annex I of this law.
Andorran financial institutions forced to communicate information must know annually in Ministry of finance the total contributions made to these accounts and must submit a report of an entity external auditor in the terms established by paragraph 3 of article 24 of the regulation for the application of the law 5/2014, of 24 April, the tax on income of individuals. The form and the deadline of the communication are determined by Decree.
b) the accounts linked to contracts of insurance or in any other contractual modality instrumenti savings products for purposes other than retirement when you meet the following requirements: (i) That the savings product is linked to health care, educational or social purposes, relating to:-unemployment Situations or significant aggravation and lasting in the time of the family economy due to the will of the policyholder , is to increase costs, to decrease ordinary income;
-Accidents, disability or diseases in general;
-the formation of the holder of the account or of their families;
-the purchase of a home.
(ii) The withdrawals from the account should be conditioned to the fulfilment of agreed specific circumstances related to the purpose of the savings product or be subject to penalties if they are done before; and (iii) The annual contributions cannot exceed $50,000 births; for this purpose, apply the rules on aggregation of accounts and currency conversion set forth in section VII, paragraph C, of the annex I of this law.

The returns that generate the savings products that meet these requirements are considered to be capital income tax exempt furniture, in application of articles 13 and 15 of the law 94/2010 of 29 December, on the tax on income of non-tax residents.
2. For the purposes of subsection c. 17 of section VIII of annex I of this law, are considered to be excluded are financial accounts the following: a) inactive Accounts with balance that does not exceed $1,000 births. An account is inactive if: (i) The account holder has not done any transaction related to your account or to another account that has the same financial institution in the previous three years;
(ii) The account holder has not contacted the financial institution with the account or to another account owned by the company at the same financial institution in the six previous years;
(iii) the account is treated as a dormant account under ordinary operating procedures of the financial institution;
(iv) in the case of a contract of insurance with value of rescue, the financial institution has not contacted the owner of the account with reference to the account or to another account which is at the same financial institution in the six previous years.
b) operating accounts designed exclusively to cover payments related to the ownership or use of a home located in the Principality of Andorra, in the following terms: (i) the annual average balance of the account does not exceed $10,000 births;
(ii) that the account is used for the direct debit of receipts of consumptions (electricity, water, heating, among others) and other payments.
c) custody Accounts in which are deposited exclusively public debt titles issued by the Government of Andorra or Andorran public institutions with an average annual balance that does not exceed 50,000 us dollars.
3. The Ministry of finance may designate other financial accounts as long as they present a low risk excluded accounts to be used for the purpose of evading taxes and have features similar to any of the accounts described in paragraph c. 17, letters a to f)), of section VIII of annex I of this law.
Article 6. The place, manner and term of the automatic communication of information 1. The communication of information referred to in section I of the annex I of this law has annual and takes place electronically until 30 June following the year referred to in the communication of information, in the form, the place and the period to be determined by Decree of the Government at the proposal of the Ministry of finance.
2. The Ministry of finance transmits the required information to the competent authorities of the respective States within the period established by the agreement or the applicable international agreement.
Article 7. Exchange of information with request 1. The Ministry of finance Exchange, with the request of the competent authorities, information that is foreseeably relevant to the application of the agreement or the relevant international agreement or to the administration or enforcement of the domestic laws concerning taxes of every kind and name of the applicant State or of its political subdivisions or local authorities to the extent that the imposition under those national laws are not contrary to an agreement to avoid double taxation between Andorra and the State in question.
2. The exchange of information with request is made on the terms and conditions established by law 3/2009, of September 7, for the exchange of information on tax matters with request.
Article 8. Confidentiality and data protection 1. All information communicated or obtained in the framework of agreements or international agreements that establish an exchange of information of financial accounts between other States and the Principality of Andorra is considered confidential and must protect in the same way that obtained under the national legislation of each State and, to the extent necessary for the protection of personal data in accordance with the applicable national legislation and safeguards that can specify the State that communicated the information in accordance with their domestic legislation.
2. the information treated in accordance with this law shall be retained for a period of time not greater than necessary to achieve the purposes of the agreements or applicable international agreements and, in any case, no more than the period of prescription of the tax obligations established by law 21/2014, 16 October, of the Tax Ordinance.
3. The information may be disclosed only to persons or authorities, including courts and administrative organs or supervision, in charge of the determination, collection, or the collection of taxes in Andorra or of the corresponding State, or executives for BaseTemplate procedures relating to these taxes or the resolution of resources related to the same tax. The use of the information is solely reserved for these purposes and these people, that can reveal it only in a public procedure before a court or a judicial decision that has connection with the taxes concerned.
Second chapter. Other provisions Article 9. Check scheme 1. The obligations and due diligence relating to information about financial accounts established in this Law have the nature of tax obligations. The verification of compliance is subject to the rules relating to the procedure for inspection of the law 21/2014, 16 October, of the Tax Ordinance.
2. The Andorran financial institutions forced to communicate information must submit annually to the Ministry of finance a report of an entity external auditor about the fulfilment of the obligations of this law. This report is presented during the second half after the natural period laid down in article 7 of this law for the automatic communication of information about financial accounts. For financial institutions that have external auditors, the report can do the same with the external auditors prior to approval of the Ministry of finance.
The Ministry of finance may request and review the additional information and explanations it deems necessary to the content of the report of the company auditor.
Article 10. Sanctioning

1. The breach of the obligations and due diligence provisions of this law is an infringement of the duty to provide data, reports or background to taxation, in the terms established by the letter c) of section 2 of article 127 of the law 21/2014, 16 October, of the Tax Ordinance. The quantification of the sanctions is determined in the terms established by the letter c) of section 2 of article 128 of the same law.
2. The adoption of practices designed to circumvent the procedures for communication of information and due diligence provisions of this law is a special tax infringement sanctioned with a fine of up to 250,000 euros. The sanctions will graduate in accordance with some or all of the following criteria: to) the degree of culpability of the infringer subject;
b) the severity and the duration of the facts;
c) strong sanctions in administrative which have been imposed for the last five years.
3. The sanctioning regime that governs this law complements for the purposes only of its procedure and the competence to process the transcript and disciplinary sanctions with the provisions of title IV of the law 21/2014, 16 October, of the Tax Ordinance, related to sanctioning and, moreover, by the code of the Administration, from 29 March 1989.
Sole transitory provision. Deadlines for the first automatic communication of information relating to pre-existing accounts the first automatic communication of information referred to in article 6 of this law, relative to existing accounts, takes place once after the maximum periods of review established by the section III and section V of annex I of this law, in the following terms: a) pre-existing Accounts of greater value with the property of an individual : until 30 June 2018.
b) pre-existing Accounts of lower value with the property of an individual: until 30 June 2019;
c) existing Accounts with ownership of entities: until 30 June 2019.
Repealing only. Repeal of the law 11/2005, 13 June, and transitional regime 1. Derogates the law 11/2005 of 13 June, on the application of the agreement between the Principality of Andorra and the European Community concerning the establishment of measures equivalent to those provided for in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments, with the transitory below: a) the obligations of paying agents regulated in law 11/2005 , relating to savings income in the form of interest payments made until 31 December 2016, will continue to be applicable in 2017 in the terms established by the regulations;
b) the obligation of transfer of the Principality of Andorra in the Member States of the European Union regulated in the first additional provision of law 11/2015, relative to the performance of the savings in the form of interest payments made until 31 December 2016, will remain applicable in 2017;
c) the exchange of information with request that regulates the fifth chapter of the law 11/2005 is applicable to requests relating to the conduct defined in article 12 prior to the entry into force of this law.
2. The duty of confidentiality set forth in article 11 of the law 11/2005 kept after this derogation regulation.
First final provision. Automatic exchange of information on implementation of the OECD multilateral Agreement 1. The Ministry of finance, as the competent authority and in accordance with the procedure laid down in article 7 of the MCAA, communicated to the OECD Secretariat, which coordinates the application, States with which intend to exchange information automatically with application of the common standard OECD norms and due diligence relating to financial accounts envelopes information.
The automatic exchange of information with these States will require that the United States comply with the requirements provided in the same MCAA and which are reproduced below as an integral part of this law: to) That is in effect the legislation necessary to implement the common standard OECD norms and due diligence relating to information about financial accounts, precisely the date of relevant effect in relation to the pre-existing accounts , the new accounts, and for the application or conclusion of the procedures and due diligence;
b) That apply to one or more methods of data transmission supported by the data transmission system used by the Principality of Andorra;
c) have appropriate measures to ensure the confidentiality required and that they meet the standards for data protection.
It also requires an assessment of bilateral relations with the Principality of Andorra and the political stability of the country, the respect for human rights and the principles of the rule of law.
On the other part will also be taken into account that these States allow access to its financial market operating entities of the financial market of the country.
2. In addition, on the sidelines of the multilateral instrument that constitutes the MCAA, the Ministry of finance can negotiate bilateral agreements with other States part of the OECD multilateral Agreement for the automatic exchange of information with the application of the common standard OECD norms and due diligence relating to information about financial accounts.
The automatic exchange of information with the application of bilateral agreements required, also in this case, that the United States comply with the requirements provided for in paragraph 1 of this provision.
3. The incorporation of States to the list of States with which they automatically exchange information in the framework of the MCAA as the adoption of adoption of bilateral agreements with other States, requires in all cases, the approval of the General Council, in accordance with the appropriate legislative procedure.
4. The Ministry of Finance shall publish in the OFFICIAL GAZETTE on a regular basis, and at least once at the beginning of each calendar year, the list of States with whom it performs automatic exchanges of information with the application of the common standard OECD norms and due diligence relating to information about financial accounts, with an indication of the date from which it applies the exchange for each State.
Second final provision. Entry into force this law shall enter into force on 1 January 2017.

The exchange of information with request that article 7 of this law is applicable to requests made from the 1 January 2017 to tax periods started from that date or, in the event that there are no tax period, to tax liabilities incurred subsequent to that date. Exchanges of information with request made in application of the law 3/2009, of September 7, for the exchange of information on tax matters with request are governed by temporary regime that establishes his second final provision.
The information exchanged automatically with other States in application of the provisions of this law may not substantiate requests for information relating to tax periods started prior to January 1, 2017, or, in the event that there are no tax period, to tax liabilities incurred prior to that date.
Casa de la Vall, 30 November 2016 Vicenç Mateu Zamora Syndic General Us the co-princes the sancionem and promulguem and let's get the publication in the official bulletin of the Principality of Andorra.
Joan Enric Vives Sicília François Hollande Bishop of Urgell, President of the French Republic Co-prince of Andorra Co-prince of Andorra ANNEX I RULES and DUE DILIGENCE relating to INFORMATION ABOUT FINANCIAL ACCOUNTS Section i. General requirements for communication of information 1. The information to be communicated to the relevant accounts subject to communication of information is the following: a) name, address, State or United States of residence, tax registration number or equivalent and, trying to of individuals, the date and place of birth of each of the people subject to communication of information who are holders of an account. In the event that the owner is an entity and, after having applied the procedures of due diligence established by sections V, VI and VII of the annex I of this law, you have identified that one or several people who exercise control of the entity are subject to communication of information: name, address, State or United States of residence, tax registration number or equivalent , date and place of birth of each of the people subject to communication of information;
b) account number (or the functional equivalent if not there);
c) the name and identifying number of the financial institution stating;
the balance of the account value) or (including, in the case of a contract of insurance with rescue or value of an annuity contract, the cash value or the value of rescue) at the end of the calendar year considered or, in the event that the account had been cancelled during the year or the period considered, on the date of cancellation;
e) in the case of a custody account: i. the total gross amount of the interest, the total gross amount in dividends and the total gross amount in other income generated in relation to the assets deposited on the account, paid or scored in each case to the account (or in connection with the account) during the calendar year;
II. The total gross income derived from the sale or the reimbursement of paid financial assets or scored in mind while calendar year with respect to which the financial institution would have acted as a depository, broker, designated agent or representative in any other quality by the holder of the account;
f) in the case of a deposit account, the total gross amount of interest paid or noted in your account during the calendar year; and g) in the case of an account not described in literature (e) and (f), the total gross amount paid or noted the owner of the account during the calendar year in which the financial institution was the bound or the debtor, including the total amount corresponding to refunds made to the holder of the account during the calendar year.
The information communicated must specify the currency in which it is called each amount.
2. Notwithstanding the provisions of the previous section, the following exceptions are applicable with regard to the information to be communicated: to) is not necessary to notify the tax registration number or equivalent or the date of birth in relation to the accounts subject to communication of information that are pre-existing accounts on the date of entry into force of the agreement or the applicable international agreement, as long as they do not appear in the records of the financial institution required to communicate information. However, financial institutions forced to communicate information they have to try to get a reasonable effort, the tax registration number, or equivalent, and the date of birth in relation to the pre-existing accounts at the latest at the end of the second year following the year in which they identify the pre-existing accounts as accounts subject to communication of information;
b) it is not necessary to communicate the registration number or equivalent tax if the State of residence of the account holder has not issued.
Section II. General requirements on the due diligence to. An account is considered account subject to communication of information from the date on which has been identified as such, in application of the due diligence procedures regulated in sections II to VII and, unless they have something else, it has to report annually the information during the following calendar year to which the information refers.
B. the balance or value of an account determines the last day of the calendar year.
C. The Andorran financial institutions forced to communicate information may use service providers to comply with the obligations of communication of information and due diligence. In any case, these obligations will continue to be the responsibility of financial institutions forced.
D. The Andorran financial institutions forced to communicate information can be applied to existing accounts due diligence procedures for new accounts and apply to minor accounts worth the due diligence procedures for accounts of greater value, without prejudice to the General rules applicable to existing accounts.
Section III. Due diligence relating to existing accounts with the property of an individual the following procedures apply to existing accounts with the property of an individual in order to identify the accounts subject to communication of information:

A. the accounts not subject to review, or communication of information. The review is not required, or communication of information relating to a pre-existing account with name of person to be a contract of insurance with cash value or an annuity contract, when legally prohibited their marketing to residents of a State that determines the obligation of communication of information.
B. instead of lower value the following procedures apply in respect of the accounts of lower value: 1. Registered Office. If the financial institution required to communicate information is registered to your files an updated address of the individual account holder based on documentary evidence, can be considered the holder of the account as a tax resident of the State in which is situated the registered office for the purposes of determining whether a person is subject to communication of information.
2. Research in electronic files. If the financial institution is required to communicate information is not based on the updated address of the individual account holder in accordance with documentary evidence as determined in section 1, you must check the data amenable to electronic research available with respect to any of the following signs and apply the sections B 3 B 6: a) Identification of the account holder as a resident of a State that determines the obligation of communication of information;
b) postal address or business address (including a post office box) located in a State that determines the obligation of communication of information;
c) one or more phone numbers in a State that determines the obligation of communication of information and no phone number in Andorra;
d) permanent Orders (excluding those relating to deposit accounts) to transfer funds to an account opened in a State that determines the obligation of communication of information;
e) A notarial power of Attorney effect or signature authorisation to order awarded to a person domiciled in a State that determines the obligation of communication of information; or f) Instructions of retention of correspondence or an address designated for the receipt of correspondence in a State that determines the obligation of communication of information in the event that the financial institution does not have any address of the account holder in your files.
3. If using the electronic search cannot find any of the signs listed in section 2, it is not necessary any action until there is a change of circumstances from which it associates one or more signs with the account, or until the account becomes an account of greater value.
4. If using the electronic research will discover any of the signs listed in the section 2, letters a to e)), or if a change of circumstances from which it associates one or more signs in to the account, the financial institution should consider the holder of the account as a tax resident from each of the United States subject to communication of information in respect of which they had identified signs , unless you choose to apply the section 6 and one of the exceptions provided for in the said paragraph is applicable to the account.
5. If using the electronic research came out a retention instruction of correspondence or an address designated for the receipt of correspondence and had not found any other address, or any other indication of the listed in the section 2, letters a to e)), the financial institution must carry out, in the order appropriate for the circumstances, research in archives in paper described in section c. 2 , or attempt to obtain from the owner of a autocertificació or documentary evidence to determine their tax residence. If by searching on paper does not get any hint and does not prevail in the attempt to get a autocertificació of the account holder or documentary evidence, the financial institution must notify the Ministry of finance that the account is not documented.
6. Despite having found no evidence of the listed in section 2, a financial institution is not an account holder as a resident of a State that determines the obligation of communication of information if: a) the information on the account holder includes a mailing address or current domicile in the State referred to, one or more telephone numbers of the State referred to (and no phone number in Andorra) or permanent orders (with respect to financial accounts are not deposit accounts) on the transfer of funds in an account opened in the State referred to, and the financial institution get, or have reviewed previously and kept in your files: (i) A autocertificació of the account holder on your State or United States of residence that does not include the State referred to; and (ii) documentary evidence to establish the condition of the account holder as a resident in a State that does not determine the obligation of communication of information.
b) the information on the account holder includes a notarial power of Attorney effect or signature authorisation to order awarded to a person domiciled in the State referred and the financial institution get, or have reviewed previously and kept in your files: (i) A autocertificació of the account holder on your State or United States of residence that does not include the State referred to; or (ii) documentary evidence to establish the condition of the account holder as a resident in a State that does not determine the obligation of communication of information.
C. review procedures reinforced by the accounts of greater value the following procedures apply in respect of the accounts of greater value: 1. Research into electronic files. In respect of the accounts of greater value, the financial institution should review the data subject of electronic research held in order to find any of the evidence described in section B. 2 2. Research in paper files. If the databases are susceptible to electronic research available to the financial institution include fields for inclusion and the recording of all of the information described in section c. 3, it is not necessary to review the files on paper. If the electronic data bases do not collect all of this information, the financial institution must also review, in respect of the accounts of greater value, the current master file of the client and, to the extent that there are included, the following documents associated with the account that the financial institution has obtained in the last five years with the aim of finding any of the signs listed in section B. 2 : in more recent documentaries) evidence collected in connection with your account;

b) the contract or the most recent account opening documentation;
c) The most recent documentation obtained by the financial institution in accordance with the procedures for the prevention of money laundering and the financing of terrorism, or for other regulatory purposes;
of) any power of Attorney for representation or signature authorization to order force;
e) Any permanent order in force (excluding those relating to deposit accounts) of transfer of funds to an account in a State that determines the obligation of communication of information.
3. Except when the databases contain enough information. The financial institution is not required to carry out research into the archives on paper described in section c. 2 when the information susceptible to electronic research available include the following: a) the condition of the account holder in respect of his residence;
b) the address and the mailing address of the owner of that list in the files of the financial institution;
c) number or the telephone numbers of the account holder, if any, that appear in the files of the financial institution;
d) in the case of financial accounts are not deposit accounts, reference to whether there are permanent orders of transfer of funds from your account to another account (including the accounts of another branch of the financial institution or other financial institution);
e) reference if there is an address designated for the receipt of correspondence of the account holder or an instruction for the retention of correspondence;
f) reference if there is any power of attorney or representation of a signature authorization to order in relation to the account.
4. check the personal Manager of the account about his knowledge of the account. In addition to the searches in electronic files and paper described in the sections c.1 and c.2, the financial institution should be treated as their account subject to communication of information all account of greater value assigned to a personal Manager (including financial accounts added with the account of higher value) if the personal manager knows that the account holder is a person subject to communication of information.
5. effects of the discovery of evidence.
a) If after having carried out the review reinforced the higher valued accounts had not found any of the signs listed in section B. 2 and had not identified the owner of the account as a person subject to communication of information under the section c.4, it will not be necessary any action until there is a change of circumstances from which they can associate one or more signs in to the account.
b) if the review reinforced the higher valued accounts came out any of the signs listed in the section 2, letters a to e)), or if you gave a change in circumstances from which it may be associated with one or more signs in to the account, the financial institution must treat the account as subject to communication of information in relation to each of the United States that determine the obligation of communication of information in respect of which they had identified signs , unless you choose to apply the section 6 and one of the exceptions provided for in this section is applicable to the account.
c) if in the enhanced review of the accounts with the highest value is the discovery of a retention instruction of correspondence or an address designated for the receipt of correspondence and had not found any other address, or any other indication of the listed in the section 2, letters a to e)), for the holder of the account, the financial institution must obtain a autocertificació of the account holder or documentary evidence to determine their tax residence. If the financial institution could not get this autocertificació or documentary evidence, must notify the Ministry of finance that the account is not documented.
6. If the pre-existing account of person were not a greater value on 31 December of the year prior to the entry into force of the agreement or applicable international agreement but to have achieved this status before the end of the following calendar year, the financial institution has to carry out the enhanced review procedures in respect of that account during the calendar year following the year in which the account is into an account of greater value. If, with a foundation in this review, we identify the account as an account subject to communication of information, the financial institution should communicate the information relating to the year in which they identify as their account subject to communication of information and the following year, annually, unless the account holder ceases to be a person subject to communication of information.
7. Once applied the enhanced review procedures described in paragraph C to a higher value, the financial institution is not required to go back to applying them in the following years, except for the query in the personal Manager, unless the account is not documented yet. In the latter case, the financial institution should apply them annually until the account is documented.
8. If there is a change in circumstances related to a greater value from which can be associated to one or more of the indications set forth in section 2, the financial institution must treat the account as account subject to communication of information in relation to each of the United States that determine the obligation of communication of information in respect of which they had identified signs unless you opt to apply the section 6 and one of the exceptions of this section was applicable to the account.
9. Financial institutions should implement procedures to ensure that personal managers identify changes in circumstances of an account. For example, if you report to a personal agent that the account holder has a new mailing address in a State that determines the obligation of communication of information, the financial institution should consider the new direction as a change of circumstances and, if you choose to apply the section 6, you must obtain the relevant documentation of the account holder.
D. review deadlines for existing accounts

The review of the existing accounts of greater value with the property of an individual has to be completed within the period of one year from the entry into force of the agreement or applicable international agreement. The review of the existing accounts of lower value with the property of an individual must have been completed in the period of two years from the entry into force of the agreement or applicable international agreement.
E. All pre-existing account of individual who has been identified as their account subject to communication of information pursuant to this section must be treated as a consideration subject to communication of information in subsequent years, unless the account holder ceases to be a person subject to communication of information.
Section IV. Due diligence with regard to new accounts with ownership of individual the following procedures apply to new accounts with the property of an individual in order to identify the accounts subject to communication of information: a. at the time of opening of the account, the financial institution must obtain a autocertificació, which may form part of the documentation for opening of the account, which allows you to determine the tax residence of the holder of the account. The financial institution should confirm the credibility of the autocertificació according to the information we have obtained with the opening of the account, including the documentation collected in application of the procedures for the prevention of money laundering and the financing of terrorism.
B. If the autocertificació States that the holder of the account is tax resident of a State that determines the obligation of communication of information, the financial institution must treat the account as subject to communication of information and the autocertificació should include the tax registration number of the owner in the State of residence tax (under reserve of the provisions of paragraph D of this section) and your date of birth.
C. If there is a change in circumstances related to a new account with the name of physical person from which the financial institution knows, or has reason to believe, that the original autocertificació is incorrect or is not reliable, the financial institution cannot rely on the original autocertificació and you must obtain a valid that establishes the residence or the tax residence of the holder of the account.
Section v. due diligence with regard to pre-existing accounts of entity the following procedures apply to pre-existing accounts of entity in order to identify the accounts subject to communication of information: a. accounts with property of an entity not subject to review, or communication of information unless the financial institution chooses to another criterion, either in relation to all existing accounts with entity owned or , separately, with respect to a group clearly identified, the pre-existing accounts with balance or aggregate value of entity with ownership that does not exceed $250,000 births should not be subject to review, or communication of information as to accounts subject to communication of information until your balance or aggregate value exceeds this amount on the last day of any subsequent calendar year.
B. accounts with property of entity subject to review review is required, in accordance with the procedures established in paragraph D, all preexisting account with ownership of entity with balance or aggregate value, determined at 31 December of the year prior to the entry into force of the agreement or applicable international agreement, in excess of $250,000 births, as well as all existing account with ownership of entity with balance or aggregate value not exceeding this amount on 31 December the previous year of entry into force of the agreement or applicable international agreement but that exceeded the last day of any year following.
C. accounts with property of entity subject to communication of information about existing accounts with the property of an entity described in paragraph (B), should only be treated as to accounts subject to the ownership of the accounts information media which corresponds to one or more entities that are people subject to communication of information, or the ownership of which corresponds to SINK YOUR pace in which one or more people who exert the control they are people subject to communication of information.
D. review procedures to identify accounts with property of entity subject to communication of information about existing accounts with the property of an entity described in paragraph (B), the financial institutions should apply the following procedures for review to determine whether the ownership of the account corresponds well to one or several people subject to communication of information, or to SINK YOUR pace in which one or more people who exercise control are subject to communication of information : 1. Determining whether the owner is a person subject to communication of information.
in) The financial institution must revise the information you keep for regulatory reasons or in relation with the client (including the information collected in application of the procedures for the prevention of money laundering and the financing of terrorism) in order to determine if the information indicates that the account holder is resident of a State that determines the obligation of communication of information. For this purpose, the information indicating that the account holder is resident of a includes the place of incorporation or management, or an address located in the State referred.
b) in the event that the information would indicate that the account holder is a resident of a State that determines the obligation of communication of information, the financial institution must treat the account as account subject to communication of information, unless you obtain a autocertificació of the owner of the account or could determine so justified, with basis on the information we have or in public information , that the owner of the account is not a person subject to communication of information.
2. Determining whether the entity is a SINK YOUR passive, in which one or more people who exercise control are subject to communication of information

The financial institution should determine if the account holder is a SINK YOUR passive, in which one or more people who exercise control are subject to communication of information. In the event that any of the people who have control of the passive SINK YOUR were a person subject to communication of information, the account has been treated as a mind subject to communication of information. In order to perform these determinations, the financial institution must follow the instructions set forth in the paragraph 2, letters a to c)), in the order that is most appropriate according to the circumstances.
a) determining whether the account holder is a SINK YOUR passive in order to determine if the account holder is a SINK YOUR passive, the financial institution must obtain a autocertificació of the owner of the account where it is established its status, unless you could determine so justified, with basis on the information held by or for public information , that the owner of the account is an active SINK YOUR or a financial institution other than the investment entity described in paragraph a. 6. b), section VIII which is not resident in a State participant.
b) determination of the people who have control of the owner of the account in order to identify people who have the control of the owner of the account, the financial institution can be based on the information you've collected and preserved in application of the procedures for the prevention of money laundering and the financing of terrorism.
c) determining whether a person who exercises the control of a SINK YOUR passive is a person subject to communication of information in order to determine whether a person who exercises the control of a SINK YOUR passive is a person subject to communication of information, the financial institution may be based on: (i) information that has been collected and preserved in application of the procedures for the prevention of money laundering and the financing of terrorism in the case of a pre-existing account with the property that corresponds to a or more and SINK YOUR balance or aggregate value not exceeding one million American dollars; or (ii) A autocertificació of the owner of the account or of the persons who exercise control of the company, related to the State or to the United States of residence of the person or persons who exercise control.
E. terms of review and additional procedures applicable to existing accounts with entity owned 1. The review of accounts with the property of an entity with a balance or aggregate value in excess of us $250,000, determined at 31 December of the year prior to the entry into force of the agreement or applicable international agreement, should have been completed in the period of two years from the entry into force.
2. The review of accounts with property of the entity with a balance or aggregate value not exceeding us $250,000, determined at 31 December of the year prior to the entry into force of the agreement or applicable international agreement, but that exceeds this amount on 31 December of any year following, must have been completed during the calendar year following the year in which the balance or aggregate value of the consideration exceeds this amount.
3. If there is a change in circumstances related to a pre-existing account with ownership of the entity from which the institution knew or had reason to know, that the original autocertificació is incorrect or is not reliable, the financial institution should determine the status of your account in accordance with the procedures set out in the section of.
Section VI. Due diligence with regard to new accounts with entity owned the following procedures apply to new accounts with the property of an entity in order to identify the accounts subject to communication of information: a. review procedures to identify accounts with property of entity subject to communication of information.
Respect of new accounts with entity ownership, financial institutions should apply the following review procedures to determine whether the ownership of the account corresponds to one or more persons subject to communication of information or to SINK YOUR pace in which one or more people who exercise control are subject to communication of information: 1. Determining whether the owner is a person subject to communication of information) The financial institution must obtain a autocertificació , which may form part of the documentation for opening of the account, which will allow them to determine the residence or the tax residence of the owner of the account and confirm the credibility of the autocertificació according to the information we have obtained with the opening of your account, including all the documentation collected in application of the procedures for the prevention of money laundering and the financing of terrorism. If the entity certifies that it does not have tax residence, the financial institution may rely on the address of the main Office of the company in order to determine your residence.
b) if autocertificació indicates that the owner of the account is tax resident in a State that determines the obligation of communication of information, the financial institution must treat the account as an account subject to communication of information unless you determine so justified, with basis on the information held or in public information, that the owner of the account is not a person subject to communication of information.
2. Determining whether the entity is a SINK YOUR passive, in which one or more people who exercise control are subject to communication of information in the event that any of the people who have control of the passive SINK YOUR were a person subject to communication of information, the account has been treated as an account subject to communication of information. In order to perform these determinations, the financial institution must follow the instructions of section a. 2, letters a to c)), in the order that is most appropriate according to the circumstances.
a) determining whether the account holder is a passive SINK YOUR

In order to determine if the account holder is a SINK YOUR passive, the financial institution must obtain a autocertificació of the account holder to establish their status, unless you could determine so justified with basis on the information held or in public information, that the account holder is an active SINK YOUR financial institution or other than the investment entity described in paragraph a. 6. b), section VIII resident in a non-runner.
b) determination of the people who have control of the owner of the account in order to identify people who have the control of the owner of the account, the financial institution can be based on the information you've collected and preserved in application of the procedures for the prevention of money laundering and the financing of terrorism.
c) determining whether a person who exercises the control of a SINK YOUR passive is a person subject to communication of information in order to determine whether a person who exercises the control of a SINK YOUR passive is a person subject to communication of information, the financial institution may be based on a autocertificació of the owner of the account or of the person who exercises the control.
Section VII. Special rules of due diligence When applying the procedures of due diligence described above, apply the following additional rules: a. validity of the autocertificacions and the documentary evidence A financial institution cannot be considered a valid documentary evidence or autocertificació if you have a record, or has reason to know, that the autocertificació or the documentary evidence is wrong or not reliable.
B. alternative Procedures applicable to financial accounts owned by individuals who have a contract of insurance with cash value or an annuity contract and for collective contracts of insurance with cash value or collective contracts Annuity A financial institution can presume that a person (other than the owner) beneficiary of a contract of insurance with cash value or an annuity contract and received a death benefit is not a person subject to communication of information and try to the financial account as not subject to communication of information, unless you have a record or has reason to know that the beneficiary is a person subject to communication of information. A financial institution has reason to know that a beneficiary of a contract of insurance with cash value or an annuity contract is a person subject to communication of information if the information collected by the financial institution includes any of the signs listed in paragraph B of section III. If a financial institution has on record, or has reason to know, that the beneficiary is a person subject to communication of information, the institution should follow the procedures set out in paragraph B of section III.
The financial institution can deal a financial account which constitutes participation in a collective contract of insurance with cash value or in a collective contract of annuity as an account not subject to communication of information up to the date on which an amount is payable to the employee/certificate holder or to the beneficiary, and as long as the financial account which constitutes participation in a collective contract of insurance with cash value or in a contract Group annuity complies with the following requirements: (a) That the holder of the contract of insurance with cash value or the contract group annuity is the employer and covered 25 or more employees employees/owners of certificates;
(b) employees/certificate holders have the right to receive any provision relating to its shares and to designate the recipients of the benefit that is payable on the death of the owners; and (c) the total amount payable to any employee/certificate holder or beneficiary does not exceed one million American dollars.
For "group contract of insurance with cash value" means the contract of insurance with cash value that (i) offers coverage to individuals associated with through an employer, professional association, trade union or other association or group; and (ii) charges a premium for each Member of the Group (or a member of a category of the Group) the amount of which is determined without taking into account the characteristics of individual health that are not different from the age, gender and smoking habit of the Member (or members) of the group.
By "contract group annuity" means the contract in virtue of which the creditors are individuals linked through an employer, professional association, trade union or other association or group.
C. rules on aggregation of accounts and currency conversion 1. Aggregation of accounts owned by individuals for the purposes of determining the balance or aggregate value of the financial accounts with the property of an individual, the financial institution must add all financial accounts to keep the at the financial institution or its related entities, but only to the extent that the computerised systems of the financial institution linked to the financial accounts by reference to a data , as for example the customer number or the tax registration number, and allow the aggregation of balances or values of the accounts. To apply the requirements described in this section, aggregation to each holder of a joint financial account is credited the balance or full value of financial account set.
2. Aggregation of accounts owned by entity for the purposes of determining the balance or aggregate value of the financial accounts owned by entity, the financial institution must add all financial accounts that the owner keep the financial institution or its related entities, but only to the extent that the computerised systems of the financial institution linked to the financial accounts by reference to a data , as for example the customer number or the tax registration number, and allow the aggregation of balances or values of the accounts. To apply the requirements described in this section, aggregation to each owner of a financial account set attached to the balance or full value of financial account set.
3. Special Rule applicable aggregation linked to personal account managers

For the purposes of determining the balance or aggregate value of the financial accounts with the property of a person for the purpose of identifying the financial account as at the expense of greater value, the financial institution must add all accounts in respect of which a personal manager knows or has reasons to know that, directly or indirectly, are the property of that person, under his control or have been created for it (unless that person to intervene in trust).
4. Inclusion of the equivalent in other currencies of all amounts all amounts denominated in American dollars include the equivalent in euros and other currencies, according to the exchange rate posted for the day that will perform the conversion.
For the purposes of establishing the kind of change they will take as a reference the official changes published by the European Central Bank.
Section VIII. Definitions the following concepts will have the meaning indicated below: a. financial institution required to communicate information 1. To "financial institution required to communicate information" means all Andorran financial institution that is not a financial institution is not obliged to communicate information.
2. For "financial institution of a State participant" means: (i) all resident financial institution of a State participant, except for your branch offices that are located outside of the State in question and (ii) all of a branch of a non-resident financial institution of a State participant, provided that this branch is located in the State in question.
3. "financial institution" means an institution of custody, a deposit institution, an investment entity or a specific insurance company.
4. For "custodial institution" means any institution that owns financial assets on behalf of third parties as part of their economic activity. An entity has financial assets on behalf of third parties as part of their economic activity when the gross income of the company attributable to the possession of financial assets and the related financial services is greater than or equal to 20% of the gross revenues earned by the entity during the shorter of the two following periods: (i) the period of three years ending on 31 December (or the last day of an accounting exercise that does not coincide with the calendar year) prior to the year in which it is being made the determination, or (ii) the time of existence of the entity.
5. To "deposit institution" means any entity that accepts deposits in the usual framework of a bank or similar activity.
6. By "investment entity" means any entity: a) the main economic activity of which consists of one or more of the following activities or operations on behalf or in favour of a client: (i) operations with money market instruments (cheques, bills of Exchange, certificates of deposit, derivatives, etc.), foreign exchange, currency and monetary instruments and markets instruments based on indices , negotiable securities, or commodities futures trading;
(ii) management of individual and collective investments, or (iii) Other investment operations, administration or management of financial assets or currencies on behalf of third parties; or b) gross income of the institutions are attributable mainly to the investment, reinvestment or trading in financial assets, provided that the entity to be managed by another entity which is, in turn, a deposit institution, an institution of custody, a specific insurance company or an investment entity described in section 6.).
It is considered that an entity has as its main economic activity is the realization of one or more of the activities described in paragraph a. 6.), or that his gross income is mainly attributable to the investment, reinvestment or trading in financial assets for the purposes of section a. 6. b), if the gross income of the company attributable to the activities in question is equal to or greater than 50% of the gross income obtained by the company during the period shorter of the two following : (i) the period of three years ending on December 31 prior to the year in which the calculation is being performed, or (ii) the time during which the institution has existed. The concept of "investment company" fails to understand the entities that are active SINK YOUR because they meet any of the criteria listed in section 8, letters) to g).
This section should be interpreted in a manner consistent with the definition of "financial institution" contained in the recommendations of the international financial action group.
7. "financial assets" means the securities (for example, shares in the capital of companies, shares in the capital or in the benefits of LLCs or trusts that have numerous partners or traded on recognised stock markets; the promissory notes, bonds and debentures and other debt), the participations in companies of people, raw materials , the swaps or swaps (for example, interest rate swaps, currency swaps, basis swaps, interest rate agreements on maximum or minimum, the swaps of raw materials, the swaps tied to actions, the swaps of indices of shares and similar agreements), the contracts of insurance or annuity contract, or any instrument (with inclusion of the options and futures contracts or term) tied to a furniture value , a participation in a society of people, a basic product, a swap, a contract of insurance or annuity contract. The concept of "financial assets" does not include the direct interest, not tied to a debt, real estate assets.
8. For "specific insurance company" means any insurance company (or the parent of an insurance company) offered a contract of insurance with cash value or an annuity contract, or that is required to make payments in relation to the same contracts.
B. financial institution is not obliged to communicate information 1. To "financial institution is not obliged to communicate information" means any financial institution that is: a) a public body, an international organization or a central bank, except in relation to a payment derived from an obligation that takes place in the framework of a financial activity of the same nature that the activities carried out by a specific insurance company, an institution or an institution custody of deposit;

b) A pension fund of wide participation; a pension fund of restricted participation; a pension fund of a public body, an international organization or a central bank; or an authorized issuer of credit cards;
c) an instrument of collective investment exempt;
d) a trust, unless the trust is a financial institution and the latter communicated all the information required in this section and in respect of all the trust's accounts subject to communication of information.
2. "public body" means the Government of Andorra or of another State, any political subdivision of Andorra or of another State (which, to avoid any doubt, includes a State, a province, a county or a municipality), or any body or agency that belongs in its entirety in Andorra, to another State or to any of the above mentioned us (each being a "public entity"). This category includes the parties members, controlled entities and political subdivisions of Andorra or of another State.
in) to "an integral part" of Andorra or of another State shall be understood any person, organization, agency, Department, Fund, agency and any other body, regardless of its name, it is a competent authority of Andorra or of another State. The net income of the competent authority has to pay on your own or in other accounts of the State of which he is a member, without any part/portion can result in benefit of a private individual. Are not considered "an integral part" of the sovereigns, officials or administrators when to act personally.
b) for "controlled entity" means any entity which is a legally independent entity or formally different, when: (i) the entity is owned wholly by one or several public entities and is controlled exclusively by this or these last, either directly or through other entities controlled;
(ii) The net income of the entity will enter on your own or in other accounts of one or several public entities, without any part of this income may not result in benefit of a private individual; and (iii) at the time of the dissolution of the Association, its assets generate benefits in one or more public bodies.
c) it is not considered that an income is to the benefit of individuals if those people are beneficiaries of a public program and the activities of the programme carried out by the general public and were directed to the common welfare or are related to the management of any instance of the administration. However, it is considered that an income is to the benefit of individuals if it comes from the use of a public entity with which it carried out a commercial activity such as, for example, a commercial banking business that provides financial services to individuals.
3. By "international organization" means any organization or any international body or institutional agency that belongs to the Organization in its entirety. This category includes any intergovernmental organization (including supranational organizations) (and) you are essentially made up of Governments, (ii) which has, in fact, an agreement of his or a similar agreement with Andorra or with another State, and (iii) the income which is not leading in the benefit of private individuals.
4. For "central bank" means the institution that it is, by law, or to state regulations, the main authority (other than the Government of Andorra or of another State) authority of instruments intended to circulate as means of payment. This institution can include an independent agency of the Government of Andorra or of another State, whether or not the property – in whole or in part – of the institutions of the Principality of Andorra or of another State.
5. "pension funds of wide participation" means all funds established for the purpose of providing benefits for the retirement, disability or death, or any combination of these benefits, beneficiaries who are or have been employed (or persons designated by the latter) of one or several employers in consideration for services rendered, when the background: a) does not have any beneficiary entitled to more than a 5% of the assets of the Fund;
b) is subject to administrative regulation and provides information to the tax authorities;
c) Meets at least one of the following requirements: (i) Is generally exempt from taxes on the returns of the investment or these returns are subject to deferred taxation or taxed at a reduced rate, due to its status as a retirement plan or pension plan;
(ii) at least 50% of the total contributions to the Fund (except asset transfers from other plans described in the sections B. 5 B. 7, or the retirement accounts and pension accounts described in paragraph c. 17. a)) coming from employers promoters;
(iii) That the distribution or the reimbursement of amounts from the Fund are only allowed in the case of specific circumstances related to retirement, disability or death (with the exception of reinvestment in other retirement plans of described in the sections B. 5 B. 7, or in retirement accounts and pension accounts described in paragraph c. 17. to), or apply penalties in the event that the distribution or refunds are carried out before they take place such circumstances specific;
(iv) That the contributions (excluding certain compensatory contributions authorized) of the employees in the background are limited depending on the income of the employee or may not exceed 50,000 us dollars annually; for this purpose, apply the rules on aggregation of accounts and currency conversion contained in section VII.
6. For "pension funds of restricted participation" means all funds established for the purpose of providing benefits for the retirement, disability or death to beneficiaries who are or have been employed (or persons designated by the latter) of one or several employers in consideration for services rendered, with the understanding: a) the Fund has less than 50 participants;
b) That promoters of the Fund are one or several employers that are not investment or passive SINK YOUR entities;
c) That the contributions of the employee and the employer (excluded the transfers of assets coming from retirement accounts and pension accounts described in paragraph c. 17. a)) in the background are limited depending on the income of the employee and of the remuneration paid to the employee, respectively;

d) that the non-resident unitholders in the State where it is established the Fund does not have the right to more than 20% of the assets of the Fund; and e) the Fund is subject to the regulations of the State and provide information to the tax authorities.
7. "pension funds of a public body, an international organization or of a central bank" means a fund set up by a public body, an international organization or a central bank with the aim of offering benefits for retirement, disability or death to beneficiaries or participants who are or have been employed (or persons designated by the latter), or they are not, nor have been employed If the benefits offered to these beneficiaries or participants are the consideration of the personal services provided to the public entity, the international organisation or the central bank.
8. For "authorized issuer of credit cards" means a financial institution that meets the following requirements: a) The financial institution has the status of financial institution solely by virtue of being issuing credit cards that only accepts deposits in the event that the customer makes a payment that exceeds the balance due to transactions carried out with the credit card and the surplus is refunded immediately to the client; and b) The financial institution applies, from the entry into force of the agreement or applicable international agreement, or before that date, policies and procedures aimed well to avoid that the customer make payments in excess over $50,000 births, or to ensure that any payment in excess of a customer over this amount is repaid within a period of 60 days in both cases, applying the rules on aggregation of accounts and currency conversion set forth in section VII, paragraph C. To this effect, a payment in excess of a client does not refer to the credit balances that include controversial charges but including credit balances resulting from the return of goods.
9. to "exempt collective investment instrument" means an entity regulated investment as an instrument of collective investment, when the ownership of all the shares in the collective investment instrument is of individuals or entities that are not people subject to communication of information, with the exception of the passive SINK YOUR in which people who exercise control are subject to communication of information.
An investment company which is regulated as an instrument of collective investment continues to be an instrument of collective investment not in accordance with the section 9 by the mere fact of having issued bearer shares in physical form, on condition that: a) the instrument of collective investment does not issue bearer shares in physical form from the 31 December of the year preceding the year of entry into force of the agreement or applicable international agreement;
b) the instrument of collective investment fold back all these actions at the time of his rescue;
c) the instrument of collective investment apply the procedures of due diligence set out in sections II to VII and communicate the information required in relation to all these actions in the moment in which they are presented for your rescue or for other payment; and d) the instrument of collective investment has established policies and procedures to ensure that these actions will rescue or alone can immobilize as soon as possible and, in any event, before the expiry of two years from the entry into force of the agreement or applicable international agreement.
C. Financial Account 1. By "financial account" means an account opened at a financial institution, and includes the deposit account, and custody account: a) in the case of an investment company, any participation in the capital or in the debt of the financial institution. However, the concept of "financial account" does not include any participation in the capital or in the debt of an entity that is a financial institution for the sake of (i) providing financial advice to a customer and act on behalf of that client, or (ii) to manage a client's portfolios, and act on behalf of the client, in order to invest, manage or manage financial assets deposited in the customer's name in another financial institution different from the entity considered;
b) in the case of a financial institution not listed in section C. 1.), any participation in the capital or in the debt in the financial institution if the type of participation in question had been established with the purpose of circumventing the obligation of communication of information in accordance with the section and; and (c)) the contracts of insurance with cash value and annuity contracts offered or managed by a financial institution, other than immediate annuities, non-transferable and not linked to the issued investment in an individual, that monetitzen a pension or a disability benefit related to an account, excluded.
The concept of "financial account" does not include the accounts that are excluded accounts.
2. For "deposit account" means any commercial account, checking account, savings account or fixed-term account, or other account identified by means of a certificate of deposit, savings, investments or debt, or a similar instrument, open at a financial institution in the course of its banking activity or similar. The deposit accounts also include the amounts held by an insurance company under a contract guaranteed investment or a similar agreement that you have to pay or the annotation of the corresponding interests.
3. To "escrow account" means an account (other than a contract of insurance or annuity contract) in which are deposited one or various financial assets on behalf of a third party.

4. For "participation in the share capital" means, in the case of the societies of persons that are financial institutions, both in the capital and in the benefits of the society of people. In the case of a trust with nature of financial institution, it is considered that has a shareholding in the capital any person who is considered fideïcomitent or beneficiary of the whole or of a part of the trust, or any other person exercising effective control over the trust's last. A person subject to communication of information is considered to be the beneficiary of the trust in the event that you have the right to receive, directly or indirectly (for example, by means of a designated agent), a mandatory distribution, or may receive, directly or indirectly, a discretionary distribution for the trust.
5. "contract of insurance" means a contract (other than the annuity contract) under which the sender undertakes to pay an amount in the event that you have a specified contingency that leads to death, illness, accident, liability or equity risk.
6. By "annuity contract" means a contract under which the issuer is obliged to make a series of payments over a certain period of time, completely or partially, by reference to the expectation of life of one or more individuals. This concept also includes contracts that are considered annuity contracts in accordance with the laws, regulations or practice of the State which had entered into the contract, and in virtue of which the issuer is obliged to make a series of payments for a certain number of years.
7. "contract of insurance with cash value" means the contract of insurance (other than a contract of reinsurance between two insurance companies) which have a cash value.
8. For "cash value" means the greater of the following values: (i) the amount to which the policyholder may be entitled to the insurance as a result of the rescue or the termination of the contract (determined without computing the possible reduction in penalty for rescue or loan on the policy), and (ii) the amount that the insurance policyholder can borrow under the contract or in connection with the contract. However, the concept of "cash value" does not comprise the amounts to be paid under a contract of insurance: a) Only on the occasion of the death of the insured person in a contract of life insurance;
b) for provision for personal injury or disease, or any other provision arising from the materialisation of the risk insured;
c) by way of refund of previously paid a premium (less than the cost of the insurance costs, regardless who have applied or not) by an insurance contract (Protista, which includes a contract of annuity or life insurance linked to investment) on the occasion of the cancellation or termination of the contract, of the reduction of the exposure to risk during the term of the contract , or arising from a new calculation of the premium for rectification of a notification or a similar error;
d) as perceived by the insurance policyholder dividend (distinct from the dividends to the termination of the contract), provided that the dividend has relationship with an insurance contract in which the only benefits to register are laid down in section C. 8. b); or e) in return for a premium in advance or deposit of premium for a contract of insurance that the premium you pay with a frequency annual minimum, if the amount of the premium or premium deposit advance does not exceed that of the next annual premium you have to pay under the contract.
9. "existing account" means: a) A financial account that will keep open in a financial institution on 31 December of the year prior to the entry into force of the agreement or applicable international agreement.
b) any financial account, regardless of the date on which it had been opened, when: (i) The account holder also owns, to the financial institution or in a related entity located in Andorra, a financial account which is a preexisting account in accordance with section C. 9.);
(ii) The financial institution and, if applicable, the related entity located in Andorra addressed both financial accounts and any other financial account of the owner who has the consideration of preexisting account as a single financial account for the purpose of carrying out the requirements of knowledge established by section A of section VII, and for the purpose of determining the balance or value of any of the financial accounts by applying the thresholds set for the accounts;
(iii) in relation to a financial account subject to the procedures for the prevention of money laundering and the financing of terrorism, the financial institution is authorized to apply these procedures to financial account based on the procedures applied to existing account; and (iv) the opening of the financial account does not require the account holder providing new information, additional or modified client, except as necessary for the purposes of this law.
10. For "new account" means an account opened at a financial institution's business subsequent to the entry into force of the agreement or applicable international agreement, unless it is treated as a preexisting account in accordance with section c. 9.
11. For "preexisting account with ownership of individual" means the preexisting account with ownership of one or more individuals.
12. For "new account with ownership of individual" means the new account with ownership of one or more individuals.
13. For "preexisting account with ownership of entity" means the preexisting account with ownership of one or more entities.
14. To "lower value account" means an account balance or value with existing financial added on 31 December of the year prior to the entry into force of the agreement or applicable international agreement that does not exceed one million American dollars.
15. For "greater value account" means an account balance or aggregate value in excess of an existing business with a million American dollars on 31 December of the year prior to the entry into force of the agreement or applicable international agreement, or on 31 December of any year later.
16. For "new account with ownership of entity" means the new account with ownership of one or more entities.

17. By "excluded account" means any of the following accounts: a) A retirement account or pension that meets the following requirements: (i) the account is subject to administrative regulation as a personal account of retirement or is part of a pension or retirement plan registered or regulated retirement or pension benefits offering (including the benefits for disability or death);
(ii) the account has a favourable tax treatment (that is to say, that the income in your account, that otherwise would be subject to taxation, are tax deductible or are excluded from the gross income of the owner or are taxed at a reduced rate, or the investment returns generated by the account are subject to deferred taxation or taxed at a reduced rate);
(iii) requires communication of information related to your account in the Andorran tax administration;
(iv) The withdrawals from the account are conditioned to the fact that they reached a given retirement age, a disability or death, or are subject to a penalty if they are done before; and (v) or (i) the annual contributions cannot exceed $50,000 births, or (ii) the maximum lifetime contribution to the account may not exceed one million American dollars; in each case apply the rules on aggregation of accounts and currency conversion set forth in section VII, paragraph C.
A financial account that meets the requirement set forth in section C. 17. a) (v) never fails to comply with this requirement by the mere fact of being able to receive assets or funds transferred from one or multiple accounts that meet the provisions of paragraph C. 17, letters to) or b), or of one or several pension funds that comply with the requirements of paragraphs b. 5, B 6 and B. 7.
b) an account that meets the following requirements: (i) the account is subject to administrative regulation as an instrument for investment other than the retirement and is negotiated on a regular basis in a stock market regulated, or the account is subject to the legislation applicable to savings instruments for different purposes of retirement;
(ii) the account is in a favourable taxation (i.e., that the income in your account, that otherwise would be subject to taxation, are tax deductible or are excluded from gross income of the owner or are taxed at a reduced rate, or yield on investment generated by the account are subject to deferred taxation or taxed at a reduced rate);
(iii) The withdrawals from the account are conditioned to the fulfillment of specific circumstances related to the purpose of investment or savings account (for example, the offer of educational or medical benefits), or are subject to penalties if they are done before; and (iv) The annual contributions cannot exceed $50,000 births; for this purpose, apply the rules on aggregation of accounts and currency conversion set forth in section VII, paragraph C.
A financial account that meets the requirement set forth in section C. 17. b) (iv) never fails to comply with this requirement by the mere fact of being able to receive assets or funds transferred from one or multiple accounts that meet the provisions of paragraph C. 17, letters to) or b), or transferred to one or several pension funds that comply with the requirements of paragraphs b. 5, B 6 and B. 7.
c) A life insurance contract with a period that ends before the insured make 90 years and who meets the following requirements: (i) periodic premiums are not diminishing over time and must be paid with a minimum annual frequency during the period of validity of the contract or until the insured make 90 years if this second period is shorter;
(ii) the contract does not have a value which can access any person (via reimbursement, loan or otherwise) without that resolves the contract;
(iii) the amount to be paid for the cancellation or termination of the contract (except for the death benefit) may not exceed the aggregate amount of the premiums paid under the contract, less the sum of the expenses due to death, illness, accident or other reasons (regardless that have been applied or not) during the period or periods of validity of the contract and all fees paid prior to the cancellation or termination of the contract; and (iv) the holder of the contract is not an assignee charges.
d) an account owned by the top exclusively in a relict flow, if the documentation of this account includes a copy of the will or a death certificate of the originator.
e) an account set up on the occasion of any of the following events: (i) a judgment or an injunction.
(ii) a sale, Exchange or lease of personal property or real estate, as long as the account meets the following requirements:-the funds from the account come exclusively from a payment on account, as a guarantee of execution, of an amount sufficient to ensure a duty directly related to the transaction, or a similar payment, or they come from a financial asset deposited in your account on the occasion of the sale , the Exchange or lease of the goods;
-The account has been open and is used exclusively as a guarantee of performance of the obligation of the buyer to pay the price of acquisition of the property, the seller's obligation to pay any contingent liabilities or obligations of the lessor or the lessee to pay any damage of the goods leased, in accordance with the contract of lease;
-the assets of the account, including income generated by this account, are paid or distributed to the benefit of the buyer, the seller, lessor or lessee (if necessary, to accomplish their obligations) at the time of the sale, Exchange or transfer of assets or termination of the lease;
-the account is not a bank account or similar open within the framework of a sale or exchange of financial assets; and-the account is not associated to an account of described in paragraph c. 17. f).
(iii) the obligation assumed by a financial institution that manages a loan secured by real estate to move a part of the payment to allocate it exclusively to facilitate the subsequent payment of taxes or insurance related to real estate;
(iv) the obligation assumed by a financial institution for the sole purpose of facilitating the subsequent payment of taxes;
f) A deposit account that meets the following requirements: (i) the account exists solely because a customer makes a payment that exceeds the balance due to transactions made with a credit card or with another renewable credit mechanism and the surplus is not repaid immediately to the client; and

(ii) The financial institution applies, from the entry into force of the agreement or applicable international agreement, or before that date, policies and procedures aimed at: either prevent the customer to make a payment in excess of over $50,000 births, or ensure that any payment in excess of a customer over this amount is repaid within a period of 60 days; in both cases apply the currency conversion rules set forth in section VII, paragraph C. To this effect, a payment in excess of a client does not refer to the creditor balances that include controversial charges but includes creditor balances arising from the return of goods.
D. Account subject to communication of information 1. By "account subject to communication of information" means a financial account owned by corresponds to one or more persons subject to communication of information, or a SINK YOUR passive, in which one or more people who exercise control are subject to communication of information, when it has been identified as such in application of due diligence procedures set forth in sections II to VII.
2. By "person subject to communication of information" means a person resident of a State that determines the obligation of communication of information other than: (i) a company the share capital of which negotiate regularly in one or more regulated securities markets, (ii) a venture capital company that is an entity linked to a venture capital described in clause (i) , (iii) a public entity, (iv) an international organization, (v) a central bank, or (vi) a financial institution.
3. For "person from a State that determines the obligation of communication of information" means a person or entity who is tax resident of a State that determines the obligation to communicate information in accordance with the tax laws of that State, or the flow of a relic causing tax resident of a State that determines the obligation of communication of information. To this end, an organization such as a society of people, a society of people of limited liability or a similar legal instrument that does not have tax residence is treated as a resident of the State where it has its headquarters in effective management.
4. to state that determines the obligation of communication of information "means a Member State of the European Union or any other State that applies an agreement or agreement that establishes an automatic exchange of information of financial accounts specified in the section.
5. "participating State" means: a) any Member State of the European Union to the extent that it has the obligation to communicate the information in Andorra; or c) any other State which applies a deal or agreement that establishes an automatic exchange of information of financial accounts specified in the section.
6. By "people who exert control" means natural persons who exercise control over an entity in the terms established by the legislation for the prevention of money laundering and terrorist financing applicable in Andorra. In the case of a trust, this term designates the fideïcomitent or the fideïcomitents, the trust or the trustee, the protector or protectors (if any), the beneficiary or beneficiaries, or one or more categories of beneficiaries and any other person that ultimately exercising effective control over the trust. In the case of a legal relationship other than the trust, the term designates the person or persons who exercise a function equivalent or similar.
7. "financial entity" (SINK YOUR) is understood any entity that is not a financial institution.
8. To "SINK YOUR passive" means any of the following: (i) a SINK YOUR not a SINK YOUR active, or (ii) an investment entity in accordance with section a. 6. b) that is not a financial institution of a State participant.
9. to "SINK YOUR turn" means any that meets any of the following criteria: SINK YOUR in) less than 50% of the gross revenues earned by the SINK YOUR during the preceding calendar year are passive income, and less than 50% of the assets of the SINK YOUR possessed during the preceding calendar year generate passive income or are intended for the production of passive income;
b) the share capital of the SINK YOUR is negotiated on a regular basis in a stock market regulated, or SINK YOUR is an entity linked to a company the capital of which is negotiated on a regular basis on a regulated securities market;
c) the SINK YOUR is a public entity, an international organization, a central bank or an entity wholly owned by one or more of the above;
of) The activities of the SINK YOUR consist essentially in tenure (in whole or in part) of the shares of one or more subsidiaries which carry out an economic activity that is not a financial institution, or in the provision of services to the subsidiaries and in their financing. However, the entity is not considered active if SINK YOUR opera (or comes) as an investment fund, as in the case of a private investment fund, a venture capital fund, a fund to buy with foreign financing or investment as an instrument of the object of which is to acquire or finance companies and keep a stake in its capital investment purposes;
e) the SINK YOUR not still has economic activity, or has previously had, but invests in assets with the intention of starting an economic activity other than that of a financial institution. The SINK YOUR cannot benefit from this exception after the period of 24 months from the date of its initial Constitution;
f) the SINK YOUR has not been a financial institution in the last five years and is in the process of liquidation of its assets or reorganization, in order to continue or restart an economic activity other than the financial institution;
g) the main activity of the SINK YOUR consists of the funding and coverage of operations of entities that are not financial institutions, the main activity of which is different from the financial institutions and does not provide these services to any entity that is not a related entity.
h.) the SINK YOUR meets all of the following requirements:

(i) Is established and managed in their State of residence exclusively for religious, charitable, scientific, artistic, cultural, sporting, or education, or is established and is managed on your status of residence as a professional organization, Association for the promotion of commercial interests, Chamber of Commerce, Union Organization, agricultural or horticultural organization, civic association or organization devoted exclusively to the promotion of social welfare;
(ii) is exempt from the income tax to your state of residence;
(iii) does not have shareholders or partners who are beneficiaries or owners of their income or their assets;
(iv) the applicable legislation of the State of residence of the SINK YOUR or the documents of Constitution do not allow the distribution of income or assets of the private or charitable not to SINK YOUR entities, or its use for the benefit of the latter, but in the development of the charitable activity of the SINK YOUR, or as a reasonable payment for services received, or as payment of what would constitute a fair price in the market of properties acquired by the SINK YOUR; and (v) the applicable legislation of the State of residence of the SINK YOUR or the documents of incorporation require that, after the winding up or dissolution of the SINK YOUR, all of its assets are distributed to a public body or a non-profit organization, or go in the public administration of the State of residence of the political subdivision or SINK YOUR of the same State.
E. Miscellaneous 1. By "account holder" means the person registered or identified as the owner of a financial account for the financial institution where the account is maintained. A person who is not a financial institution and is the holder of a financial account in the name or on behalf of another person as a representative, depository, designated agent, financial advisor or intermediary, signing does not have considered the owner of the account. In the case of a contract of insurance with cash value or an annuity contract, the holder of the account is any person authorized to dispose of the cash value or is authorized to change the beneficiary of the contract. In the event that any person can use the cash value or change the beneficiary, the account owner is any person designated as owner in the contract and any other person with the right acquired to receive payments under the contract. The date of expiration of the contract of insurance with cash value or of the contract of annuity, it is considered "account holder" each of the persons who have the right to receive a payment under the contract.
2. By "procedures for prevention of money laundering and the financing of terrorism" will understand the procedures of due diligence relating to customers of financial institutions established in the legislation for the prevention of money laundering and terrorist financing applicable in Andorra.
3. For "entity" means a legal entity or a legal instrument as, among others, a venture capital company, a society of people, a trust or a foundation.
4. An entity is a "related entity" of another entity if an entity controls the other, or if both entities are subject to the same control. For this purpose, the control includes the participation, directly or indirectly, more than 50% of the share capital of the entity and ownership of more than 50% of its voting rights.
5. "tax registration number" means the identification number of a contributor or, in the absence of this number, its functional equivalent.
6. By "documentary proof" means any of the following: a) A residence certificate issued by a government body authorized for this purpose (for example, an administration or an organ of this administration, or a local entity) of the State in which the beneficiary had alleged the tax residence.
b) with respect to an individual, any valid identification issued by a government body authorized for this purpose (for example, an administration or an organ of this administration, or a local entity) stating the name and surname of the person.
c) with respect to an entity, any official document issued by a governmental agency authorized to the effect (for example, an administration or an organ of this administration, or a local entity) stating the name of the entity and its address in the State where the company alleged to have tax residence or the State where it was allocated.
audited financial statement, credit report to) any of a third bankruptcy information, communication or report of a regulator of the stock market.
With respect to a pre-existing account with entity ownership, financial institutions can use as proof any documentary record classification in its files pertaining to the account holder who has been determined on the basis of a standard coding system in the sector, which has recorded the financial institution in accordance with usual commercial practice in the application of the procedures for the prevention of money laundering and the financing of terrorism or for other regulatory purposes (unless you are with tax) and that has implemented the financial institution before the date used to classify the financial account as a preexisting account, provided that the financial institution has no record or have reason to know that this classification is incorrect or unreliable. For "standard coding system in the sector" means a coding system used to rank companies according to the type of business for purposes other than tax purposes.
ANNEX II COMPLEMENTARY RULES On COMMUNICATION Of Information And DUE DILIGENCE For INFORMATION ABOUT FINANCIAL ACCOUNTS 1. Change of circumstances a "change of circumstances" includes any change that leads to the addition of relevant information about the condition of a person or that does not tally with their condition. In addition, a change of circumstances including any change or addition of information about the "account holder" (including adding, replacing or another change of an owner of the account) or any change or add information at all account linked to this account (by applying the rules of aggregation of accounts described in the sections C (1) to (3) of section VII of annex I) If this change or addition of information affects the condition of the "account holder".

If a financial institution required to communicate information "has been based on the documentary evidence relating to the address in the terms established in section B (1) of section III of annex I and is a change of circumstances that makes the" financial institution required to communicate information "know or have reason to know that the original documentary evidence (or other equivalent documentation) are incorrect or not reliable , the "financial institution required to communicate information" is required, at the latest at the end of the calendar year or 90 calendar days following the identification and discovery of this change of circumstances, to obtain a autocertificació and new "documentary evidence" to establish the residence or the tax residence of the "account holder". If the "financial institution required to communicate information" cannot get the autocertificació and the new "documentary evidence" on this date, you must apply the procedure of research in electronic files established by paragraphs (B) (2) to (6) of section III of annex I.
2. Autocertificació for "new accounts with property of entity" with regard to "new accounts with property of entity", to determine whether a "person who exercises the control of a" passive "SINK YOUR" is a "person subject to communication of information", a "financial institution required to communicate information" can be based only on a autocertificació of the "account holder" or "person who exercises the control".
3. Is a "financial institution" of a "financial institution" is "resident" in Andorra or in a "State" If the participant is subject to the jurisdiction of Andorra or of this "State-runner" (that is, "the State-runner" can impose on the "financial institution" communication of information). In general, when a "financial institution" is tax resident in Andorra or another "State-runner", is subject to the jurisdiction of another State or "participant" and is, in this way, a "Andorran financial institution" or a "financial institution of another State participant". In the case of a trust that is a "financial institution" (regardless of whether it is tax resident in Andorra or in another "State-runner"), it is considered that is subject to the jurisdiction of another State or "participant" if one or more of its Trustees are resident in Andorra or other "State-runner", except if the trust communicates all the information required under this Act to another "State-runner" because of their fiscal residence in This "State-runner". However, when a "financial institution" (other than a trust) you do not have residency for tax purposes (for example, because it is considered fiscally transparent or is located in a State that has no taxation on income), it is considered subject to the jurisdiction of another State or "participant" and, therefore, is a "financial institution" of Andorra or of another State participant " If: (a) is constituted in accordance with the laws of Andorra or of another State participant ";
(b) has its seat of Administration (including their effective management) in Andorra or another State participant "; or (c) is subject to the supervision of another Andorran financial or "State-runner".
When a "financial institution" (other than a trust) is resident in one or more "participating States" (or another "State-runner"), this "financial institution" is subject to the communication of information and the obligations of due diligence of "participating State" that will keep the "account or financial accounts.
4. Account maintenance in general, it is considered that a "financial institution" maintains an account by means of the application of the following criteria: a) in the case of a "custody account", to the "financial institution" that keeps custody of the assets of the account (including a "financial institution" that has financial assets on behalf of the "account holder").
b) in the case of a "deposit account", to the "financial institution" which has the obligation to make payments with respect to the account (except an agent of a "financial institution", regardless of whether the agent is a "financial institution").
c) in the case of shares in the capital or debt of a "financial institution" that constitutes a "financial account" for this "financial institution".
d) in the case of a contract of insurance with cash value "or a" contract of annuity ", by the" financial institution "which has the obligation to make payments in respect of the contract.
5. Trusts that are "passive" SINK YOUR An "entity" such a society of people, a society of people of limited liability or a similar legal instrument that does not have tax residence, according to section (3) of section VIII of annex I, shall be considered to be resident in the State where it has its headquarters in effective management. For this purpose, a legal person or a legal instrument is considered to be "similar" to a society of people or to a society of people with limited liability when it does not receive the consideration of taxable unit in a "territory determined by the obligation of communication of information" under the tax law of this territory. However, to avoid duplication of the communication of information (taking into account the broad scope of the term "people who exercise control" in the case of trusts), a trust that is a "passive" SINK YOUR cannot be considered as a legal instrument similar.
6. Address of the headquarters of an entity

One of the requirements described in paragraph (E) (6) (c) of section VIII of annex I is, in respect of an "entity", the official documentation include either the address of the headquarters to the State in which the entity claiming to be resident, or in the State where it was allocated. The address of the headquarters of the "entity" is generally the place where you will find the effective management. The address of a "financial institution" where the "entity" maintains an account, a mailbox or an address used only for correspondence is not the address of the headquarters of the "entity" but if this address is only used for the "entity" and appears as a registered address of the "entity" to its constituent documents. Nor is it considered as the headquarters of the "entity" an address provided with the instruction to withhold the correspondence sent to this address.