(3316,2,'2020-01-17 03:40:43','2020-01-17 03:40:43','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579149649615{border-bottom-width: 2px !important;border-bottom-color: #e8e8e8 !important;border-bottom-style: solid !important;}\"][vc_column][vc_custom_heading text=\"Foreign Account Tax Compliance Act -FATCA Overview\" font_container=\"tag:h2|text_align:left|color:%23154fa9\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\"][vc_custom_heading text=\"On March 18, 2010 the United States (US) Government enacted the Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons who would have invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The St. Vincent Building & Loan Association is a FFI and is therefore required to comply. On an annual basis, we are required to report information on financial accounts held directly or indirectly by US Persons.</p>\n<p>The Association is committed to upholding customer confidence and to keeping customer and client information confidential and secured. Our actions as they relate to FATCA will be in strict compliance with the local regulations and legal framework of the countries in which we operate.</p>\n<p>Steps required for FFIs to be compliant with FATCA regulations:</p>\n<ol>\n<li>Signing of formal agreement with the United States Internal Revenue Service (IRS) confirming FATCA Compliance;</li>\n<li>Amending account opening procedures in order to capture FATCA related information;</li>\n<li>Updating information of current customers;</li>\n<li>Annual reporting to the IRS on qualifying ‘U.S. Persons’. In addition, it may be necessary to report information about customers who do not provide the required documentation.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"FREQUENTLY ASKED QUESTIONS\" font_container=\"tag:h2|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579232415022{background-color: #000000 !important;}\"][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]<span style=\"color: #154fa9;\"><strong>FREQUENTLY ASKED QUESTIONS:</strong></span><br />\n<span style=\"color: #154fa9;\"> </span></p>\n<ol>\n<li><span style=\"color: #154fa9;\"><strong> What is FATCA?</strong></span></li>\n</ol>\n<p>FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</p>\n<ol start=\"2\">\n<li><span style=\"color: #154fa9;\"><strong> Who is a US person?</strong></span></li>\n</ol>\n<p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n<ol start=\"3\">\n<li><span style=\"color: #154fa9;\"><strong> What is a Foreign Financial Institution (FFI)?</strong></span></li>\n</ol>\n<p>Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n<ol start=\"4\">\n<li><span style=\"color: #154fa9;\"><strong> Is FATCA applicable to individuals or business customers?</strong></span></li>\n</ol>\n<p>Both. FATCA is applicable to both individuals and business customers.</p>\n<ol start=\"5\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA work?</strong></span></li>\n</ol>\n<p>FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</p>\n<ol start=\"6\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA impact our customers?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</p>\n<ol start=\"7\">\n<li><span style=\"color: #154fa9;\"><strong> What are the consequences to customers for not disclosing the information required by FATCA?</strong></span></li>\n</ol>\n<p>Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.</p>\n<ol start=\"8\">\n<li><span style=\"color: #154fa9;\"><strong> When is the commencement date for FATCA?</strong></span></li>\n</ol>\n<p>The implementation of FATCA is slated for July 1, 2014.</p>\n<ol start=\"9\">\n<li><span style=\"color: #154fa9;\"><strong> I have a U.S. Dollar Account; will this be reported?</strong></span></li>\n</ol>\n<p>The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.</p>\n<ol start=\"10\">\n<li><span style=\"color: #154fa9;\"><strong> I qualify as a U.S. Person how will FATCA apply to me?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"11\">\n<li><span style=\"color: #154fa9;\"><strong> Do FATCA regulations apply to joint accounts?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"12\">\n<li><span style=\"color: #154fa9;\"><strong> Can my financial institution provide tax related advice?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.</p>\n<ol start=\"13\">\n<li><span style=\"color: #154fa9;\"><strong> Are all Financial Institutions complying with FATCA?</strong></span></li>\n</ol>\n<p>Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.</p>\n<ol start=\"14\">\n<li><span style=\"color: color: #154fa9;\"><strong> Is customer consent required prior to sharing information?</strong></span></li>\n</ol>\n<p>Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.</p>\n<ol start=\"15\">\n<li><span style=\"color: #154fa9;\"><strong> Is more detailed information on FATCA available online?</strong></span></li>\n</ol>\n<p>Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][/vc_column][/vc_row]</p>\n','FATCA','','inherit','closed','closed','','2507-revision-v1','','','2020-01-17 03:40:43','2020-01-17 03:40:43','',2507,'http://dev.svbla.com/2020/01/17/2507-revision-v1/',0,'revision','',0),(3317,2,'2020-01-17 03:42:32','2020-01-17 03:42:32','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579149649615{border-bottom-width: 2px !important;border-bottom-color: #e8e8e8 !important;border-bottom-style: solid !important;}\"][vc_column][vc_custom_heading text=\"Foreign Account Tax Compliance Act -FATCA Overview\" font_container=\"tag:h2|text_align:left|color:%23154fa9\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\"][vc_custom_heading text=\"On March 18, 2010 the United States (US) Government enacted the Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons who would have invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The St. Vincent Building & Loan Association is a FFI and is therefore required to comply. On an annual basis, we are required to report information on financial accounts held directly or indirectly by US Persons.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"The Association is committed to upholding customer confidence and to keeping customer and client information confidential and secured. Our actions as they relate to FATCA will be in strict compliance with the local regulations and legal framework of the countries in which we operate.<br></p>\n<p>Steps required for FFIs to be compliant with FATCA regulations:<br></p>\n<ol>\n<li>Signing of formal agreement with the United States Internal Revenue Service (IRS) confirming FATCA Compliance;</li>\n<li>Amending account opening procedures in order to capture FATCA related information;</li>\n<li>Updating information of current customers;</li>\n<li>Annual reporting to the IRS on qualifying ‘U.S. Persons’. In addition, it may be necessary to report information about customers who do not provide the required documentation.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"FREQUENTLY ASKED QUESTIONS\" font_container=\"tag:h2|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579232415022{background-color: #000000 !important;}\"][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]<span style=\"color: #154fa9;\"><strong>FREQUENTLY ASKED QUESTIONS:</strong></span><br />\n<span style=\"color: #154fa9;\"> </span></p>\n<ol>\n<li><span style=\"color: #154fa9;\"><strong> What is FATCA?</strong></span></li>\n</ol>\n<p>FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</p>\n<ol start=\"2\">\n<li><span style=\"color: #154fa9;\"><strong> Who is a US person?</strong></span></li>\n</ol>\n<p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n<ol start=\"3\">\n<li><span style=\"color: #154fa9;\"><strong> What is a Foreign Financial Institution (FFI)?</strong></span></li>\n</ol>\n<p>Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n<ol start=\"4\">\n<li><span style=\"color: #154fa9;\"><strong> Is FATCA applicable to individuals or business customers?</strong></span></li>\n</ol>\n<p>Both. FATCA is applicable to both individuals and business customers.</p>\n<ol start=\"5\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA work?</strong></span></li>\n</ol>\n<p>FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</p>\n<ol start=\"6\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA impact our customers?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</p>\n<ol start=\"7\">\n<li><span style=\"color: #154fa9;\"><strong> What are the consequences to customers for not disclosing the information required by FATCA?</strong></span></li>\n</ol>\n<p>Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.</p>\n<ol start=\"8\">\n<li><span style=\"color: #154fa9;\"><strong> When is the commencement date for FATCA?</strong></span></li>\n</ol>\n<p>The implementation of FATCA is slated for July 1, 2014.</p>\n<ol start=\"9\">\n<li><span style=\"color: #154fa9;\"><strong> I have a U.S. Dollar Account; will this be reported?</strong></span></li>\n</ol>\n<p>The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.</p>\n<ol start=\"10\">\n<li><span style=\"color: #154fa9;\"><strong> I qualify as a U.S. Person how will FATCA apply to me?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"11\">\n<li><span style=\"color: #154fa9;\"><strong> Do FATCA regulations apply to joint accounts?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"12\">\n<li><span style=\"color: #154fa9;\"><strong> Can my financial institution provide tax related advice?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.</p>\n<ol start=\"13\">\n<li><span style=\"color: #154fa9;\"><strong> Are all Financial Institutions complying with FATCA?</strong></span></li>\n</ol>\n<p>Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.</p>\n<ol start=\"14\">\n<li><span style=\"color: color: #154fa9;\"><strong> Is customer consent required prior to sharing information?</strong></span></li>\n</ol>\n<p>Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.</p>\n<ol start=\"15\">\n<li><span style=\"color: #154fa9;\"><strong> Is more detailed information on FATCA available online?</strong></span></li>\n</ol>\n<p>Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][/vc_column][/vc_row]</p>\n','FATCA','','inherit','closed','closed','','2507-revision-v1','','','2020-01-17 03:42:32','2020-01-17 03:42:32','',2507,'http://dev.svbla.com/2020/01/17/2507-revision-v1/',0,'revision','',0),(3318,2,'2020-01-17 03:45:16','2020-01-17 03:45:16','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579149649615{border-bottom-width: 2px !important;border-bottom-color: #e8e8e8 !important;border-bottom-style: solid !important;}\"][vc_column][vc_custom_heading text=\"Foreign Account Tax Compliance Act -FATCA Overview\" font_container=\"tag:h2|text_align:left|color:%23154fa9\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\"][vc_custom_heading text=\"On March 18, 2010 the United States (US) Government enacted the Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons who would have invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The St. Vincent Building & Loan Association is a FFI and is therefore required to comply. On an annual basis, we are required to report information on financial accounts held directly or indirectly by US Persons.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"The Association is committed to upholding customer confidence and to keeping customer and client information confidential and secured. Our actions as they relate to FATCA will be in strict compliance with the local regulations and legal framework of the countries in which we operate.<br></p>\n<p>Steps required for FFIs to be compliant with FATCA regulations:<br></p>\n<ol>\n<li>Signing of formal agreement with the United States Internal Revenue Service (IRS) confirming FATCA Compliance;</li>\n<li>Amending account opening procedures in order to capture FATCA related information;</li>\n<li>Updating information of current customers;</li>\n<li>Annual reporting to the IRS on qualifying ‘U.S. Persons’. In addition, it may be necessary to report information about customers who do not provide the required documentation.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"FREQUENTLY ASKED QUESTIONS\" font_container=\"tag:h2|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579232415022{background-color: #000000 !important;}\"][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<h2>FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</h2>\n<p>[/vc_toggle][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]<span style=\"color: #154fa9;\"><strong>FREQUENTLY ASKED QUESTIONS:</strong></span><br />\n<span style=\"color: #154fa9;\"> </span></p>\n<ol>\n<li><span style=\"color: #154fa9;\"><strong> What is FATCA?</strong></span></li>\n</ol>\n<p>FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</p>\n<ol start=\"2\">\n<li><span style=\"color: #154fa9;\"><strong> Who is a US person?</strong></span></li>\n</ol>\n<p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n<ol start=\"3\">\n<li><span style=\"color: #154fa9;\"><strong> What is a Foreign Financial Institution (FFI)?</strong></span></li>\n</ol>\n<p>Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n<ol start=\"4\">\n<li><span style=\"color: #154fa9;\"><strong> Is FATCA applicable to individuals or business customers?</strong></span></li>\n</ol>\n<p>Both. FATCA is applicable to both individuals and business customers.</p>\n<ol start=\"5\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA work?</strong></span></li>\n</ol>\n<p>FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</p>\n<ol start=\"6\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA impact our customers?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</p>\n<ol start=\"7\">\n<li><span style=\"color: #154fa9;\"><strong> What are the consequences to customers for not disclosing the information required by FATCA?</strong></span></li>\n</ol>\n<p>Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.</p>\n<ol start=\"8\">\n<li><span style=\"color: #154fa9;\"><strong> When is the commencement date for FATCA?</strong></span></li>\n</ol>\n<p>The implementation of FATCA is slated for July 1, 2014.</p>\n<ol start=\"9\">\n<li><span style=\"color: #154fa9;\"><strong> I have a U.S. Dollar Account; will this be reported?</strong></span></li>\n</ol>\n<p>The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.</p>\n<ol start=\"10\">\n<li><span style=\"color: #154fa9;\"><strong> I qualify as a U.S. Person how will FATCA apply to me?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"11\">\n<li><span style=\"color: #154fa9;\"><strong> Do FATCA regulations apply to joint accounts?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"12\">\n<li><span style=\"color: #154fa9;\"><strong> Can my financial institution provide tax related advice?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.</p>\n<ol start=\"13\">\n<li><span style=\"color: #154fa9;\"><strong> Are all Financial Institutions complying with FATCA?</strong></span></li>\n</ol>\n<p>Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.</p>\n<ol start=\"14\">\n<li><span style=\"color: color: #154fa9;\"><strong> Is customer consent required prior to sharing information?</strong></span></li>\n</ol>\n<p>Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.</p>\n<ol start=\"15\">\n<li><span style=\"color: #154fa9;\"><strong> Is more detailed information on FATCA available online?</strong></span></li>\n</ol>\n<p>Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][/vc_column][/vc_row]</p>\n','FATCA','','inherit','closed','closed','','2507-revision-v1','','','2020-01-17 03:45:16','2020-01-17 03:45:16','',2507,'http://dev.svbla.com/2020/01/17/2507-revision-v1/',0,'revision','',0),(3319,2,'2020-01-17 03:47:46','2020-01-17 03:47:46','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579149649615{border-bottom-width: 2px !important;border-bottom-color: #e8e8e8 !important;border-bottom-style: solid !important;}\"][vc_column][vc_custom_heading text=\"Foreign Account Tax Compliance Act -FATCA Overview\" font_container=\"tag:h2|text_align:left|color:%23154fa9\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\"][vc_custom_heading text=\"On March 18, 2010 the United States (US) Government enacted the Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons who would have invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The St. Vincent Building & Loan Association is a FFI and is therefore required to comply. On an annual basis, we are required to report information on financial accounts held directly or indirectly by US Persons.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"The Association is committed to upholding customer confidence and to keeping customer and client information confidential and secured. Our actions as they relate to FATCA will be in strict compliance with the local regulations and legal framework of the countries in which we operate.<br />\nSteps required for FFIs to be compliant with FATCA regulations:</p>\n<ol>\n<li>Signing of formal agreement with the United States Internal Revenue Service (IRS) confirming FATCA Compliance;</li>\n<li>Amending account opening procedures in order to capture FATCA related information;</li>\n<li>Updating information of current customers;</li>\n<li>Annual reporting to the IRS on qualifying ‘U.S. Persons’. In addition, it may be necessary to report information about customers who do not provide the required documentation.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"FREQUENTLY ASKED QUESTIONS\" font_container=\"tag:h2|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579232415022{background-color: #000000 !important;}\"][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px;text-align: justify;font-family:Roboto;font-weight:400;font-style:normal\" class=\"vc_custom_heading\">FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</div>\n<p>[/vc_toggle][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]<span style=\"color: #154fa9;\"><strong>FREQUENTLY ASKED QUESTIONS:</strong></span><br />\n<span style=\"color: #154fa9;\"> </span></p>\n<ol>\n<li><span style=\"color: #154fa9;\"><strong> What is FATCA?</strong></span></li>\n</ol>\n<p>FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</p>\n<ol start=\"2\">\n<li><span style=\"color: #154fa9;\"><strong> Who is a US person?</strong></span></li>\n</ol>\n<p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n<ol start=\"3\">\n<li><span style=\"color: #154fa9;\"><strong> What is a Foreign Financial Institution (FFI)?</strong></span></li>\n</ol>\n<p>Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n<ol start=\"4\">\n<li><span style=\"color: #154fa9;\"><strong> Is FATCA applicable to individuals or business customers?</strong></span></li>\n</ol>\n<p>Both. FATCA is applicable to both individuals and business customers.</p>\n<ol start=\"5\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA work?</strong></span></li>\n</ol>\n<p>FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</p>\n<ol start=\"6\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA impact our customers?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</p>\n<ol start=\"7\">\n<li><span style=\"color: #154fa9;\"><strong> What are the consequences to customers for not disclosing the information required by FATCA?</strong></span></li>\n</ol>\n<p>Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.</p>\n<ol start=\"8\">\n<li><span style=\"color: #154fa9;\"><strong> When is the commencement date for FATCA?</strong></span></li>\n</ol>\n<p>The implementation of FATCA is slated for July 1, 2014.</p>\n<ol start=\"9\">\n<li><span style=\"color: #154fa9;\"><strong> I have a U.S. Dollar Account; will this be reported?</strong></span></li>\n</ol>\n<p>The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.</p>\n<ol start=\"10\">\n<li><span style=\"color: #154fa9;\"><strong> I qualify as a U.S. Person how will FATCA apply to me?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"11\">\n<li><span style=\"color: #154fa9;\"><strong> Do FATCA regulations apply to joint accounts?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"12\">\n<li><span style=\"color: #154fa9;\"><strong> Can my financial institution provide tax related advice?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.</p>\n<ol start=\"13\">\n<li><span style=\"color: #154fa9;\"><strong> Are all Financial Institutions complying with FATCA?</strong></span></li>\n</ol>\n<p>Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.</p>\n<ol start=\"14\">\n<li><span style=\"color: color: #154fa9;\"><strong> Is customer consent required prior to sharing information?</strong></span></li>\n</ol>\n<p>Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.</p>\n<ol start=\"15\">\n<li><span style=\"color: #154fa9;\"><strong> Is more detailed information on FATCA available online?</strong></span></li>\n</ol>\n<p>Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][/vc_column][/vc_row]</p>\n','FATCA','','inherit','closed','closed','','2507-revision-v1','','','2020-01-17 03:47:46','2020-01-17 03:47:46','',2507,'http://dev.svbla.com/2020/01/17/2507-revision-v1/',0,'revision','',0),(3320,2,'2020-01-17 03:51:12','2020-01-17 03:51:12','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579149649615{border-bottom-width: 2px !important;border-bottom-color: #e8e8e8 !important;border-bottom-style: solid !important;}\"][vc_column][vc_custom_heading text=\"Foreign Account Tax Compliance Act -FATCA Overview\" font_container=\"tag:h2|text_align:left|color:%23154fa9\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\"][vc_custom_heading text=\"On March 18, 2010 the United States (US) Government enacted the Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons who would have invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The St. Vincent Building & Loan Association is a FFI and is therefore required to comply. On an annual basis, we are required to report information on financial accounts held directly or indirectly by US Persons.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"The Association is committed to upholding customer confidence and to keeping customer and client information confidential and secured. Our actions as they relate to FATCA will be in strict compliance with the local regulations and legal framework of the countries in which we operate.<br />\nSteps required for FFIs to be compliant with FATCA regulations:</p>\n<ol>\n<li>Signing of formal agreement with the United States Internal Revenue Service (IRS) confirming FATCA Compliance;</li>\n<li>Amending account opening procedures in order to capture FATCA related information;</li>\n<li>Updating information of current customers;</li>\n<li>Annual reporting to the IRS on qualifying ‘U.S. Persons’. In addition, it may be necessary to report information about customers who do not provide the required documentation.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"FREQUENTLY ASKED QUESTIONS\" font_container=\"tag:h2|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579232415022{background-color: #000000 !important;}\"][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</div>\n<p>[/vc_toggle][vc_toggle title=\"Who is a US person?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\"><p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]<span style=\"color: #154fa9;\"><strong>FREQUENTLY ASKED QUESTIONS:</strong></span><br />\n<span style=\"color: #154fa9;\"> </span></p>\n<ol>\n<li><span style=\"color: #154fa9;\"><strong> What is FATCA?</strong></span></li>\n</ol>\n<p>FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</p>\n<ol start=\"2\">\n<li><span style=\"color: #154fa9;\"><strong> Who is a US person?</strong></span></li>\n</ol>\n<p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n<ol start=\"3\">\n<li><span style=\"color: #154fa9;\"><strong> What is a Foreign Financial Institution (FFI)?</strong></span></li>\n</ol>\n<p>Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n<ol start=\"4\">\n<li><span style=\"color: #154fa9;\"><strong> Is FATCA applicable to individuals or business customers?</strong></span></li>\n</ol>\n<p>Both. FATCA is applicable to both individuals and business customers.</p>\n<ol start=\"5\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA work?</strong></span></li>\n</ol>\n<p>FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</p>\n<ol start=\"6\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA impact our customers?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</p>\n<ol start=\"7\">\n<li><span style=\"color: #154fa9;\"><strong> What are the consequences to customers for not disclosing the information required by FATCA?</strong></span></li>\n</ol>\n<p>Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.</p>\n<ol start=\"8\">\n<li><span style=\"color: #154fa9;\"><strong> When is the commencement date for FATCA?</strong></span></li>\n</ol>\n<p>The implementation of FATCA is slated for July 1, 2014.</p>\n<ol start=\"9\">\n<li><span style=\"color: #154fa9;\"><strong> I have a U.S. Dollar Account; will this be reported?</strong></span></li>\n</ol>\n<p>The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.</p>\n<ol start=\"10\">\n<li><span style=\"color: #154fa9;\"><strong> I qualify as a U.S. Person how will FATCA apply to me?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"11\">\n<li><span style=\"color: #154fa9;\"><strong> Do FATCA regulations apply to joint accounts?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"12\">\n<li><span style=\"color: #154fa9;\"><strong> Can my financial institution provide tax related advice?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.</p>\n<ol start=\"13\">\n<li><span style=\"color: #154fa9;\"><strong> Are all Financial Institutions complying with FATCA?</strong></span></li>\n</ol>\n<p>Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.</p>\n<ol start=\"14\">\n<li><span style=\"color: color: #154fa9;\"><strong> Is customer consent required prior to sharing information?</strong></span></li>\n</ol>\n<p>Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.</p>\n<ol start=\"15\">\n<li><span style=\"color: #154fa9;\"><strong> Is more detailed information on FATCA available online?</strong></span></li>\n</ol>\n<p>Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][/vc_column][/vc_row]</p>\n','FATCA','','inherit','closed','closed','','2507-revision-v1','','','2020-01-17 03:51:12','2020-01-17 03:51:12','',2507,'http://dev.svbla.com/2020/01/17/2507-revision-v1/',0,'revision','',0),(3324,2,'2020-01-17 04:12:51','2020-01-17 04:12:51','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579149649615{border-bottom-width: 2px !important;border-bottom-color: #e8e8e8 !important;border-bottom-style: solid !important;}\"][vc_column][vc_custom_heading text=\"Foreign Account Tax Compliance Act -FATCA Overview\" font_container=\"tag:h2|text_align:left|color:%23154fa9\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\"][vc_custom_heading text=\"On March 18, 2010 the United States (US) Government enacted the Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons who would have invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The St. Vincent Building & Loan Association is a FFI and is therefore required to comply. On an annual basis, we are required to report information on financial accounts held directly or indirectly by US Persons.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"The Association is committed to upholding customer confidence and to keeping customer and client information confidential and secured. Our actions as they relate to FATCA will be in strict compliance with the local regulations and legal framework of the countries in which we operate.<br />\nSteps required for FFIs to be compliant with FATCA regulations:</p>\n<ol>\n<li>Signing of formal agreement with the United States Internal Revenue Service (IRS) confirming FATCA Compliance;</li>\n<li>Amending account opening procedures in order to capture FATCA related information;</li>\n<li>Updating information of current customers;</li>\n<li>Annual reporting to the IRS on qualifying ‘U.S. Persons’. In addition, it may be necessary to report information about customers who do not provide the required documentation.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"FREQUENTLY ASKED QUESTIONS\" font_container=\"tag:h2|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579232415022{background-color: #000000 !important;}\"][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:24px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</div>\n<p>[/vc_toggle][vc_toggle title=\"Who is a US person?\" custom_font_container=\"tag:h2|font_size:24px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">\nThe term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"What is a Foreign Financial Institution (FFI)?\" custom_font_container=\"tag:h2|font_size:24px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\"><p>Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"Is FATCA applicable to individuals or business customers?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Both. FATCA is applicable to both individuals and business customers.[/vc_toggle][vc_toggle title=\"How will FATCA work?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.[/vc_toggle][vc_toggle title=\"How will FATCA impact our customers?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.[/vc_toggle][vc_toggle title=\"What are the consequences to customers for not disclosing the information required by FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.[/vc_toggle][vc_toggle title=\"When is the commencement date for FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]The implementation of FATCA was commenced on July 1, 2014.[/vc_toggle][vc_toggle title=\"I have a U.S. Dollar Account; will this be reported?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.[/vc_toggle][vc_toggle title=\"I qualify as a U.S. Person how will FATCA apply to me?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.[/vc_toggle][vc_toggle title=\"Do FATCA regulations apply to joint accounts?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.[/vc_toggle][vc_toggle title=\"Can my financial institution provide tax related advice?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.[/vc_toggle][vc_toggle title=\"Are all Financial Institutions complying with FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.[/vc_toggle][vc_toggle title=\"Is customer consent required prior to sharing information?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.[/vc_toggle][vc_toggle title=\"Is more detailed information on FATCA available online?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][/vc_column][/vc_row]</p>\n','FATCA','','inherit','closed','closed','','2507-revision-v1','','','2020-01-17 04:12:51','2020-01-17 04:12:51','',2507,'http://dev.svbla.com/2020/01/17/2507-revision-v1/',0,'revision','',0),(3321,2,'2020-01-17 04:00:32','2020-01-17 04:00:32','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579149649615{border-bottom-width: 2px !important;border-bottom-color: #e8e8e8 !important;border-bottom-style: solid !important;}\"][vc_column][vc_custom_heading text=\"Foreign Account Tax Compliance Act -FATCA Overview\" font_container=\"tag:h2|text_align:left|color:%23154fa9\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\"][vc_custom_heading text=\"On March 18, 2010 the United States (US) Government enacted the Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons who would have invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The St. Vincent Building & Loan Association is a FFI and is therefore required to comply. On an annual basis, we are required to report information on financial accounts held directly or indirectly by US Persons.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"The Association is committed to upholding customer confidence and to keeping customer and client information confidential and secured. Our actions as they relate to FATCA will be in strict compliance with the local regulations and legal framework of the countries in which we operate.<br>Steps required for FFIs to be compliant with FATCA regulations:<br></p>\n<ol>\n<li>Signing of formal agreement with the United States Internal Revenue Service (IRS) confirming FATCA Compliance;</li>\n<li>Amending account opening procedures in order to capture FATCA related information;</li>\n<li>Updating information of current customers;</li>\n<li>Annual reporting to the IRS on qualifying ‘U.S. Persons’. In addition, it may be necessary to report information about customers who do not provide the required documentation.</li>\n</ol>\n<p><br>\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"FREQUENTLY ASKED QUESTIONS\" font_container=\"tag:h2|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579232415022{background-color: #000000 !important;}\"][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</div>\n<p>[/vc_toggle][vc_toggle title=\"Who is a US person?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\"><p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"What is a Foreign Financial Institution (FFI)?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n<p>[/vc_toggle][vc_toggle title=\"Is FATCA applicable to individuals or business customers?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Both. FATCA is applicable to both individuals and business customers.[/vc_toggle][vc_toggle title=\" How will FATCA work?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.[/vc_toggle][vc_toggle title=\"How will FATCA impact our customers?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.[/vc_toggle][vc_toggle title=\" What are the consequences to customers for not disclosing the information required by FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.[/vc_toggle][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]<span style=\"color: #154fa9;\"><strong>FREQUENTLY ASKED QUESTIONS:</strong></span><br />\n<span style=\"color: #154fa9;\"> </span></p>\n<ol>\n<li><span style=\"color: #154fa9;\"><strong> What is FATCA?</strong></span></li>\n</ol>\n<p>FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</p>\n<ol start=\"2\">\n<li><span style=\"color: #154fa9;\"><strong> Who is a US person?</strong></span></li>\n</ol>\n<p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n<ol start=\"3\">\n<li><span style=\"color: #154fa9;\"><strong> What is a Foreign Financial Institution (FFI)?</strong></span></li>\n</ol>\n<p>Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n<ol start=\"4\">\n<li><span style=\"color: #154fa9;\"><strong> Is FATCA applicable to individuals or business customers?</strong></span></li>\n</ol>\n<p>Both. FATCA is applicable to both individuals and business customers.</p>\n<ol start=\"5\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA work?</strong></span></li>\n</ol>\n<p>FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</p>\n<ol start=\"6\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA impact our customers?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</p>\n<ol start=\"7\">\n<li><span style=\"color: #154fa9;\"><strong> What are the consequences to customers for not disclosing the information required by FATCA?</strong></span></li>\n</ol>\n<p>Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.</p>\n<ol start=\"8\">\n<li><span style=\"color: #154fa9;\"><strong> When is the commencement date for FATCA?</strong></span></li>\n</ol>\n<p>The implementation of FATCA is slated for July 1, 2014.</p>\n<ol start=\"9\">\n<li><span style=\"color: #154fa9;\"><strong> I have a U.S. Dollar Account; will this be reported?</strong></span></li>\n</ol>\n<p>The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.</p>\n<ol start=\"10\">\n<li><span style=\"color: #154fa9;\"><strong> I qualify as a U.S. Person how will FATCA apply to me?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"11\">\n<li><span style=\"color: #154fa9;\"><strong> Do FATCA regulations apply to joint accounts?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"12\">\n<li><span style=\"color: #154fa9;\"><strong> Can my financial institution provide tax related advice?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.</p>\n<ol start=\"13\">\n<li><span style=\"color: #154fa9;\"><strong> Are all Financial Institutions complying with FATCA?</strong></span></li>\n</ol>\n<p>Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.</p>\n<ol start=\"14\">\n<li><span style=\"color: color: #154fa9;\"><strong> Is customer consent required prior to sharing information?</strong></span></li>\n</ol>\n<p>Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.</p>\n<ol start=\"15\">\n<li><span style=\"color: #154fa9;\"><strong> Is more detailed information on FATCA available online?</strong></span></li>\n</ol>\n<p>Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]<span style=\"color: #154fa9;\"><strong>FREQUENTLY ASKED QUESTIONS:</strong></span><br />\n<span style=\"color: #154fa9;\"> </span></p>\n<ol>\n<li><span style=\"color: #154fa9;\"><strong> What is FATCA?</strong></span></li>\n</ol>\n<p>FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</p>\n<ol start=\"2\">\n<li><span style=\"color: #154fa9;\"><strong> Who is a US person?</strong></span></li>\n</ol>\n<p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n<ol start=\"3\">\n<li><span style=\"color: #154fa9;\"><strong> What is a Foreign Financial Institution (FFI)?</strong></span></li>\n</ol>\n<p>Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n<ol start=\"4\">\n<li><span style=\"color: #154fa9;\"><strong> Is FATCA applicable to individuals or business customers?</strong></span></li>\n</ol>\n<p>Both. FATCA is applicable to both individuals and business customers.</p>\n<ol start=\"5\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA work?</strong></span></li>\n</ol>\n<p>FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</p>\n<ol start=\"6\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA impact our customers?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</p>\n<ol start=\"7\">\n<li><span style=\"color: #154fa9;\"><strong> What are the consequences to customers for not disclosing the information required by FATCA?</strong></span></li>\n</ol>\n<p>Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.</p>\n<ol start=\"8\">\n<li><span style=\"color: #154fa9;\"><strong> When is the commencement date for FATCA?</strong></span></li>\n</ol>\n<p>The implementation of FATCA is slated for July 1, 2014.</p>\n<ol start=\"9\">\n<li><span style=\"color: #154fa9;\"><strong> I have a U.S. Dollar Account; will this be reported?</strong></span></li>\n</ol>\n<p>The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.</p>\n<ol start=\"10\">\n<li><span style=\"color: #154fa9;\"><strong> I qualify as a U.S. Person how will FATCA apply to me?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"11\">\n<li><span style=\"color: #154fa9;\"><strong> Do FATCA regulations apply to joint accounts?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"12\">\n<li><span style=\"color: #154fa9;\"><strong> Can my financial institution provide tax related advice?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.</p>\n<ol start=\"13\">\n<li><span style=\"color: #154fa9;\"><strong> Are all Financial Institutions complying with FATCA?</strong></span></li>\n</ol>\n<p>Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.</p>\n<ol start=\"14\">\n<li><span style=\"color: color: #154fa9;\"><strong> Is customer consent required prior to sharing information?</strong></span></li>\n</ol>\n<p>Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.</p>\n<ol start=\"15\">\n<li><span style=\"color: #154fa9;\"><strong> Is more detailed information on FATCA available online?</strong></span></li>\n</ol>\n<p>Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]<span style=\"color: #154fa9;\"><strong>FREQUENTLY ASKED QUESTIONS:</strong></span><br />\n<span style=\"color: #154fa9;\"> </span></p>\n<ol>\n<li><span style=\"color: #154fa9;\"><strong> What is FATCA?</strong></span></li>\n</ol>\n<p>FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</p>\n<ol start=\"2\">\n<li><span style=\"color: #154fa9;\"><strong> Who is a US person?</strong></span></li>\n</ol>\n<p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n<ol start=\"3\">\n<li><span style=\"color: #154fa9;\"><strong> What is a Foreign Financial Institution (FFI)?</strong></span></li>\n</ol>\n<p>Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n<ol start=\"4\">\n<li><span style=\"color: #154fa9;\"><strong> Is FATCA applicable to individuals or business customers?</strong></span></li>\n</ol>\n<p>Both. FATCA is applicable to both individuals and business customers.</p>\n<ol start=\"5\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA work?</strong></span></li>\n</ol>\n<p>FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</p>\n<ol start=\"6\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA impact our customers?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</p>\n<ol start=\"7\">\n<li><span style=\"color: #154fa9;\"><strong> What are the consequences to customers for not disclosing the information required by FATCA?</strong></span></li>\n</ol>\n<p>Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.</p>\n<ol start=\"8\">\n<li><span style=\"color: #154fa9;\"><strong> When is the commencement date for FATCA?</strong></span></li>\n</ol>\n<p>The implementation of FATCA is slated for July 1, 2014.</p>\n<ol start=\"9\">\n<li><span style=\"color: #154fa9;\"><strong> I have a U.S. Dollar Account; will this be reported?</strong></span></li>\n</ol>\n<p>The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.</p>\n<ol start=\"10\">\n<li><span style=\"color: #154fa9;\"><strong> I qualify as a U.S. Person how will FATCA apply to me?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"11\">\n<li><span style=\"color: #154fa9;\"><strong> Do FATCA regulations apply to joint accounts?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"12\">\n<li><span style=\"color: #154fa9;\"><strong> Can my financial institution provide tax related advice?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.</p>\n<ol start=\"13\">\n<li><span style=\"color: #154fa9;\"><strong> Are all Financial Institutions complying with FATCA?</strong></span></li>\n</ol>\n<p>Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.</p>\n<ol start=\"14\">\n<li><span style=\"color: color: #154fa9;\"><strong> Is customer consent required prior to sharing information?</strong></span></li>\n</ol>\n<p>Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.</p>\n<ol start=\"15\">\n<li><span style=\"color: #154fa9;\"><strong> Is more detailed information on FATCA available online?</strong></span></li>\n</ol>\n<p>Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]<span style=\"color: #154fa9;\"><strong>FREQUENTLY ASKED QUESTIONS:</strong></span><br />\n<span style=\"color: #154fa9;\"> </span></p>\n<ol>\n<li><span style=\"color: #154fa9;\"><strong> What is FATCA?</strong></span></li>\n</ol>\n<p>FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</p>\n<ol start=\"2\">\n<li><span style=\"color: #154fa9;\"><strong> Who is a US person?</strong></span></li>\n</ol>\n<p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n<ol start=\"3\">\n<li><span style=\"color: #154fa9;\"><strong> What is a Foreign Financial Institution (FFI)?</strong></span></li>\n</ol>\n<p>Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n<ol start=\"4\">\n<li><span style=\"color: #154fa9;\"><strong> Is FATCA applicable to individuals or business customers?</strong></span></li>\n</ol>\n<p>Both. FATCA is applicable to both individuals and business customers.</p>\n<ol start=\"5\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA work?</strong></span></li>\n</ol>\n<p>FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</p>\n<ol start=\"6\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA impact our customers?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</p>\n<ol start=\"7\">\n<li><span style=\"color: #154fa9;\"><strong> What are the consequences to customers for not disclosing the information required by FATCA?</strong></span></li>\n</ol>\n<p>Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.</p>\n<ol start=\"8\">\n<li><span style=\"color: #154fa9;\"><strong> When is the commencement date for FATCA?</strong></span></li>\n</ol>\n<p>The implementation of FATCA is slated for July 1, 2014.</p>\n<ol start=\"9\">\n<li><span style=\"color: #154fa9;\"><strong> I have a U.S. Dollar Account; will this be reported?</strong></span></li>\n</ol>\n<p>The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.</p>\n<ol start=\"10\">\n<li><span style=\"color: #154fa9;\"><strong> I qualify as a U.S. Person how will FATCA apply to me?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"11\">\n<li><span style=\"color: #154fa9;\"><strong> Do FATCA regulations apply to joint accounts?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"12\">\n<li><span style=\"color: #154fa9;\"><strong> Can my financial institution provide tax related advice?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.</p>\n<ol start=\"13\">\n<li><span style=\"color: #154fa9;\"><strong> Are all Financial Institutions complying with FATCA?</strong></span></li>\n</ol>\n<p>Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.</p>\n<ol start=\"14\">\n<li><span style=\"color: color: #154fa9;\"><strong> Is customer consent required prior to sharing information?</strong></span></li>\n</ol>\n<p>Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.</p>\n<ol start=\"15\">\n<li><span style=\"color: #154fa9;\"><strong> Is more detailed information on FATCA available online?</strong></span></li>\n</ol>\n<p>Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][/vc_column][/vc_row]</p>\n','FATCA','','inherit','closed','closed','','2507-revision-v1','','','2020-01-17 04:00:32','2020-01-17 04:00:32','',2507,'http://dev.svbla.com/2020/01/17/2507-revision-v1/',0,'revision','',0),(3323,2,'2020-01-17 04:10:03','2020-01-17 04:10:03','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579149649615{border-bottom-width: 2px !important;border-bottom-color: #e8e8e8 !important;border-bottom-style: solid !important;}\"][vc_column][vc_custom_heading text=\"Foreign Account Tax Compliance Act -FATCA Overview\" font_container=\"tag:h2|text_align:left|color:%23154fa9\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\"][vc_custom_heading text=\"On March 18, 2010 the United States (US) Government enacted the Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons who would have invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The St. Vincent Building & Loan Association is a FFI and is therefore required to comply. On an annual basis, we are required to report information on financial accounts held directly or indirectly by US Persons.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"The Association is committed to upholding customer confidence and to keeping customer and client information confidential and secured. Our actions as they relate to FATCA will be in strict compliance with the local regulations and legal framework of the countries in which we operate.<br>Steps required for FFIs to be compliant with FATCA regulations:<br></p>\n<ol>\n<li>Signing of formal agreement with the United States Internal Revenue Service (IRS) confirming FATCA Compliance;</li>\n<li>Amending account opening procedures in order to capture FATCA related information;</li>\n<li>Updating information of current customers;</li>\n<li>Annual reporting to the IRS on qualifying ‘U.S. Persons’. In addition, it may be necessary to report information about customers who do not provide the required documentation.</li>\n</ol>\n<p><br>\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"FREQUENTLY ASKED QUESTIONS\" font_container=\"tag:h2|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579232415022{background-color: #000000 !important;}\"][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</div>\n<p>[/vc_toggle][vc_toggle title=\"Who is a US person?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\"><p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"What is a Foreign Financial Institution (FFI)?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n<p>[/vc_toggle][vc_toggle title=\"Is FATCA applicable to individuals or business customers?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Both. FATCA is applicable to both individuals and business customers.[/vc_toggle][vc_toggle title=\" How will FATCA work?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.[/vc_toggle][vc_toggle title=\"How will FATCA impact our customers?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.[/vc_toggle][vc_toggle title=\" What are the consequences to customers for not disclosing the information required by FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.[/vc_toggle][vc_toggle title=\"When is the commencement date for FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]The implementation of FATCA was commenced on July 1, 2014.[/vc_toggle][vc_toggle title=\"I have a U.S. Dollar Account; will this be reported?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.[/vc_toggle][vc_toggle title=\"I qualify as a U.S. Person how will FATCA apply to me?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.[/vc_toggle][vc_toggle title=\"Do FATCA regulations apply to joint accounts?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.[/vc_toggle][vc_toggle title=\"Can my financial institution provide tax related advice?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.[/vc_toggle][vc_toggle title=\"Are all Financial Institutions complying with FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.[/vc_toggle][vc_toggle title=\" Is customer consent required prior to sharing information?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.[/vc_toggle][vc_toggle title=\" Is more detailed information on FATCA available online?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][/vc_column][/vc_row]</p>\n','FATCA','','inherit','closed','closed','','2507-revision-v1','','','2020-01-17 04:10:03','2020-01-17 04:10:03','',2507,'http://dev.svbla.com/2020/01/17/2507-revision-v1/',0,'revision','',0),(3322,2,'2020-01-17 04:07:19','2020-01-17 04:07:19','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579149649615{border-bottom-width: 2px !important;border-bottom-color: #e8e8e8 !important;border-bottom-style: solid !important;}\"][vc_column][vc_custom_heading text=\"Foreign Account Tax Compliance Act -FATCA Overview\" font_container=\"tag:h2|text_align:left|color:%23154fa9\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\"][vc_custom_heading text=\"On March 18, 2010 the United States (US) Government enacted the Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons who would have invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The St. Vincent Building & Loan Association is a FFI and is therefore required to comply. On an annual basis, we are required to report information on financial accounts held directly or indirectly by US Persons.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"The Association is committed to upholding customer confidence and to keeping customer and client information confidential and secured. Our actions as they relate to FATCA will be in strict compliance with the local regulations and legal framework of the countries in which we operate.<br>Steps required for FFIs to be compliant with FATCA regulations:<br></p>\n<ol>\n<li>Signing of formal agreement with the United States Internal Revenue Service (IRS) confirming FATCA Compliance;</li>\n<li>Amending account opening procedures in order to capture FATCA related information;</li>\n<li>Updating information of current customers;</li>\n<li>Annual reporting to the IRS on qualifying ‘U.S. Persons’. In addition, it may be necessary to report information about customers who do not provide the required documentation.</li>\n</ol>\n<p><br>\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"FREQUENTLY ASKED QUESTIONS\" font_container=\"tag:h2|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579232415022{background-color: #000000 !important;}\"][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</div>\n<p>[/vc_toggle][vc_toggle title=\"Who is a US person?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\"><p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"What is a Foreign Financial Institution (FFI)?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n<p>[/vc_toggle][vc_toggle title=\"Is FATCA applicable to individuals or business customers?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Both. FATCA is applicable to both individuals and business customers.[/vc_toggle][vc_toggle title=\" How will FATCA work?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.[/vc_toggle][vc_toggle title=\"How will FATCA impact our customers?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.[/vc_toggle][vc_toggle title=\" What are the consequences to customers for not disclosing the information required by FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.[/vc_toggle][vc_toggle title=\"When is the commencement date for FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]The implementation of FATCA was commenced on July 1, 2014.[/vc_toggle][vc_toggle title=\"I have a U.S. Dollar Account; will this be reported?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.[/vc_toggle][vc_toggle title=\"I qualify as a U.S. Person how will FATCA apply to me?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.[/vc_toggle][vc_toggle title=\"Do FATCA regulations apply to joint accounts?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.[/vc_toggle][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]<span style=\"color: #154fa9;\"><strong>FREQUENTLY ASKED QUESTIONS:</strong></span><br />\n<span style=\"color: #154fa9;\"> </span></p>\n<ol>\n<li><span style=\"color: #154fa9;\"><strong> What is FATCA?</strong></span></li>\n</ol>\n<p>FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</p>\n<ol start=\"2\">\n<li><span style=\"color: #154fa9;\"><strong> Who is a US person?</strong></span></li>\n</ol>\n<p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n<ol start=\"3\">\n<li><span style=\"color: #154fa9;\"><strong> What is a Foreign Financial Institution (FFI)?</strong></span></li>\n</ol>\n<p>Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n<ol start=\"4\">\n<li><span style=\"color: #154fa9;\"><strong> Is FATCA applicable to individuals or business customers?</strong></span></li>\n</ol>\n<p>Both. FATCA is applicable to both individuals and business customers.</p>\n<ol start=\"5\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA work?</strong></span></li>\n</ol>\n<p>FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</p>\n<ol start=\"6\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA impact our customers?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</p>\n<ol start=\"7\">\n<li><span style=\"color: #154fa9;\"><strong> What are the consequences to customers for not disclosing the information required by FATCA?</strong></span></li>\n</ol>\n<p>Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.</p>\n<ol start=\"8\">\n<li><span style=\"color: #154fa9;\"><strong> When is the commencement date for FATCA?</strong></span></li>\n</ol>\n<p>The implementation of FATCA is slated for July 1, 2014.</p>\n<ol start=\"9\">\n<li><span style=\"color: #154fa9;\"><strong> I have a U.S. Dollar Account; will this be reported?</strong></span></li>\n</ol>\n<p>The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.</p>\n<ol start=\"10\">\n<li><span style=\"color: #154fa9;\"><strong> I qualify as a U.S. Person how will FATCA apply to me?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"11\">\n<li><span style=\"color: #154fa9;\"><strong> Do FATCA regulations apply to joint accounts?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"12\">\n<li><span style=\"color: #154fa9;\"><strong> Can my financial institution provide tax related advice?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.</p>\n<ol start=\"13\">\n<li><span style=\"color: #154fa9;\"><strong> Are all Financial Institutions complying with FATCA?</strong></span></li>\n</ol>\n<p>Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.</p>\n<ol start=\"14\">\n<li><span style=\"color: color: #154fa9;\"><strong> Is customer consent required prior to sharing information?</strong></span></li>\n</ol>\n<p>Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.</p>\n<ol start=\"15\">\n<li><span style=\"color: #154fa9;\"><strong> Is more detailed information on FATCA available online?</strong></span></li>\n</ol>\n<p>Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]<span style=\"color: #154fa9;\"><strong>FREQUENTLY ASKED QUESTIONS:</strong></span><br />\n<span style=\"color: #154fa9;\"> </span></p>\n<ol>\n<li><span style=\"color: #154fa9;\"><strong> What is FATCA?</strong></span></li>\n</ol>\n<p>FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</p>\n<ol start=\"2\">\n<li><span style=\"color: #154fa9;\"><strong> Who is a US person?</strong></span></li>\n</ol>\n<p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n<ol start=\"3\">\n<li><span style=\"color: #154fa9;\"><strong> What is a Foreign Financial Institution (FFI)?</strong></span></li>\n</ol>\n<p>Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n<ol start=\"4\">\n<li><span style=\"color: #154fa9;\"><strong> Is FATCA applicable to individuals or business customers?</strong></span></li>\n</ol>\n<p>Both. FATCA is applicable to both individuals and business customers.</p>\n<ol start=\"5\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA work?</strong></span></li>\n</ol>\n<p>FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</p>\n<ol start=\"6\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA impact our customers?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</p>\n<ol start=\"7\">\n<li><span style=\"color: #154fa9;\"><strong> What are the consequences to customers for not disclosing the information required by FATCA?</strong></span></li>\n</ol>\n<p>Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.</p>\n<ol start=\"8\">\n<li><span style=\"color: #154fa9;\"><strong> When is the commencement date for FATCA?</strong></span></li>\n</ol>\n<p>The implementation of FATCA is slated for July 1, 2014.</p>\n<ol start=\"9\">\n<li><span style=\"color: #154fa9;\"><strong> I have a U.S. Dollar Account; will this be reported?</strong></span></li>\n</ol>\n<p>The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.</p>\n<ol start=\"10\">\n<li><span style=\"color: #154fa9;\"><strong> I qualify as a U.S. Person how will FATCA apply to me?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"11\">\n<li><span style=\"color: #154fa9;\"><strong> Do FATCA regulations apply to joint accounts?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"12\">\n<li><span style=\"color: #154fa9;\"><strong> Can my financial institution provide tax related advice?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.</p>\n<ol start=\"13\">\n<li><span style=\"color: #154fa9;\"><strong> Are all Financial Institutions complying with FATCA?</strong></span></li>\n</ol>\n<p>Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.</p>\n<ol start=\"14\">\n<li><span style=\"color: color: #154fa9;\"><strong> Is customer consent required prior to sharing information?</strong></span></li>\n</ol>\n<p>Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.</p>\n<ol start=\"15\">\n<li><span style=\"color: #154fa9;\"><strong> Is more detailed information on FATCA available online?</strong></span></li>\n</ol>\n<p>Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]<span style=\"color: #154fa9;\"><strong>FREQUENTLY ASKED QUESTIONS:</strong></span><br />\n<span style=\"color: #154fa9;\"> </span></p>\n<ol>\n<li><span style=\"color: #154fa9;\"><strong> What is FATCA?</strong></span></li>\n</ol>\n<p>FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</p>\n<ol start=\"2\">\n<li><span style=\"color: #154fa9;\"><strong> Who is a US person?</strong></span></li>\n</ol>\n<p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n<ol start=\"3\">\n<li><span style=\"color: #154fa9;\"><strong> What is a Foreign Financial Institution (FFI)?</strong></span></li>\n</ol>\n<p>Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n<ol start=\"4\">\n<li><span style=\"color: #154fa9;\"><strong> Is FATCA applicable to individuals or business customers?</strong></span></li>\n</ol>\n<p>Both. FATCA is applicable to both individuals and business customers.</p>\n<ol start=\"5\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA work?</strong></span></li>\n</ol>\n<p>FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</p>\n<ol start=\"6\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA impact our customers?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</p>\n<ol start=\"7\">\n<li><span style=\"color: #154fa9;\"><strong> What are the consequences to customers for not disclosing the information required by FATCA?</strong></span></li>\n</ol>\n<p>Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.</p>\n<ol start=\"8\">\n<li><span style=\"color: #154fa9;\"><strong> When is the commencement date for FATCA?</strong></span></li>\n</ol>\n<p>The implementation of FATCA is slated for July 1, 2014.</p>\n<ol start=\"9\">\n<li><span style=\"color: #154fa9;\"><strong> I have a U.S. Dollar Account; will this be reported?</strong></span></li>\n</ol>\n<p>The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.</p>\n<ol start=\"10\">\n<li><span style=\"color: #154fa9;\"><strong> I qualify as a U.S. Person how will FATCA apply to me?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"11\">\n<li><span style=\"color: #154fa9;\"><strong> Do FATCA regulations apply to joint accounts?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"12\">\n<li><span style=\"color: #154fa9;\"><strong> Can my financial institution provide tax related advice?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.</p>\n<ol start=\"13\">\n<li><span style=\"color: #154fa9;\"><strong> Are all Financial Institutions complying with FATCA?</strong></span></li>\n</ol>\n<p>Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.</p>\n<ol start=\"14\">\n<li><span style=\"color: color: #154fa9;\"><strong> Is customer consent required prior to sharing information?</strong></span></li>\n</ol>\n<p>Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.</p>\n<ol start=\"15\">\n<li><span style=\"color: #154fa9;\"><strong> Is more detailed information on FATCA available online?</strong></span></li>\n</ol>\n<p>Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]<span style=\"color: #154fa9;\"><strong>FREQUENTLY ASKED QUESTIONS:</strong></span><br />\n<span style=\"color: #154fa9;\"> </span></p>\n<ol>\n<li><span style=\"color: #154fa9;\"><strong> What is FATCA?</strong></span></li>\n</ol>\n<p>FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</p>\n<ol start=\"2\">\n<li><span style=\"color: #154fa9;\"><strong> Who is a US person?</strong></span></li>\n</ol>\n<p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n<ol start=\"3\">\n<li><span style=\"color: #154fa9;\"><strong> What is a Foreign Financial Institution (FFI)?</strong></span></li>\n</ol>\n<p>Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n<ol start=\"4\">\n<li><span style=\"color: #154fa9;\"><strong> Is FATCA applicable to individuals or business customers?</strong></span></li>\n</ol>\n<p>Both. FATCA is applicable to both individuals and business customers.</p>\n<ol start=\"5\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA work?</strong></span></li>\n</ol>\n<p>FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</p>\n<ol start=\"6\">\n<li><span style=\"color: #154fa9;\"><strong> How will FATCA impact our customers?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</p>\n<ol start=\"7\">\n<li><span style=\"color: #154fa9;\"><strong> What are the consequences to customers for not disclosing the information required by FATCA?</strong></span></li>\n</ol>\n<p>Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.</p>\n<ol start=\"8\">\n<li><span style=\"color: #154fa9;\"><strong> When is the commencement date for FATCA?</strong></span></li>\n</ol>\n<p>The implementation of FATCA is slated for July 1, 2014.</p>\n<ol start=\"9\">\n<li><span style=\"color: #154fa9;\"><strong> I have a U.S. Dollar Account; will this be reported?</strong></span></li>\n</ol>\n<p>The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.</p>\n<ol start=\"10\">\n<li><span style=\"color: #154fa9;\"><strong> I qualify as a U.S. Person how will FATCA apply to me?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"11\">\n<li><span style=\"color: #154fa9;\"><strong> Do FATCA regulations apply to joint accounts?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.</p>\n<ol start=\"12\">\n<li><span style=\"color: #154fa9;\"><strong> Can my financial institution provide tax related advice?</strong></span></li>\n</ol>\n<p><span style=\"color: #154fa9;\"> </span></p>\n<p>Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.</p>\n<ol start=\"13\">\n<li><span style=\"color: #154fa9;\"><strong> Are all Financial Institutions complying with FATCA?</strong></span></li>\n</ol>\n<p>Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.</p>\n<ol start=\"14\">\n<li><span style=\"color: color: #154fa9;\"><strong> Is customer consent required prior to sharing information?</strong></span></li>\n</ol>\n<p>Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.</p>\n<ol start=\"15\">\n<li><span style=\"color: #154fa9;\"><strong> Is more detailed information on FATCA available online?</strong></span></li>\n</ol>\n<p>Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][/vc_column][/vc_row]</p>\n','FATCA','','inherit','closed','closed','','2507-revision-v1','','','2020-01-17 04:07:19','2020-01-17 04:07:19','',2507,'http://dev.svbla.com/2020/01/17/2507-revision-v1/',0,'revision','',0),(3325,2,'2020-01-17 04:15:32','2020-01-17 04:15:32','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579149649615{border-bottom-width: 2px !important;border-bottom-color: #e8e8e8 !important;border-bottom-style: solid !important;}\"][vc_column][vc_custom_heading text=\"Foreign Account Tax Compliance Act -FATCA Overview\" font_container=\"tag:h2|text_align:left|color:%23154fa9\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\"][vc_custom_heading text=\"On March 18, 2010 the United States (US) Government enacted the Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons who would have invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The St. Vincent Building & Loan Association is a FFI and is therefore required to comply. On an annual basis, we are required to report information on financial accounts held directly or indirectly by US Persons.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"The Association is committed to upholding customer confidence and to keeping customer and client information confidential and secured. Our actions as they relate to FATCA will be in strict compliance with the local regulations and legal framework of the countries in which we operate.<br />\nSteps required for FFIs to be compliant with FATCA regulations:</p>\n<ol>\n<li>Signing of formal agreement with the United States Internal Revenue Service (IRS) confirming FATCA Compliance;</li>\n<li>Amending account opening procedures in order to capture FATCA related information;</li>\n<li>Updating information of current customers;</li>\n<li>Annual reporting to the IRS on qualifying ‘U.S. Persons’. In addition, it may be necessary to report information about customers who do not provide the required documentation.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"FREQUENTLY ASKED QUESTIONS\" font_container=\"tag:h2|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579232415022{background-color: #000000 !important;}\"][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:24px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</div>\n<p>[/vc_toggle][vc_toggle title=\"Who is a US person?\" custom_font_container=\"tag:h2|font_size:24px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">\nThe term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"What is a Foreign Financial Institution (FFI)?\" custom_font_container=\"tag:h2|font_size:24px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\"><p>Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"Is FATCA applicable to individuals or business customers?\" custom_font_container=\"tag:h2|font_size:24px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">Both. FATCA is applicable to both individuals and business customers.</div>\n<p>[/vc_toggle][vc_toggle title=\"How will FATCA work?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.[/vc_toggle][vc_toggle title=\"How will FATCA impact our customers?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p>Existing Customers</p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p>Impact on New Customers</p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.[/vc_toggle][vc_toggle title=\"What are the consequences to customers for not disclosing the information required by FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.[/vc_toggle][vc_toggle title=\"When is the commencement date for FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]The implementation of FATCA was commenced on July 1, 2014.[/vc_toggle][vc_toggle title=\"I have a U.S. Dollar Account; will this be reported?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.[/vc_toggle][vc_toggle title=\"I qualify as a U.S. Person how will FATCA apply to me?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.[/vc_toggle][vc_toggle title=\"Do FATCA regulations apply to joint accounts?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.[/vc_toggle][vc_toggle title=\"Can my financial institution provide tax related advice?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.[/vc_toggle][vc_toggle title=\"Are all Financial Institutions complying with FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.[/vc_toggle][vc_toggle title=\"Is customer consent required prior to sharing information?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.[/vc_toggle][vc_toggle title=\"Is more detailed information on FATCA available online?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][/vc_column][/vc_row]</p>\n','FATCA','','inherit','closed','closed','','2507-revision-v1','','','2020-01-17 04:15:32','2020-01-17 04:15:32','',2507,'http://dev.svbla.com/2020/01/17/2507-revision-v1/',0,'revision','',0),(3326,2,'2020-01-17 04:51:03','2020-01-17 04:51:03','','svbla_logo_2020','','inherit','open','closed','','svbla_logo_2020','','','2020-01-19 02:50:41','2020-01-19 02:50:41','',0,'http://dev.svbla.com/wp-content/uploads/2020/01/svbla_logo_2020.png',0,'attachment','image/png',0),(3327,2,'2020-01-17 04:51:11','2020-01-17 04:51:11','','svbla_logo_white_2020','','inherit','open','closed','','svbla_logo_white_2020','','','2020-01-19 02:57:12','2020-01-19 02:57:12','',0,'http://dev.svbla.com/wp-content/uploads/2020/01/svbla_logo_white_2020.png',0,'attachment','image/png',0),(3328,2,'2020-01-17 04:51:41','2020-01-17 04:51:41','{\n    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full_width=\"stretch_row\" css=\".vc_custom_1579239417784{background-image: url(http://dev.svbla.com/wp-content/uploads/revslider/slider01_4.jpg?id=1871) !important;}\"][vc_column width=\"1/2\"][vc_message message_box_style=\"solid-icon\" style=\"square\" message_box_color=\"black\" icon_fontawesome=\"fa fa-bullhorn\" el_class=\"fa-2x\" css=\".vc_custom_1579239872681{background-color: #ffffff !important;}\"]</p>\n<h3><strong><span style=\"color: #0087dd; font-size: 28px; line-height: 34px; font-weight: bold;\">Notices</span></strong></h3>\n<p>[/vc_message][/vc_column][vc_column width=\"1/2\"][/vc_column][/vc_row][vc_row full_width=\"stretch_row_content_no_spaces\" el_class=\"tm-wpcf7 opacity-bg opacity-bg-40\" css=\".vc_custom_1478232376768{padding-top: 0px !important;padding-right: 0px !important;padding-bottom: 0px !important;padding-left: 0px !important;background-image: url(http://dev.svbla.com/wp-content/uploads/2016/03/home02_i3.jpg?id=1035) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}\"][vc_column css=\".vc_custom_1456472856800{margin-top: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column][/vc_row]</p>\n','SVBLA Homepage','','inherit','closed','closed','','1021-revision-v1','','','2020-01-17 05:44:47','2020-01-17 05:44:47','',1021,'http://dev.svbla.com/2020/01/17/1021-revision-v1/',0,'revision','',0),(3338,2,'2020-01-17 05:50:59','2020-01-17 05:50:59','<p>[vc_row full_width=\"stretch_row_content_no_spaces\" css=\".vc_custom_1452480528940{margin-bottom: 0px !important;}\"][vc_column][rev_slider_vc alias=\"tm-01\"][/vc_column][/vc_row][vc_row equal_height=\"yes\" css=\".vc_custom_1579239708944{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 20px !important;padding-bottom: 10px !important;}\"][vc_column][vc_custom_heading text=\"All your financial needs under one roof!\" 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full_width=\"stretch_row\" css=\".vc_custom_1579239417784{background-image: url(http://dev.svbla.com/wp-content/uploads/revslider/slider01_4.jpg?id=1871) !important;}\"][vc_column][vc_custom_heading text=\"Quick Start\" font_container=\"tag:h2|font_size:42|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" tm_font_weight=\"700\" tm_letter_spacing=\"-1px\"][vc_row_inner][vc_column_inner width=\"1/2\"][vc_message message_box_style=\"solid-icon\" style=\"square\" message_box_color=\"black\" icon_fontawesome=\"fa fa-bullhorn\" el_class=\"fa-2x\" css=\".vc_custom_1579239872681{background-color: #ffffff !important;}\"]</p>\n<h3><strong><span style=\"color: #0087dd; font-size: 28px; line-height: 34px; font-weight: bold;\">Notices</span></strong></h3>\n<p>[/vc_message][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_message message_box_style=\"solid-icon\" style=\"square\" message_box_color=\"black\" icon_fontawesome=\"fa fa-gift\" el_class=\"fa-2x\" css=\".vc_custom_1579239982543{background-color: #ffffff !important;}\"]</p>\n<h3><strong><span style=\"color: #0087dd; font-size: 28px; line-height: 34px; font-weight: bold;\">Membership Benefits</span></strong></h3>\n<p>[/vc_message][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row full_width=\"stretch_row_content_no_spaces\" el_class=\"tm-wpcf7 opacity-bg opacity-bg-40\" css=\".vc_custom_1478232376768{padding-top: 0px !important;padding-right: 0px !important;padding-bottom: 0px !important;padding-left: 0px !important;background-image: url(http://dev.svbla.com/wp-content/uploads/2016/03/home02_i3.jpg?id=1035) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}\"][vc_column css=\".vc_custom_1456472856800{margin-top: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column][/vc_row]</p>\n','SVBLA Homepage','','inherit','closed','closed','','1021-revision-v1','','','2020-01-17 05:50:59','2020-01-17 05:50:59','',1021,'http://dev.svbla.com/2020/01/17/1021-revision-v1/',0,'revision','',0),(3339,2,'2020-01-17 15:32:00','2020-01-17 15:32:00','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579149649615{border-bottom-width: 2px !important;border-bottom-color: #e8e8e8 !important;border-bottom-style: solid !important;}\"][vc_column][vc_custom_heading text=\"Foreign Account Tax Compliance Act -FATCA Overview\" font_container=\"tag:h2|text_align:left|color:%23154fa9\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\"][vc_custom_heading text=\"On March 18, 2010 the United States (US) Government enacted the Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons who would have invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The St. Vincent Building & Loan Association is a FFI and is therefore required to comply. On an annual basis, we are required to report information on financial accounts held directly or indirectly by US Persons.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"The Association is committed to upholding customer confidence and to keeping customer and client information confidential and secured. Our actions as they relate to FATCA will be in strict compliance with the local regulations and legal framework of the countries in which we operate.<br />\nSteps required for FFIs to be compliant with FATCA regulations:</p>\n<ol>\n<li>Signing of formal agreement with the United States Internal Revenue Service (IRS) confirming FATCA Compliance;</li>\n<li>Amending account opening procedures in order to capture FATCA related information;</li>\n<li>Updating information of current customers;</li>\n<li>Annual reporting to the IRS on qualifying ‘U.S. Persons’. In addition, it may be necessary to report information about customers who do not provide the required documentation.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"FREQUENTLY ASKED QUESTIONS\" font_container=\"tag:h2|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579232415022{background-color: #000000 !important;}\"][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</div>\n<p>[/vc_toggle][vc_toggle title=\"Who is a US person?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\"><p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"What is a Foreign Financial Institution (FFI)?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">\n<p>Foreign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"Is FATCA applicable to individuals or business customers?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">Both. FATCA is applicable to both individuals and business customers.</div>\n<p>[/vc_toggle][vc_toggle title=\"How will FATCA work?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</div>\n<p>[/vc_toggle][vc_toggle title=\"How will FATCA impact our customers?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">\n<p>All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</p>\n<p><span><strong>Existing Customers</strong></span></p>\n<p>Customers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</p>\n<p><span><strong>Impact on New Customers</strong></span></p>\n<p>Changes in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</p>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"What are the consequences to customers for not disclosing the information required by FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.[/vc_toggle][vc_toggle title=\"When is the commencement date for FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]The implementation of FATCA was commenced on July 1, 2014.[/vc_toggle][vc_toggle title=\"I have a U.S. Dollar Account; will this be reported?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.[/vc_toggle][vc_toggle title=\"I qualify as a U.S. Person how will FATCA apply to me?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.[/vc_toggle][vc_toggle title=\"Do FATCA regulations apply to joint accounts?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.[/vc_toggle][vc_toggle title=\"Can my financial institution provide tax related advice?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.[/vc_toggle][vc_toggle title=\"Are all Financial Institutions complying with FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.[/vc_toggle][vc_toggle title=\"Is customer consent required prior to sharing information?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.[/vc_toggle][vc_toggle title=\"Is more detailed information on FATCA available online?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][/vc_column][/vc_row]</p>\n','FATCA','','inherit','closed','closed','','2507-revision-v1','','','2020-01-17 15:32:00','2020-01-17 15:32:00','',2507,'http://dev.svbla.com/2020/01/17/2507-revision-v1/',0,'revision','',0),(3340,2,'2020-01-17 15:46:34','2020-01-17 15:46:34','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579149649615{border-bottom-width: 2px !important;border-bottom-color: #e8e8e8 !important;border-bottom-style: solid !important;}\"][vc_column][vc_custom_heading text=\"Foreign Account Tax Compliance Act -FATCA Overview\" font_container=\"tag:h2|text_align:left|color:%23154fa9\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\"][vc_custom_heading text=\"On March 18, 2010 the United States (US) Government enacted the Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons who would have invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The St. Vincent Building & Loan Association is a FFI and is therefore required to comply. On an annual basis, we are required to report information on financial accounts held directly or indirectly by US Persons.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"The Association is committed to upholding customer confidence and to keeping customer and client information confidential and secured. Our actions as they relate to FATCA will be in strict compliance with the local regulations and legal framework of the countries in which we operate.<br />\nSteps required for FFIs to be compliant with FATCA regulations:</p>\n<ol>\n<li>Signing of formal agreement with the United States Internal Revenue Service (IRS) confirming FATCA Compliance;</li>\n<li>Amending account opening procedures in order to capture FATCA related information;</li>\n<li>Updating information of current customers;</li>\n<li>Annual reporting to the IRS on qualifying ‘U.S. Persons’. In addition, it may be necessary to report information about customers who do not provide the required documentation.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"FREQUENTLY ASKED QUESTIONS\" font_container=\"tag:h2|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579232415022{background-color: #000000 !important;}\"][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</div>\n<p>[/vc_toggle][vc_toggle title=\"Who is a US person?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\"><p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"What is a Foreign Financial Institution (FFI)?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">\nForeign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"Is FATCA applicable to individuals or business customers?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">Both. FATCA is applicable to both individuals and business customers.</div>\n<p>[/vc_toggle][vc_toggle title=\"How will FATCA work?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</div>\n<p>[/vc_toggle][vc_toggle title=\"How will FATCA impact our customers?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</div>\n<p><br></p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\"><strong>Impact on Existing Customers</strong><br />\nCustomers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</div>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\"><strong>Impact on New Customers</strong><br />\nChanges in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</div>\n<p>[/vc_toggle][vc_toggle title=\"What are the consequences to customers for not disclosing the information required by FATCA?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.</div>\n<p>[/vc_toggle][vc_toggle title=\"When is the commencement date for FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]The implementation of FATCA was commenced on July 1, 2014.[/vc_toggle][vc_toggle title=\"I have a U.S. Dollar Account; will this be reported?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.[/vc_toggle][vc_toggle title=\"I qualify as a U.S. Person how will FATCA apply to me?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.[/vc_toggle][vc_toggle title=\"Do FATCA regulations apply to joint accounts?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.[/vc_toggle][vc_toggle title=\"Can my financial institution provide tax related advice?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.[/vc_toggle][vc_toggle title=\"Are all Financial Institutions complying with FATCA?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.[/vc_toggle][vc_toggle title=\"Is customer consent required prior to sharing information?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.[/vc_toggle][vc_toggle title=\"Is more detailed information on FATCA available online?\" custom_font_container=\"tag:h2|font_size:20px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u>[/vc_toggle][/vc_column][/vc_row]</p>\n','FATCA','','inherit','closed','closed','','2507-revision-v1','','','2020-01-17 15:46:34','2020-01-17 15:46:34','',2507,'http://dev.svbla.com/2020/01/17/2507-revision-v1/',0,'revision','',0),(3341,2,'2020-01-17 15:58:25','2020-01-17 15:58:25','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579149649615{border-bottom-width: 2px !important;border-bottom-color: #e8e8e8 !important;border-bottom-style: solid !important;}\"][vc_column][vc_custom_heading text=\"Foreign Account Tax Compliance Act -FATCA Overview\" font_container=\"tag:h2|text_align:left|color:%23154fa9\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\"][vc_custom_heading text=\"On March 18, 2010 the United States (US) Government enacted the Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons who would have invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The St. Vincent Building & Loan Association is a FFI and is therefore required to comply. On an annual basis, we are required to report information on financial accounts held directly or indirectly by US Persons.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"The Association is committed to upholding customer confidence and to keeping customer and client information confidential and secured. Our actions as they relate to FATCA will be in strict compliance with the local regulations and legal framework of the countries in which we operate.<br />\nSteps required for FFIs to be compliant with FATCA regulations:</p>\n<ol>\n<li>Signing of formal agreement with the United States Internal Revenue Service (IRS) confirming FATCA Compliance;</li>\n<li>Amending account opening procedures in order to capture FATCA related information;</li>\n<li>Updating information of current customers;</li>\n<li>Annual reporting to the IRS on qualifying ‘U.S. Persons’. In addition, it may be necessary to report information about customers who do not provide the required documentation.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"FREQUENTLY ASKED QUESTIONS\" font_container=\"tag:h2|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579232415022{background-color: #000000 !important;}\"][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</div>\n<p>[/vc_toggle][vc_toggle title=\"Who is a US person?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\"><p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"What is a Foreign Financial Institution (FFI)?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">\nForeign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"Is FATCA applicable to individuals or business customers?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">Both. FATCA is applicable to both individuals and business customers.</div>\n<p>[/vc_toggle][vc_toggle title=\"How will FATCA work?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</div>\n<p>[/vc_toggle][vc_toggle title=\"How will FATCA impact our customers?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</div>\n<p><br></p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\"><strong>Impact on Existing Customers</strong><br />\nCustomers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</div>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\"><strong>Impact on New Customers</strong><br />\nChanges in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</div>\n<p>[/vc_toggle][vc_toggle title=\"What are the consequences to customers for not disclosing the information required by FATCA?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.</div>\n<p>[/vc_toggle][vc_toggle title=\"When is the commencement date for FATCA?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">The implementation of FATCA was commenced on July 1, 2014.</div>\n<p>[/vc_toggle][vc_toggle title=\"I have a U.S. Dollar Account; will this be reported?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.</div>\n<p>[/vc_toggle][vc_toggle title=\"I qualify as a U.S. Person how will FATCA apply to me?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.</div>\n<p>[/vc_toggle][vc_toggle title=\"Do FATCA regulations apply to joint accounts?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.</div>\n<p>[/vc_toggle][vc_toggle title=\"Can my financial institution provide tax related advice?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.</div>\n<p>[/vc_toggle][vc_toggle title=\"Are all Financial Institutions complying with FATCA?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.</div>\n<p>[/vc_toggle][vc_toggle title=\"Is customer consent required prior to sharing information?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.</div>\n<p>[/vc_toggle][vc_toggle title=\"Is more detailed information on FATCA available online?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u></div>\n<p>[/vc_toggle][/vc_column][/vc_row]</p>\n','FATCA','','inherit','closed','closed','','2507-revision-v1','','','2020-01-17 15:58:25','2020-01-17 15:58:25','',2507,'http://dev.svbla.com/2020/01/17/2507-revision-v1/',0,'revision','',0),(3342,2,'2020-01-17 16:04:24','2020-01-17 16:04:24','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579149649615{border-bottom-width: 2px !important;border-bottom-color: #e8e8e8 !important;border-bottom-style: solid !important;}\"][vc_column][vc_custom_heading text=\"Foreign Account Tax Compliance Act -FATCA Overview\" font_container=\"tag:h2|text_align:left|color:%23154fa9\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\"][vc_custom_heading text=\"On March 18, 2010 the United States (US) Government enacted the Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by US persons holding investments in offshore accounts. FATCA requires Foreign Financial Institutions (FFIs) to provide the US Internal Revenue Service (IRS) with information on certain US persons who would have invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The St. Vincent Building & Loan Association is a FFI and is therefore required to comply. On an annual basis, we are required to report information on financial accounts held directly or indirectly by US Persons.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"The Association is committed to upholding customer confidence and to keeping customer and client information confidential and secured. Our actions as they relate to FATCA will be in strict compliance with the local regulations and legal framework of the countries in which we operate.<br />\nSteps required for FFIs to be compliant with FATCA regulations:</p>\n<ol>\n<li>Signing of formal agreement with the United States Internal Revenue Service (IRS) confirming FATCA Compliance;</li>\n<li>Amending account opening procedures in order to capture FATCA related information;</li>\n<li>Updating information of current customers;</li>\n<li>Annual reporting to the IRS on qualifying ‘U.S. Persons’. In addition, it may be necessary to report information about customers who do not provide the required documentation.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_custom_heading text=\"<span class=``pe-7s-info``></span>FREQUENTLY ASKED QUESTIONS\" font_container=\"tag:h2|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579277055192{margin-left: 10px !important;background-color: #000000 !important;}\"][vc_toggle title=\"What is FATCA?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act that was signed into law by the United States (US) Congress on March 18, 2010 and which was effective June 30, 2014. It adds a new chapter to the US Internal Revenue Code (chapter 4) which is aimed at addressing perceived tax abuse by US persons using accounts outside of the US.</div>\n<p>[/vc_toggle][vc_toggle title=\"Who is a US person?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">\n<p>The term “US person” includes, but is not limited to:</p>\n<ul>\n<li>a US citizen (including dual citizens) even if residing outside of the US;</li>\n<li>a US passport holder;</li>\n<li>a person born in the US unless citizenship has been renounced;</li>\n<li>a US resident alien for tax purposes (green card holders);</li>\n<li>entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding.</li>\n</ul>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"What is a Foreign Financial Institution (FFI)?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">\nForeign Financial Institutions (FFIs) are institutions that:</p>\n<ul>\n<li>accept deposits as a regular business function;</li>\n<li>holds financial assets for the account of others as a substantial portion of its business;</li>\n<li>are engaged in the business of investing;</li>\n<li>are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities.</li>\n</ul>\n</div>\n<p>[/vc_toggle][vc_toggle title=\"Is FATCA applicable to individuals or business customers?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">Both. FATCA is applicable to both individuals and business customers.</div>\n<p>[/vc_toggle][vc_toggle title=\"How will FATCA work?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">FFIs will be required to register with the US Internal Revenue Service (IRS) and will be assigned a Global Intermediary Identification Number (GIIN). FFIs will be required to submit information on persons with US indicia who hold accounts with them or own over 10 per cent (10%) of an entity that has an account with the FFI, above a stipulated threshold. It is important to note that this will vary for individuals and companies.</div>\n<p>[/vc_toggle][vc_toggle title=\"How will FATCA impact our customers?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">All customers will be subject to an electronic perusal of their account information. This perusal seeks to determine which accounts have US indicia. US “indicia” include: whether a customer has US citizenship or permanent residency. It also includes the use of US address; Post Office Boxes and US telephone numbers. If these basic levels of indicia are identified, customers will be required to disclose their legal name, address, and US Tax Information Number (TIN). This information, as well as the account number, the account balance; and the gross receipts and gross withdrawals or payments from the account will be sent to the IRS. FATCA is unlikely to impact the vast majority of customers.</div>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\"><strong>Impact on Existing Customers</strong><br />\nCustomers holding accounts which predate the implementation date will be required to update their account information and as per regulations if the account exhibits US indicia, the customer may be asked to provide additional information as a US person or to prove that they are not a US person.</div>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\"><strong>Impact on New Customers</strong><br />\nChanges in onboarding procedures will impact new customers as additional information may be requested from new applicants to determine whether they are US persons.</div>\n<p>[/vc_toggle][vc_toggle title=\"What are the consequences to customers for not disclosing the information required by FATCA?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">Customers who do not disclose the requisite information to an FFI will have their accounts flagged as non-compliant. The FFI will be required to eventually close the account if the information is not received within a specified period of time. Until the closure of the account, a 30% levy will be applied to any payment of interest, rents, royalties, salaries, wages, annuities, licensing fees, income, and profits derived from sources within the US.</div>\n<p>[/vc_toggle][vc_toggle title=\"When is the commencement date for FATCA?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">The implementation of FATCA was commenced on July 1, 2014.</div>\n<p>[/vc_toggle][vc_toggle title=\"I have a U.S. Dollar Account; will this be reported?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">The currency of the account does not determine whether the information is reported. FATCA requires information to be reported on accounts held by U.S. Persons who meet one or more of the criteria identified in question No. 2 and with balances above the reporting threshold regardless of account currency.</div>\n<p>[/vc_toggle][vc_toggle title=\"I qualify as a U.S. Person how will FATCA apply to me?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">If you qualify as a U.S. Person based on the information outlined in question No.2, you may be required to submit further information to your Financial Institution. Customers are also advised to seek further advice from a tax professional.</div>\n<p>[/vc_toggle][vc_toggle title=\"Do FATCA regulations apply to joint accounts?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">If one of the account holders qualifies as a U.S person, and the account balance is above the reporting threshold, FATCA requirements are that the account should be reported. Customers are also advised to seek further advice from a tax professional.</div>\n<p>[/vc_toggle][vc_toggle title=\"Can my financial institution provide tax related advice?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">Your financial institution can only provide general FATCA information, however customers are advised to see tax advice from a relevant tax professional.</div>\n<p>[/vc_toggle][vc_toggle title=\"Are all Financial Institutions complying with FATCA?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">Financial institutions across the globe in many jurisdictions have signed agreements to comply and many more intend to sign. There are exceptions however, with some financial institutions opting to adopt a different approach to FATCA.</div>\n<p>[/vc_toggle][vc_toggle title=\"Is customer consent required prior to sharing information?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">Once the financial institution operates in a country that has signed an inter-governmental agreement (IGA) with the US, the laws will be amended to facilitate FATCA reporting by financial institutions. The ECCU has negotiated IGAs for member countries; and there is uniform legislation to facilitate FATCA compliance.</div>\n<p>[/vc_toggle][vc_toggle title=\"Is more detailed information on FATCA available online?\" custom_font_container=\"tag:h2|font_size:22px|text_align:left|color:%23154fa9|line_height:36px\" custom_google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal\" use_custom_heading=\"true\"]</p>\n<div style=\"font-size: 20px; text-align: justify; font-family: Roboto; font-weight: 400; font-style: normal;\" class=\"vc_custom_heading\">Yes. For further information on FATCA, please visit: <u><a href=\"http://www.irs.gov/FATCA\">http://www.irs.gov/FATCA</a></u></div>\n<p>[/vc_toggle][/vc_column][/vc_row]</p>\n','FATCA','','inherit','closed','closed','','2507-revision-v1','','','2020-01-17 16:04:24','2020-01-17 16:04:24','',2507,'http://dev.svbla.com/2020/01/17/2507-revision-v1/',0,'revision','',0),(3343,2,'2020-01-17 16:31:36','2020-01-17 16:31:36','<p>[vc_row full_width=\"stretch_row_content_no_spaces\" css=\".vc_custom_1452480528940{margin-bottom: 0px !important;}\"][vc_column][rev_slider_vc alias=\"tm-01\"][/vc_column][/vc_row][vc_row equal_height=\"yes\" css=\".vc_custom_1579239708944{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 20px !important;padding-bottom: 10px !important;}\"][vc_column][vc_custom_heading text=\"All your financial needs under one roof!\" font_container=\"tag:h2|font_size:42|text_align:center|color:%23e13454|line_height:56px\" 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css=\".vc_custom_1579278692927{background-color: #ffffff !important;}\"][su_service icon=\"icon: bullhorn\" size=\"48\"]Service description[/su_service][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_message message_box_style=\"solid-icon\" style=\"square\" message_box_color=\"black\" icon_fontawesome=\"fa fa-gift\" el_class=\"fa-2x\" css=\".vc_custom_1579239982543{background-color: #ffffff !important;}\"]</p>\n<h3><strong><span style=\"color: #0087dd; font-size: 28px; line-height: 34px; font-weight: bold;\">Membership Benefits</span></strong></h3>\n<p>[/vc_message][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row full_width=\"stretch_row_content_no_spaces\" el_class=\"tm-wpcf7 opacity-bg opacity-bg-40\" css=\".vc_custom_1478232376768{padding-top: 0px !important;padding-right: 0px !important;padding-bottom: 0px !important;padding-left: 0px !important;background-image: url(http://dev.svbla.com/wp-content/uploads/2016/03/home02_i3.jpg?id=1035) 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full_width=\"stretch_row\" css=\".vc_custom_1579239417784{background-image: url(http://dev.svbla.com/wp-content/uploads/revslider/slider01_4.jpg?id=1871) !important;}\"][vc_column][vc_custom_heading text=\"Quick Start\" font_container=\"tag:h2|font_size:42|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\" tm_font_weight=\"700\" tm_letter_spacing=\"-1px\"][vc_row_inner][vc_column_inner width=\"1/2\"][vc_message message_box_style=\"solid-icon\" style=\"square\" message_box_color=\"black\" icon_fontawesome=\"fa fa-bullhorn\" el_class=\"fa-2x\" css=\".vc_custom_1579239872681{background-color: #ffffff !important;}\"]</p>\n<h3><strong><span style=\"color: #0087dd; font-size: 28px; line-height: 34px; font-weight: bold;\">Notices</span></strong></h3>\n<p>[/vc_message][vc_column_text css=\".vc_custom_1579278716159{background-color: #ffffff !important;}\"][su_service icon=\"icon: bullhorn\" size=\"48\"]Service description[/su_service][/vc_column_text][/vc_column_inner][vc_column_inner width=\"1/2\"][vc_message message_box_style=\"solid-icon\" style=\"square\" message_box_color=\"black\" icon_fontawesome=\"fa fa-gift\" el_class=\"fa-2x\" css=\".vc_custom_1579239982543{background-color: #ffffff !important;}\"]</p>\n<h3><strong><span style=\"color: #0087dd; font-size: 28px; line-height: 34px; font-weight: bold;\">Membership Benefits</span></strong></h3>\n<p>[/vc_message][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row full_width=\"stretch_row_content_no_spaces\" el_class=\"tm-wpcf7 opacity-bg opacity-bg-40\" css=\".vc_custom_1478232376768{padding-top: 0px !important;padding-right: 0px !important;padding-bottom: 0px !important;padding-left: 0px !important;background-image: url(http://dev.svbla.com/wp-content/uploads/2016/03/home02_i3.jpg?id=1035) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}\"][vc_column css=\".vc_custom_1456472856800{margin-top: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}\"][/vc_column][/vc_row]</p>\n','SVBLA Homepage','','inherit','closed','closed','','1021-revision-v1','','','2020-01-17 16:32:02','2020-01-17 16:32:02','',1021,'http://dev.svbla.com/2020/01/17/1021-revision-v1/',0,'revision','',0),(3345,2,'2020-01-17 16:45:24','2020-01-17 16:45:24','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579183982808{margin-bottom: 0px !important;padding-bottom: 0px !important;}\"][vc_column][vc_empty_space][vc_custom_heading text=\"We continue to focus on giving back to our members and the wider Vincentian community by providing scholarships to the children of our members, from the secondary right through to the community college level.<br />\nIn addition, the Association is continuing with its tradition of providing Summer and Christmas internships for some of our scholarship holders, so that they can obtain firsthand experience in the work environment. This continues to be well received by the scholarship holders and their parents/guardians. We can proudly boast of having fifteen (15) active scholarship recipients<br />\nas at the end of 2019.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][/vc_row][vc_row content_placement=\"top\" css=\".vc_custom_1579184115219{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_column width=\"2/3\" css=\".vc_custom_1579184080807{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_empty_space][vc_images_carousel images=\"3167,3187\" img_size=\"large\" autoplay=\"yes\"][/vc_column][vc_column width=\"1/3\"][vc_custom_heading text=\"<span class=``pe-7s-study``></span>APPLICATION\" font_container=\"tag:h2|font_size:34|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579279301534{background-color: #3768b4 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equal_height=\"yes\" content_placement=\"middle\" css=\".vc_custom_1579126644384{margin-top: 0px !important;}\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][/vc_column_inner][vc_column_inner width=\"1/2\"][/vc_column_inner][/vc_row_inner][vc_empty_space][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" disable_element=\"yes\"][vc_column width=\"2/3\"][vc_custom_heading text=\"BACKGROUND\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_custom_heading text=\"The scholarships shall be called the <strong>``St Vincent Building & Loan Scholarships”</strong>.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][vc_column width=\"1/3\"][vc_raw_html]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[/vc_raw_html][vc_raw_html]JTVCc3VfbGlnaHRib3glMjB0eXBlJTNEJTIyaWZyYW1lJTIyJTIwc3JjJTNEJTIyaHR0cCUzQSUyRiUyRmRldi5zdmJsYS5jb20lMkZ3cC1jb250ZW50JTJGdXBsb2FkcyUyRjIwMjAlMkYwMSUyRnN2YmxhX25lZWRfYmFzZWRfc2Nob2xhcnNoaXBfYXBwbGljYXRpb25fZm9ybS5wZGYlMjIlMjBjbGFzcyUzRCUyMiUyMiU1RCUzQ2gyJTIwc3R5bGUlM0QlMjJmb250LXNpemUlM0ElMjAxOHB4JTNCJTIwdGV4dC1hbGlnbiUzQSUyMGNlbnRlciUzQmxpbmUtaGVpZ2h0JTNBJTIwMjhweCUzQmZvbnQtZmFtaWx5JTNBUm9ib3RvJTNCZm9udC13ZWlnaHQlM0EzMDAlM0Jmb250LXN0eWxlJTNBbm9ybWFsJTNCJTIwcGFkZGluZyUzQSUyMDVweCUyMDBweCUzQmJvcmRlci1yYWRpdXMlM0E1cHglM0IlMjBiYWNrZ3JvdW5kJTNBJTIzMDAwMDAwJTNCJTIyJTNFJTNDYSUyMHN0eWxlJTNEJTIyY29sb3IlM0ElMjNmZmZmZmYlMjIlM0UlM0NzcGFuJTIwY2xhc3MlM0QlMjJ2Y19pY29uX2VsZW1lbnQtaWNvbiUyMGZhJTIwZmEtZG93bmxvYWQlMjIlMjBzdHlsZSUzRCUyMmNvbG9yJTNBJTIzYjcyNDI0JTIwJTIxaW1wb3J0YW50JTIyJTIwYXJpYS1oaWRkZW4lM0QlMjJ0cnVlJTIyJTNFJTNDJTJGc3BhbiUzRSUyNm5ic3AlM0IlMjZuYnNwJTNCTkVFRCUyMEJBU0VEJTIwU2Nob2xhcnNoaXAlMjBBcHBsaWNhdGlvbiUzQyUyRmElM0UlM0MlMkZoMiUzRSU1QiUyRnN1X2xpZ2h0Ym94JTVE[/vc_raw_html][/vc_column][/vc_row][vc_row disable_element=\"yes\"][vc_column][vc_empty_space][vc_custom_heading text=\"APPLICATION CRITERIA\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_empty_space][vc_custom_heading text=\"</p>\n<ol>\n<li>Scholarships, as the Directors may decide, shall be awarded to children of full members of the St Vincent Building and Loan Association. In order for a child to be eligible, at least one parent must have been a full member for at least one (1) year prior to the date of the examination on which the scholarship is to be based. A full member is an individual with a minimum of 100 permanent shares. “Child” shall include one that has been legally adopted.</li>\n<li>The scholarship shall be tenable at any secondary school in the State for a period of five (5) years (subject to an annual review.) It may be extended up to seven (7) years gaining entry to full time studies at the Division of Arts and Sciences or the Division for Technical Education of the St Vincent and the Grenadines Community College or any post-secondary school approved by the Board of Directors provided that the scholarship holder’s attendance, conduct and progress, as shown by term reports, are satisfactory.</li>\n<li> An applicant for a scholarship shall use the relevant application form.</li>\n<li>The child must pass the Caribbean Primary Exit Assessment (CPEA) in the academic year in which the application for the award is made.</li>\n<li>The scholarship would be advertised in the local media at least three weeks prior to the date of the Examination.</li>\n<li>The value of each scholarship shall be $1,200.00 / year for Forms 1-3 and $1,400.00 / year for Forms 4-5, payable as follows:<br />\n<table style=``width: 575px;``>\n<tbody>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``></td>\n<td style=``width: 175.188px; height: 13px;``><strong> Forms 1-3</strong></td>\n<td style=``width: 177px; height: 13px;``><strong> Forms 4-5</strong></td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``> At the beginning of the 1st term</td>\n<td style=``width: 175.188px; height: 13px;``> $900.00</td>\n<td style=``width: 177px; height: 13px;``> $1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``>At the beginning of the 2nd term and 3rd term</td>\n<td style=``width: 175.188px; height: 13px;``> $150.00</td>\n<td style=``width: 177px; height: 13px;``> $150.00</td>\n</tr>\n</tbody>\n</table>\n<div>$1400.00 / year for<strong> Form 6</strong> payable as follows:</div>\n<table style=``width: 222px;``>\n<tbody>\n<tr style=``height: 13.1733px;``>\n<td style=``width: 219px; height: 13.1733px;``><strong>Semester 1 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13.1733px;``>$1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 219px; height: 13px;``><strong>Semester 2 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13px;``>$300.00</td>\n</tr>\n</tbody>\n</table>\n<div>The value of each Need-based scholarship shall be <strong>$1000.00 / year for Forms 1 - 5.</div>\n<p></strong></li>\n<li>A total of four (4) scholarship awards would be awarded annually. Two (2) Merit Scholarship would be given to qualifying students who have attained the highest positions in the annual CPEA examination and two (2) scholarship would be given to underprivileged children. All awardees must not be recipients of other scholarships.</li>\n<li> In the event of a tie for the second Merit Scholarship, it would be awarded as follows:</li>\n<ol style=``list-style-type: lower-roman;``>\n<li>The child with the best average in English and Mathematics.</li>\n<li>If (i) fails, the child with the best average in English.</li>\n<li>If (i) and (ii) fail, the child with the best average in Mathematics.</li>\n<li>If (i), (ii) and (iii) fail, an oral examination would be conducted to determine the recipient of the award.</li>\n</ol>\n<li>Each candidate shall:</li>\n<ul>\n<li>Be less than 13 years of age at the date of the examination, as shown by an original birth certificate, which must be provided when applying for the scholarship.</li>\n<li>Have attended a Government or Assisted Primary or Registered Private School during the twelve months preceding the date of the examination.</li>\n<li>Furnish a certificate of good conduct from the Head Teacher of such school.</li>\n<li>Furnish proof that he/she is a Vincentian, or the child of a Vincentian, or that he/she has been a legal resident in the State for at least two (2) years.</li>\n</ul>\n<li>A scholarship shall not be awarded to any candidate who has attained less than 33 1/3 percent in any subject or less than 50 percent of the total marks in the examination.</li>\n<li>At the end of each term the principal of the secondary school(s) to which scholarship awardees attend will be requested to forward to the Chief Executive Officer (CEO) of the Association reports on the attendance, conduct and performance of each scholarship holder. The CEO/Corporate Secretary shall present the reports to the Board of Directors (BOD) of the Association at the first meeting after each has been received. If a report is unsatisfactory, the Directors may choose to rescind the scholarship.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify|color:%23000000\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_empty_space][/vc_column][/vc_row]</p>\n','Scholarships','','inherit','closed','closed','','2503-revision-v1','','','2020-01-17 16:45:24','2020-01-17 16:45:24','',2503,'http://dev.svbla.com/2020/01/17/2503-revision-v1/',0,'revision','',0),(3356,2,'2020-01-18 00:29:33','2020-01-18 00:29:33','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579183982808{margin-bottom: 0px !important;padding-bottom: 0px !important;}\"][vc_column][vc_empty_space][vc_custom_heading text=\"We continue to focus on giving back to our members and the wider Vincentian community by providing scholarships to the children of our members, from the secondary right through to the community college level. The scholarship can either be merit-based or need-based. We can proudly boast of having fifteen (15) active scholarship recipients as at the end of 2019 and their payments range from $1000 to $1400 for each academic year.<br />\nIn addition, the Association is continuing with its tradition of providing Summer and Christmas internships for some of our scholarship holders, so that they can obtain firsthand experience in the work environment. This continues to be well received by the scholarship holders and their parents/guardians.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][/vc_row][vc_row content_placement=\"top\" css=\".vc_custom_1579184115219{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_column width=\"2/3\" css=\".vc_custom_1579184080807{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_empty_space][vc_images_carousel images=\"3167,3187\" img_size=\"large\" mode=\"vertical\" autoplay=\"yes\" hide_pagination_control=\"yes\" hide_prev_next_buttons=\"yes\" wrap=\"yes\" el_class=\"w3-center\"][/vc_column][vc_column width=\"1/3\"][vc_empty_space][vc_custom_heading text=\"<span class=``pe-7s-study``></span>APPLICATION\" font_container=\"tag:h2|font_size:34|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579279301534{background-color: #3768b4 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equal_height=\"yes\" content_placement=\"middle\" disable_element=\"yes\"][vc_column width=\"2/3\"][vc_custom_heading text=\"BACKGROUND\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_custom_heading text=\"The scholarships shall be called the <strong>``St Vincent Building & Loan Scholarships”</strong>.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][vc_column width=\"1/3\"][vc_raw_html]JTVCc3VfbGlnaHRib3glMjB0eXBlJTNEJTIyaWZyYW1lJTIyJTIwc3JjJTNEJTIyaHR0cCUzQSUyRiUyRmRldi5zdmJsYS5jb20lMkZ3cC1jb250ZW50JTJGdXBsb2FkcyUyRjIwMjAlMkYwMSUyRnN2YmxhX21lcml0X2Jhc2VkX3NjaG9sYXJzaGlwX2FwcGxpY2F0aW9uX2Zvcm0ucGRmJTIyJTIwY2xhc3MlM0QlMjIlMjIlNUQlM0NoMiUyMHN0eWxlJTNEJTIyZm9udC1zaXplJTNBJTIwMThweCUzQiUyMHRleHQtYWxpZ24lM0ElMjBjZW50ZXIlM0JsaW5lLWhlaWdodCUzQSUyMDI4cHglM0Jmb250LWZhbWlseSUzQVJvYm90byUzQmZvbnQtd2VpZ2h0JTNBMzAwJTNCZm9udC1zdHlsZSUzQW5vcm1hbCUzQiUyMHBhZGRpbmclM0ElMjA1cHglMjAwcHglM0Jib3JkZXItcmFkaXVzJTNBNXB4JTNCJTIwYmFja2dyb3VuZCUzQSUyMzE1NGZhOSUzQiUyMiUzRSUzQ2ElMjBzdHlsZSUzRCUyMmNvbG9yJTNBJTIzZmZmZmZmJTIyJTNFJTNDc3BhbiUyMGNsYXNzJTNEJTIydmNfaWNvbl9lbGVtZW50LWljb24lMjBmYSUyMGZhLWRvd25sb2FkJTIyJTIwc3R5bGUlM0QlMjJjb2xvciUzQSUyM2I3MjQyNCUyMCUyMWltcG9ydGFudCUyMiUyMGFyaWEtaGlkZGVuJTNEJTIydHJ1ZSUyMiUzRSUzQyUyRnNwYW4lM0UlMjZuYnNwJTNCJTI2bmJzcCUzQk1FUklUJTIwQkFTRUQlMjBTY2hvbGFyc2hpcCUyMEFwcGxpY2F0aW9uJTNDJTJGYSUzRSUzQyUyRmgyJTNFJTVCJTJGc3VfbGlnaHRib3glNUQ=[/vc_raw_html][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row disable_element=\"yes\"][vc_column][vc_empty_space][vc_custom_heading text=\"APPLICATION CRITERIA\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_empty_space][vc_custom_heading text=\"</p>\n<ol>\n<li>Scholarships, as the Directors may decide, shall be awarded to children of full members of the St Vincent Building and Loan Association. In order for a child to be eligible, at least one parent must have been a full member for at least one (1) year prior to the date of the examination on which the scholarship is to be based. A full member is an individual with a minimum of 100 permanent shares. “Child” shall include one that has been legally adopted.</li>\n<li>The scholarship shall be tenable at any secondary school in the State for a period of five (5) years (subject to an annual review.) It may be extended up to seven (7) years gaining entry to full time studies at the Division of Arts and Sciences or the Division for Technical Education of the St Vincent and the Grenadines Community College or any post-secondary school approved by the Board of Directors provided that the scholarship holder’s attendance, conduct and progress, as shown by term reports, are satisfactory.</li>\n<li> An applicant for a scholarship shall use the relevant application form.</li>\n<li>The child must pass the Caribbean Primary Exit Assessment (CPEA) in the academic year in which the application for the award is made.</li>\n<li>The scholarship would be advertised in the local media at least three weeks prior to the date of the Examination.</li>\n<li>The value of each scholarship shall be $1,200.00 / year for Forms 1-3 and $1,400.00 / year for Forms 4-5, payable as follows:<br />\n<table style=``width: 575px;``>\n<tbody>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``></td>\n<td style=``width: 175.188px; height: 13px;``><strong> Forms 1-3</strong></td>\n<td style=``width: 177px; height: 13px;``><strong> Forms 4-5</strong></td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``> At the beginning of the 1st term</td>\n<td style=``width: 175.188px; height: 13px;``> $900.00</td>\n<td style=``width: 177px; height: 13px;``> $1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``>At the beginning of the 2nd term and 3rd term</td>\n<td style=``width: 175.188px; height: 13px;``> $150.00</td>\n<td style=``width: 177px; height: 13px;``> $150.00</td>\n</tr>\n</tbody>\n</table>\n<div>$1400.00 / year for<strong> Form 6</strong> payable as follows:</div>\n<table style=``width: 222px;``>\n<tbody>\n<tr style=``height: 13.1733px;``>\n<td style=``width: 219px; height: 13.1733px;``><strong>Semester 1 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13.1733px;``>$1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 219px; height: 13px;``><strong>Semester 2 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13px;``>$300.00</td>\n</tr>\n</tbody>\n</table>\n<div>The value of each Need-based scholarship shall be <strong>$1000.00 / year for Forms 1 - 5.</div>\n<p></strong></li>\n<li>A total of four (4) scholarship awards would be awarded annually. Two (2) Merit Scholarship would be given to qualifying students who have attained the highest positions in the annual CPEA examination and two (2) scholarship would be given to underprivileged children. All awardees must not be recipients of other scholarships.</li>\n<li> In the event of a tie for the second Merit Scholarship, it would be awarded as follows:</li>\n<ol style=``list-style-type: lower-roman;``>\n<li>The child with the best average in English and Mathematics.</li>\n<li>If (i) fails, the child with the best average in English.</li>\n<li>If (i) and (ii) fail, the child with the best average in Mathematics.</li>\n<li>If (i), (ii) and (iii) fail, an oral examination would be conducted to determine the recipient of the award.</li>\n</ol>\n<li>Each candidate shall:</li>\n<ul>\n<li>Be less than 13 years of age at the date of the examination, as shown by an original birth certificate, which must be provided when applying for the scholarship.</li>\n<li>Have attended a Government or Assisted Primary or Registered Private School during the twelve months preceding the date of the examination.</li>\n<li>Furnish a certificate of good conduct from the Head Teacher of such school.</li>\n<li>Furnish proof that he/she is a Vincentian, or the child of a Vincentian, or that he/she has been a legal resident in the State for at least two (2) years.</li>\n</ul>\n<li>A scholarship shall not be awarded to any candidate who has attained less than 33 1/3 percent in any subject or less than 50 percent of the total marks in the examination.</li>\n<li>At the end of each term the principal of the secondary school(s) to which scholarship awardees attend will be requested to forward to the Chief Executive Officer (CEO) of the Association reports on the attendance, conduct and performance of each scholarship holder. The CEO/Corporate Secretary shall present the reports to the Board of Directors (BOD) of the Association at the first meeting after each has been received. If a report is unsatisfactory, the Directors may choose to rescind the scholarship.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify|color:%23000000\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_empty_space][/vc_column][/vc_row]</p>\n','Scholarships','','inherit','closed','closed','','2503-revision-v1','','','2020-01-18 00:29:33','2020-01-18 00:29:33','',2503,'http://dev.svbla.com/2020/01/18/2503-revision-v1/',0,'revision','',0),(3346,2,'2020-01-17 16:50:36','2020-01-17 16:50:36','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579183982808{margin-bottom: 0px !important;padding-bottom: 0px !important;}\"][vc_column][vc_empty_space][vc_custom_heading text=\"We continue to focus on giving back to our members and the wider Vincentian community by providing scholarships to the children of our members, from the secondary right through to the community college level.<br />\nIn addition, the Association is continuing with its tradition of providing Summer and Christmas internships for some of our scholarship holders, so that they can obtain firsthand experience in the work environment. This continues to be well received by the scholarship holders and their parents/guardians. We can proudly boast of having fifteen (15) active scholarship recipients<br />\nas at the end of 2019.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][/vc_row][vc_row content_placement=\"top\" css=\".vc_custom_1579184115219{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_column width=\"2/3\" css=\".vc_custom_1579184080807{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_empty_space][vc_images_carousel images=\"3167,3187\" img_size=\"large\" autoplay=\"yes\"][/vc_column][vc_column width=\"1/3\"][vc_custom_heading text=\"<span class=``pe-7s-study``></span>APPLICATION\" font_container=\"tag:h2|font_size:34|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579279301534{background-color: #3768b4 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n_text][su_lightbox type=\"inline\" src=\"#my-custom-popup\"] Click here to open lightbox with HTML content [/su_lightbox]</p>\n<p>[su_lightbox_content id=\"my-custom-popup\"]</p>\n<pre contenteditable=\"true\">&lt;h3&gt;Custom HTML content&lt;/h3&gt;\n\nAny &lt;strong&gt;HTML&lt;/strong&gt; &lt;em&gt;tags&lt;/em&gt; can be used here. Other shortcodes are also</pre>\n<p>[su_highlight]allowed[/su_highlight]</p>\n<pre contenteditable=\"true\">.</pre>\n<p>[su_document url=\"http://dev.svbla.com/wp-content/uploads/2020/01/svbla_scholarship_application_rules.pdf\" width=\"1600\" height=\"860\"]</p>\n<pre contenteditable=\"true\">[/su_lightbox_content]</pre>\n<p>[/vc_column_text][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" css=\".vc_custom_1579126644384{margin-top: 0px !important;}\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][/vc_column_inner][vc_column_inner width=\"1/2\"][/vc_column_inner][/vc_row_inner][vc_empty_space][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" disable_element=\"yes\"][vc_column width=\"2/3\"][vc_custom_heading text=\"BACKGROUND\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_custom_heading text=\"The scholarships shall be called the <strong>``St Vincent Building & Loan Scholarships”</strong>.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][vc_column width=\"1/3\"][vc_raw_html]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[/vc_raw_html][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row disable_element=\"yes\"][vc_column][vc_empty_space][vc_custom_heading text=\"APPLICATION CRITERIA\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_empty_space][vc_custom_heading text=\"</p>\n<ol>\n<li>Scholarships, as the Directors may decide, shall be awarded to children of full members of the St Vincent Building and Loan Association. In order for a child to be eligible, at least one parent must have been a full member for at least one (1) year prior to the date of the examination on which the scholarship is to be based. A full member is an individual with a minimum of 100 permanent shares. “Child” shall include one that has been legally adopted.</li>\n<li>The scholarship shall be tenable at any secondary school in the State for a period of five (5) years (subject to an annual review.) It may be extended up to seven (7) years gaining entry to full time studies at the Division of Arts and Sciences or the Division for Technical Education of the St Vincent and the Grenadines Community College or any post-secondary school approved by the Board of Directors provided that the scholarship holder’s attendance, conduct and progress, as shown by term reports, are satisfactory.</li>\n<li> An applicant for a scholarship shall use the relevant application form.</li>\n<li>The child must pass the Caribbean Primary Exit Assessment (CPEA) in the academic year in which the application for the award is made.</li>\n<li>The scholarship would be advertised in the local media at least three weeks prior to the date of the Examination.</li>\n<li>The value of each scholarship shall be $1,200.00 / year for Forms 1-3 and $1,400.00 / year for Forms 4-5, payable as follows:<br />\n<table style=``width: 575px;``>\n<tbody>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``></td>\n<td style=``width: 175.188px; height: 13px;``><strong> Forms 1-3</strong></td>\n<td style=``width: 177px; height: 13px;``><strong> Forms 4-5</strong></td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``> At the beginning of the 1st term</td>\n<td style=``width: 175.188px; height: 13px;``> $900.00</td>\n<td style=``width: 177px; height: 13px;``> $1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``>At the beginning of the 2nd term and 3rd term</td>\n<td style=``width: 175.188px; height: 13px;``> $150.00</td>\n<td style=``width: 177px; height: 13px;``> $150.00</td>\n</tr>\n</tbody>\n</table>\n<div>$1400.00 / year for<strong> Form 6</strong> payable as follows:</div>\n<table style=``width: 222px;``>\n<tbody>\n<tr style=``height: 13.1733px;``>\n<td style=``width: 219px; height: 13.1733px;``><strong>Semester 1 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13.1733px;``>$1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 219px; height: 13px;``><strong>Semester 2 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13px;``>$300.00</td>\n</tr>\n</tbody>\n</table>\n<div>The value of each Need-based scholarship shall be <strong>$1000.00 / year for Forms 1 - 5.</div>\n<p></strong></li>\n<li>A total of four (4) scholarship awards would be awarded annually. Two (2) Merit Scholarship would be given to qualifying students who have attained the highest positions in the annual CPEA examination and two (2) scholarship would be given to underprivileged children. All awardees must not be recipients of other scholarships.</li>\n<li> In the event of a tie for the second Merit Scholarship, it would be awarded as follows:</li>\n<ol style=``list-style-type: lower-roman;``>\n<li>The child with the best average in English and Mathematics.</li>\n<li>If (i) fails, the child with the best average in English.</li>\n<li>If (i) and (ii) fail, the child with the best average in Mathematics.</li>\n<li>If (i), (ii) and (iii) fail, an oral examination would be conducted to determine the recipient of the award.</li>\n</ol>\n<li>Each candidate shall:</li>\n<ul>\n<li>Be less than 13 years of age at the date of the examination, as shown by an original birth certificate, which must be provided when applying for the scholarship.</li>\n<li>Have attended a Government or Assisted Primary or Registered Private School during the twelve months preceding the date of the examination.</li>\n<li>Furnish a certificate of good conduct from the Head Teacher of such school.</li>\n<li>Furnish proof that he/she is a Vincentian, or the child of a Vincentian, or that he/she has been a legal resident in the State for at least two (2) years.</li>\n</ul>\n<li>A scholarship shall not be awarded to any candidate who has attained less than 33 1/3 percent in any subject or less than 50 percent of the total marks in the examination.</li>\n<li>At the end of each term the principal of the secondary school(s) to which scholarship awardees attend will be requested to forward to the Chief Executive Officer (CEO) of the Association reports on the attendance, conduct and performance of each scholarship holder. The CEO/Corporate Secretary shall present the reports to the Board of Directors (BOD) of the Association at the first meeting after each has been received. If a report is unsatisfactory, the Directors may choose to rescind the scholarship.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify|color:%23000000\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_empty_space][/vc_column][/vc_row]</p>\n','Scholarships','','inherit','closed','closed','','2503-revision-v1','','','2020-01-17 16:50:36','2020-01-17 16:50:36','',2503,'http://dev.svbla.com/2020/01/17/2503-revision-v1/',0,'revision','',0),(3349,2,'2020-01-18 00:09:43','2020-01-18 00:09:43','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579183982808{margin-bottom: 0px !important;padding-bottom: 0px !important;}\"][vc_column][vc_empty_space][vc_custom_heading text=\"We continue to focus on giving back to our members and the wider Vincentian community by providing scholarships to the children of our members, from the secondary right through to the community college level.<br />\nIn addition, the Association is continuing with its tradition of providing Summer and Christmas internships for some of our scholarship holders, so that they can obtain firsthand experience in the work environment. This continues to be well received by the scholarship holders and their parents/guardians. We can proudly boast of having fifteen (15) active scholarship recipients as at the end of 2019.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][/vc_row][vc_row content_placement=\"top\" css=\".vc_custom_1579184115219{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_column width=\"2/3\" css=\".vc_custom_1579184080807{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_empty_space][vc_images_carousel images=\"3167,3187\" img_size=\"large\" autoplay=\"yes\"][/vc_column][vc_column width=\"1/3\"][vc_custom_heading text=\"<span class=``pe-7s-study``></span>APPLICATION\" font_container=\"tag:h2|font_size:34|text_align:left|color:%23ffffff\" 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type=\"inline\" src=\"#my-custom-popup\"] Click here to open lightbox with HTML content [/su_lightbox]</p>\n<p>[su_lightbox_content id=\"my-custom-popup\"]</p>\n<pre contenteditable=\"true\">&lt;h3&gt;Custom HTML content&lt;/h3&gt;\n\nAny &lt;strong&gt;HTML&lt;/strong&gt; &lt;em&gt;tags&lt;/em&gt; can be used here. Other shortcodes are also</pre>\n<p>[su_highlight]allowed[/su_highlight]</p>\n<pre contenteditable=\"true\">.</pre>\n<p>[su_document url=\"http://dev.svbla.com/wp-content/uploads/2020/01/svbla_scholarship_application_rules.pdf\" width=\"1600\" height=\"860\"]</p>\n<pre contenteditable=\"true\">[/su_lightbox_content]</pre>\n<p>[/vc_column_text][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" css=\".vc_custom_1579126644384{margin-top: 0px !important;}\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][/vc_column_inner][vc_column_inner width=\"1/2\"][/vc_column_inner][/vc_row_inner][vc_empty_space][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" disable_element=\"yes\"][vc_column width=\"2/3\"][vc_custom_heading text=\"BACKGROUND\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_custom_heading text=\"The scholarships shall be called the <strong>``St Vincent Building & Loan Scholarships”</strong>.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][vc_column width=\"1/3\"][vc_raw_html]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[/vc_raw_html][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row disable_element=\"yes\"][vc_column][vc_empty_space][vc_custom_heading text=\"APPLICATION CRITERIA\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_empty_space][vc_custom_heading text=\"</p>\n<ol>\n<li>Scholarships, as the Directors may decide, shall be awarded to children of full members of the St Vincent Building and Loan Association. In order for a child to be eligible, at least one parent must have been a full member for at least one (1) year prior to the date of the examination on which the scholarship is to be based. A full member is an individual with a minimum of 100 permanent shares. “Child” shall include one that has been legally adopted.</li>\n<li>The scholarship shall be tenable at any secondary school in the State for a period of five (5) years (subject to an annual review.) It may be extended up to seven (7) years gaining entry to full time studies at the Division of Arts and Sciences or the Division for Technical Education of the St Vincent and the Grenadines Community College or any post-secondary school approved by the Board of Directors provided that the scholarship holder’s attendance, conduct and progress, as shown by term reports, are satisfactory.</li>\n<li> An applicant for a scholarship shall use the relevant application form.</li>\n<li>The child must pass the Caribbean Primary Exit Assessment (CPEA) in the academic year in which the application for the award is made.</li>\n<li>The scholarship would be advertised in the local media at least three weeks prior to the date of the Examination.</li>\n<li>The value of each scholarship shall be $1,200.00 / year for Forms 1-3 and $1,400.00 / year for Forms 4-5, payable as follows:<br />\n<table style=``width: 575px;``>\n<tbody>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``></td>\n<td style=``width: 175.188px; height: 13px;``><strong> Forms 1-3</strong></td>\n<td style=``width: 177px; height: 13px;``><strong> Forms 4-5</strong></td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``> At the beginning of the 1st term</td>\n<td style=``width: 175.188px; height: 13px;``> $900.00</td>\n<td style=``width: 177px; height: 13px;``> $1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``>At the beginning of the 2nd term and 3rd term</td>\n<td style=``width: 175.188px; height: 13px;``> $150.00</td>\n<td style=``width: 177px; height: 13px;``> $150.00</td>\n</tr>\n</tbody>\n</table>\n<div>$1400.00 / year for<strong> Form 6</strong> payable as follows:</div>\n<table style=``width: 222px;``>\n<tbody>\n<tr style=``height: 13.1733px;``>\n<td style=``width: 219px; height: 13.1733px;``><strong>Semester 1 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13.1733px;``>$1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 219px; height: 13px;``><strong>Semester 2 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13px;``>$300.00</td>\n</tr>\n</tbody>\n</table>\n<div>The value of each Need-based scholarship shall be <strong>$1000.00 / year for Forms 1 - 5.</div>\n<p></strong></li>\n<li>A total of four (4) scholarship awards would be awarded annually. Two (2) Merit Scholarship would be given to qualifying students who have attained the highest positions in the annual CPEA examination and two (2) scholarship would be given to underprivileged children. All awardees must not be recipients of other scholarships.</li>\n<li> In the event of a tie for the second Merit Scholarship, it would be awarded as follows:</li>\n<ol style=``list-style-type: lower-roman;``>\n<li>The child with the best average in English and Mathematics.</li>\n<li>If (i) fails, the child with the best average in English.</li>\n<li>If (i) and (ii) fail, the child with the best average in Mathematics.</li>\n<li>If (i), (ii) and (iii) fail, an oral examination would be conducted to determine the recipient of the award.</li>\n</ol>\n<li>Each candidate shall:</li>\n<ul>\n<li>Be less than 13 years of age at the date of the examination, as shown by an original birth certificate, which must be provided when applying for the scholarship.</li>\n<li>Have attended a Government or Assisted Primary or Registered Private School during the twelve months preceding the date of the examination.</li>\n<li>Furnish a certificate of good conduct from the Head Teacher of such school.</li>\n<li>Furnish proof that he/she is a Vincentian, or the child of a Vincentian, or that he/she has been a legal resident in the State for at least two (2) years.</li>\n</ul>\n<li>A scholarship shall not be awarded to any candidate who has attained less than 33 1/3 percent in any subject or less than 50 percent of the total marks in the examination.</li>\n<li>At the end of each term the principal of the secondary school(s) to which scholarship awardees attend will be requested to forward to the Chief Executive Officer (CEO) of the Association reports on the attendance, conduct and performance of each scholarship holder. The CEO/Corporate Secretary shall present the reports to the Board of Directors (BOD) of the Association at the first meeting after each has been received. If a report is unsatisfactory, the Directors may choose to rescind the scholarship.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify|color:%23000000\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_empty_space][/vc_column][/vc_row]</p>\n','Scholarships','','inherit','closed','closed','','2503-revision-v1','','','2020-01-18 00:09:43','2020-01-18 00:09:43','',2503,'http://dev.svbla.com/2020/01/18/2503-revision-v1/',0,'revision','',0),(3350,2,'2020-01-18 00:11:30','2020-01-18 00:11:30','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579183982808{margin-bottom: 0px !important;padding-bottom: 0px !important;}\"][vc_column][vc_empty_space][vc_custom_heading text=\"We continue to focus on giving back to our members and the wider Vincentian community by providing scholarships to the children of our members, from the secondary right through to the community college level.<br />\nIn addition, the Association is continuing with its tradition of providing Summer and Christmas internships for some of our scholarship holders, so that they can obtain firsthand experience in the work environment. This continues to be well received by the scholarship holders and their parents/guardians. We can proudly boast of having fifteen (15) active scholarship recipients as at the end of 2019.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][/vc_row][vc_row content_placement=\"top\" css=\".vc_custom_1579184115219{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_column width=\"2/3\" css=\".vc_custom_1579184080807{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_empty_space][vc_images_carousel images=\"3167,3187\" img_size=\"large\" autoplay=\"yes\" hide_pagination_control=\"yes\" wrap=\"yes\"][/vc_column][vc_column width=\"1/3\"][vc_custom_heading text=\"<span class=``pe-7s-study``></span>APPLICATION\" font_container=\"tag:h2|font_size:34|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579279301534{background-color: #3768b4 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type=\"inline\" src=\"#my-custom-popup\"] Click here to open lightbox with HTML content [/su_lightbox]</p>\n<p>[su_lightbox_content id=\"my-custom-popup\"]</p>\n<pre contenteditable=\"true\">&lt;h3&gt;Custom HTML content&lt;/h3&gt;\n\nAny &lt;strong&gt;HTML&lt;/strong&gt; &lt;em&gt;tags&lt;/em&gt; can be used here. Other shortcodes are also</pre>\n<p>[su_highlight]allowed[/su_highlight]</p>\n<pre contenteditable=\"true\">.</pre>\n<p>[su_document url=\"http://dev.svbla.com/wp-content/uploads/2020/01/svbla_scholarship_application_rules.pdf\" width=\"1600\" height=\"860\"]</p>\n<pre contenteditable=\"true\">[/su_lightbox_content]</pre>\n<p>[/vc_column_text][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" css=\".vc_custom_1579126644384{margin-top: 0px !important;}\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][/vc_column_inner][vc_column_inner width=\"1/2\"][/vc_column_inner][/vc_row_inner][vc_empty_space][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" disable_element=\"yes\"][vc_column width=\"2/3\"][vc_custom_heading text=\"BACKGROUND\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_custom_heading text=\"The scholarships shall be called the <strong>``St Vincent Building & Loan Scholarships”</strong>.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][vc_column width=\"1/3\"][vc_raw_html]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[/vc_raw_html][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row disable_element=\"yes\"][vc_column][vc_empty_space][vc_custom_heading text=\"APPLICATION CRITERIA\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_empty_space][vc_custom_heading text=\"</p>\n<ol>\n<li>Scholarships, as the Directors may decide, shall be awarded to children of full members of the St Vincent Building and Loan Association. In order for a child to be eligible, at least one parent must have been a full member for at least one (1) year prior to the date of the examination on which the scholarship is to be based. A full member is an individual with a minimum of 100 permanent shares. “Child” shall include one that has been legally adopted.</li>\n<li>The scholarship shall be tenable at any secondary school in the State for a period of five (5) years (subject to an annual review.) It may be extended up to seven (7) years gaining entry to full time studies at the Division of Arts and Sciences or the Division for Technical Education of the St Vincent and the Grenadines Community College or any post-secondary school approved by the Board of Directors provided that the scholarship holder’s attendance, conduct and progress, as shown by term reports, are satisfactory.</li>\n<li> An applicant for a scholarship shall use the relevant application form.</li>\n<li>The child must pass the Caribbean Primary Exit Assessment (CPEA) in the academic year in which the application for the award is made.</li>\n<li>The scholarship would be advertised in the local media at least three weeks prior to the date of the Examination.</li>\n<li>The value of each scholarship shall be $1,200.00 / year for Forms 1-3 and $1,400.00 / year for Forms 4-5, payable as follows:<br />\n<table style=``width: 575px;``>\n<tbody>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``></td>\n<td style=``width: 175.188px; height: 13px;``><strong> Forms 1-3</strong></td>\n<td style=``width: 177px; height: 13px;``><strong> Forms 4-5</strong></td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``> At the beginning of the 1st term</td>\n<td style=``width: 175.188px; height: 13px;``> $900.00</td>\n<td style=``width: 177px; height: 13px;``> $1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``>At the beginning of the 2nd term and 3rd term</td>\n<td style=``width: 175.188px; height: 13px;``> $150.00</td>\n<td style=``width: 177px; height: 13px;``> $150.00</td>\n</tr>\n</tbody>\n</table>\n<div>$1400.00 / year for<strong> Form 6</strong> payable as follows:</div>\n<table style=``width: 222px;``>\n<tbody>\n<tr style=``height: 13.1733px;``>\n<td style=``width: 219px; height: 13.1733px;``><strong>Semester 1 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13.1733px;``>$1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 219px; height: 13px;``><strong>Semester 2 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13px;``>$300.00</td>\n</tr>\n</tbody>\n</table>\n<div>The value of each Need-based scholarship shall be <strong>$1000.00 / year for Forms 1 - 5.</div>\n<p></strong></li>\n<li>A total of four (4) scholarship awards would be awarded annually. Two (2) Merit Scholarship would be given to qualifying students who have attained the highest positions in the annual CPEA examination and two (2) scholarship would be given to underprivileged children. All awardees must not be recipients of other scholarships.</li>\n<li> In the event of a tie for the second Merit Scholarship, it would be awarded as follows:</li>\n<ol style=``list-style-type: lower-roman;``>\n<li>The child with the best average in English and Mathematics.</li>\n<li>If (i) fails, the child with the best average in English.</li>\n<li>If (i) and (ii) fail, the child with the best average in Mathematics.</li>\n<li>If (i), (ii) and (iii) fail, an oral examination would be conducted to determine the recipient of the award.</li>\n</ol>\n<li>Each candidate shall:</li>\n<ul>\n<li>Be less than 13 years of age at the date of the examination, as shown by an original birth certificate, which must be provided when applying for the scholarship.</li>\n<li>Have attended a Government or Assisted Primary or Registered Private School during the twelve months preceding the date of the examination.</li>\n<li>Furnish a certificate of good conduct from the Head Teacher of such school.</li>\n<li>Furnish proof that he/she is a Vincentian, or the child of a Vincentian, or that he/she has been a legal resident in the State for at least two (2) years.</li>\n</ul>\n<li>A scholarship shall not be awarded to any candidate who has attained less than 33 1/3 percent in any subject or less than 50 percent of the total marks in the examination.</li>\n<li>At the end of each term the principal of the secondary school(s) to which scholarship awardees attend will be requested to forward to the Chief Executive Officer (CEO) of the Association reports on the attendance, conduct and performance of each scholarship holder. The CEO/Corporate Secretary shall present the reports to the Board of Directors (BOD) of the Association at the first meeting after each has been received. If a report is unsatisfactory, the Directors may choose to rescind the scholarship.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify|color:%23000000\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_empty_space][/vc_column][/vc_row]</p>\n','Scholarships','','inherit','closed','closed','','2503-revision-v1','','','2020-01-18 00:11:30','2020-01-18 00:11:30','',2503,'http://dev.svbla.com/2020/01/18/2503-revision-v1/',0,'revision','',0),(3351,2,'2020-01-18 00:11:44','2020-01-18 00:11:44','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579183982808{margin-bottom: 0px !important;padding-bottom: 0px !important;}\"][vc_column][vc_empty_space][vc_custom_heading text=\"We continue to focus on giving back to our members and the wider Vincentian community by providing scholarships to the children of our members, from the secondary right through to the community college level.<br />\nIn addition, the Association is continuing with its tradition of providing Summer and Christmas internships for some of our scholarship holders, so that they can obtain firsthand experience in the work environment. This continues to be well received by the scholarship holders and their parents/guardians. We can proudly boast of having fifteen (15) active scholarship recipients as at the end of 2019.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][/vc_row][vc_row content_placement=\"top\" css=\".vc_custom_1579184115219{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_column width=\"2/3\" css=\".vc_custom_1579184080807{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_empty_space][vc_images_carousel images=\"3167,3187\" img_size=\"large\" autoplay=\"yes\" hide_pagination_control=\"yes\" wrap=\"yes\"][/vc_column][vc_column width=\"1/3\"][vc_empty_space][vc_custom_heading text=\"<span class=``pe-7s-study``></span>APPLICATION\" font_container=\"tag:h2|font_size:34|text_align:left|color:%23ffffff\" 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type=\"inline\" src=\"#my-custom-popup\"] Click here to open lightbox with HTML content [/su_lightbox]</p>\n<p>[su_lightbox_content id=\"my-custom-popup\"]</p>\n<pre contenteditable=\"true\">&lt;h3&gt;Custom HTML content&lt;/h3&gt;\n\nAny &lt;strong&gt;HTML&lt;/strong&gt; &lt;em&gt;tags&lt;/em&gt; can be used here. Other shortcodes are also</pre>\n<p>[su_highlight]allowed[/su_highlight]</p>\n<pre contenteditable=\"true\">.</pre>\n<p>[su_document url=\"http://dev.svbla.com/wp-content/uploads/2020/01/svbla_scholarship_application_rules.pdf\" width=\"1600\" height=\"860\"]</p>\n<pre contenteditable=\"true\">[/su_lightbox_content]</pre>\n<p>[/vc_column_text][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" css=\".vc_custom_1579126644384{margin-top: 0px !important;}\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][/vc_column_inner][vc_column_inner width=\"1/2\"][/vc_column_inner][/vc_row_inner][vc_empty_space][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" disable_element=\"yes\"][vc_column width=\"2/3\"][vc_custom_heading text=\"BACKGROUND\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_custom_heading text=\"The scholarships shall be called the <strong>``St Vincent Building & Loan Scholarships”</strong>.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][vc_column width=\"1/3\"][vc_raw_html]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[/vc_raw_html][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row disable_element=\"yes\"][vc_column][vc_empty_space][vc_custom_heading text=\"APPLICATION CRITERIA\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_empty_space][vc_custom_heading text=\"</p>\n<ol>\n<li>Scholarships, as the Directors may decide, shall be awarded to children of full members of the St Vincent Building and Loan Association. In order for a child to be eligible, at least one parent must have been a full member for at least one (1) year prior to the date of the examination on which the scholarship is to be based. A full member is an individual with a minimum of 100 permanent shares. “Child” shall include one that has been legally adopted.</li>\n<li>The scholarship shall be tenable at any secondary school in the State for a period of five (5) years (subject to an annual review.) It may be extended up to seven (7) years gaining entry to full time studies at the Division of Arts and Sciences or the Division for Technical Education of the St Vincent and the Grenadines Community College or any post-secondary school approved by the Board of Directors provided that the scholarship holder’s attendance, conduct and progress, as shown by term reports, are satisfactory.</li>\n<li> An applicant for a scholarship shall use the relevant application form.</li>\n<li>The child must pass the Caribbean Primary Exit Assessment (CPEA) in the academic year in which the application for the award is made.</li>\n<li>The scholarship would be advertised in the local media at least three weeks prior to the date of the Examination.</li>\n<li>The value of each scholarship shall be $1,200.00 / year for Forms 1-3 and $1,400.00 / year for Forms 4-5, payable as follows:<br />\n<table style=``width: 575px;``>\n<tbody>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``></td>\n<td style=``width: 175.188px; height: 13px;``><strong> Forms 1-3</strong></td>\n<td style=``width: 177px; height: 13px;``><strong> Forms 4-5</strong></td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``> At the beginning of the 1st term</td>\n<td style=``width: 175.188px; height: 13px;``> $900.00</td>\n<td style=``width: 177px; height: 13px;``> $1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``>At the beginning of the 2nd term and 3rd term</td>\n<td style=``width: 175.188px; height: 13px;``> $150.00</td>\n<td style=``width: 177px; height: 13px;``> $150.00</td>\n</tr>\n</tbody>\n</table>\n<div>$1400.00 / year for<strong> Form 6</strong> payable as follows:</div>\n<table style=``width: 222px;``>\n<tbody>\n<tr style=``height: 13.1733px;``>\n<td style=``width: 219px; height: 13.1733px;``><strong>Semester 1 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13.1733px;``>$1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 219px; height: 13px;``><strong>Semester 2 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13px;``>$300.00</td>\n</tr>\n</tbody>\n</table>\n<div>The value of each Need-based scholarship shall be <strong>$1000.00 / year for Forms 1 - 5.</div>\n<p></strong></li>\n<li>A total of four (4) scholarship awards would be awarded annually. Two (2) Merit Scholarship would be given to qualifying students who have attained the highest positions in the annual CPEA examination and two (2) scholarship would be given to underprivileged children. All awardees must not be recipients of other scholarships.</li>\n<li> In the event of a tie for the second Merit Scholarship, it would be awarded as follows:</li>\n<ol style=``list-style-type: lower-roman;``>\n<li>The child with the best average in English and Mathematics.</li>\n<li>If (i) fails, the child with the best average in English.</li>\n<li>If (i) and (ii) fail, the child with the best average in Mathematics.</li>\n<li>If (i), (ii) and (iii) fail, an oral examination would be conducted to determine the recipient of the award.</li>\n</ol>\n<li>Each candidate shall:</li>\n<ul>\n<li>Be less than 13 years of age at the date of the examination, as shown by an original birth certificate, which must be provided when applying for the scholarship.</li>\n<li>Have attended a Government or Assisted Primary or Registered Private School during the twelve months preceding the date of the examination.</li>\n<li>Furnish a certificate of good conduct from the Head Teacher of such school.</li>\n<li>Furnish proof that he/she is a Vincentian, or the child of a Vincentian, or that he/she has been a legal resident in the State for at least two (2) years.</li>\n</ul>\n<li>A scholarship shall not be awarded to any candidate who has attained less than 33 1/3 percent in any subject or less than 50 percent of the total marks in the examination.</li>\n<li>At the end of each term the principal of the secondary school(s) to which scholarship awardees attend will be requested to forward to the Chief Executive Officer (CEO) of the Association reports on the attendance, conduct and performance of each scholarship holder. The CEO/Corporate Secretary shall present the reports to the Board of Directors (BOD) of the Association at the first meeting after each has been received. If a report is unsatisfactory, the Directors may choose to rescind the scholarship.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify|color:%23000000\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_empty_space][/vc_column][/vc_row]</p>\n','Scholarships','','inherit','closed','closed','','2503-revision-v1','','','2020-01-18 00:11:44','2020-01-18 00:11:44','',2503,'http://dev.svbla.com/2020/01/18/2503-revision-v1/',0,'revision','',0),(3352,2,'2020-01-18 00:20:59','2020-01-18 00:20:59','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579183982808{margin-bottom: 0px !important;padding-bottom: 0px !important;}\"][vc_column][vc_empty_space][vc_custom_heading text=\"We continue to focus on giving back to our members and the wider Vincentian community by providing scholarships to the children of our members, from the secondary right through to the community college level. The scholarship can either be merit-based or need-based. We can proudly boast of having fifteen (15) active scholarship recipients as at the end of 2019 and their payments range from $1000 to $1400 for each academic year.<br>In addition, the Association is continuing with its tradition of providing Summer and Christmas internships for some of our scholarship holders, so that they can obtain firsthand experience in the work environment. This continues to be well received by the scholarship holders and their parents/guardians.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][/vc_row][vc_row content_placement=\"top\" css=\".vc_custom_1579184115219{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_column width=\"2/3\" css=\".vc_custom_1579184080807{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_empty_space][vc_images_carousel images=\"3167,3187\" img_size=\"large\" autoplay=\"yes\" hide_pagination_control=\"yes\" wrap=\"yes\"][/vc_column][vc_column width=\"1/3\"][vc_empty_space][vc_custom_heading text=\"<span class=``pe-7s-study``></span>APPLICATION\" font_container=\"tag:h2|font_size:34|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579279301534{background-color: #3768b4 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type=\"inline\" src=\"#my-custom-popup\"] Click here to open lightbox with HTML content [/su_lightbox]</p>\n<p>[su_lightbox_content id=\"my-custom-popup\"]</p>\n<pre contenteditable=\"true\">&lt;h3&gt;Custom HTML content&lt;/h3&gt;\n\nAny &lt;strong&gt;HTML&lt;/strong&gt; &lt;em&gt;tags&lt;/em&gt; can be used here. Other shortcodes are also</pre>\n<p>[su_highlight]allowed[/su_highlight]</p>\n<pre contenteditable=\"true\">.</pre>\n<p>[su_document url=\"http://dev.svbla.com/wp-content/uploads/2020/01/svbla_scholarship_application_rules.pdf\" width=\"1600\" height=\"860\"]</p>\n<pre contenteditable=\"true\">[/su_lightbox_content]</pre>\n<p>[/vc_column_text][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" css=\".vc_custom_1579126644384{margin-top: 0px !important;}\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][/vc_column_inner][vc_column_inner width=\"1/2\"][/vc_column_inner][/vc_row_inner][vc_empty_space][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" disable_element=\"yes\"][vc_column width=\"2/3\"][vc_custom_heading text=\"BACKGROUND\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_custom_heading text=\"The scholarships shall be called the <strong>``St Vincent Building & Loan Scholarships”</strong>.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][vc_column width=\"1/3\"][vc_raw_html]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[/vc_raw_html][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row disable_element=\"yes\"][vc_column][vc_empty_space][vc_custom_heading text=\"APPLICATION CRITERIA\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_empty_space][vc_custom_heading text=\"</p>\n<ol>\n<li>Scholarships, as the Directors may decide, shall be awarded to children of full members of the St Vincent Building and Loan Association. In order for a child to be eligible, at least one parent must have been a full member for at least one (1) year prior to the date of the examination on which the scholarship is to be based. A full member is an individual with a minimum of 100 permanent shares. “Child” shall include one that has been legally adopted.</li>\n<li>The scholarship shall be tenable at any secondary school in the State for a period of five (5) years (subject to an annual review.) It may be extended up to seven (7) years gaining entry to full time studies at the Division of Arts and Sciences or the Division for Technical Education of the St Vincent and the Grenadines Community College or any post-secondary school approved by the Board of Directors provided that the scholarship holder’s attendance, conduct and progress, as shown by term reports, are satisfactory.</li>\n<li> An applicant for a scholarship shall use the relevant application form.</li>\n<li>The child must pass the Caribbean Primary Exit Assessment (CPEA) in the academic year in which the application for the award is made.</li>\n<li>The scholarship would be advertised in the local media at least three weeks prior to the date of the Examination.</li>\n<li>The value of each scholarship shall be $1,200.00 / year for Forms 1-3 and $1,400.00 / year for Forms 4-5, payable as follows:<br />\n<table style=``width: 575px;``>\n<tbody>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``></td>\n<td style=``width: 175.188px; height: 13px;``><strong> Forms 1-3</strong></td>\n<td style=``width: 177px; height: 13px;``><strong> Forms 4-5</strong></td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``> At the beginning of the 1st term</td>\n<td style=``width: 175.188px; height: 13px;``> $900.00</td>\n<td style=``width: 177px; height: 13px;``> $1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``>At the beginning of the 2nd term and 3rd term</td>\n<td style=``width: 175.188px; height: 13px;``> $150.00</td>\n<td style=``width: 177px; height: 13px;``> $150.00</td>\n</tr>\n</tbody>\n</table>\n<div>$1400.00 / year for<strong> Form 6</strong> payable as follows:</div>\n<table style=``width: 222px;``>\n<tbody>\n<tr style=``height: 13.1733px;``>\n<td style=``width: 219px; height: 13.1733px;``><strong>Semester 1 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13.1733px;``>$1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 219px; height: 13px;``><strong>Semester 2 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13px;``>$300.00</td>\n</tr>\n</tbody>\n</table>\n<div>The value of each Need-based scholarship shall be <strong>$1000.00 / year for Forms 1 - 5.</div>\n<p></strong></li>\n<li>A total of four (4) scholarship awards would be awarded annually. Two (2) Merit Scholarship would be given to qualifying students who have attained the highest positions in the annual CPEA examination and two (2) scholarship would be given to underprivileged children. All awardees must not be recipients of other scholarships.</li>\n<li> In the event of a tie for the second Merit Scholarship, it would be awarded as follows:</li>\n<ol style=``list-style-type: lower-roman;``>\n<li>The child with the best average in English and Mathematics.</li>\n<li>If (i) fails, the child with the best average in English.</li>\n<li>If (i) and (ii) fail, the child with the best average in Mathematics.</li>\n<li>If (i), (ii) and (iii) fail, an oral examination would be conducted to determine the recipient of the award.</li>\n</ol>\n<li>Each candidate shall:</li>\n<ul>\n<li>Be less than 13 years of age at the date of the examination, as shown by an original birth certificate, which must be provided when applying for the scholarship.</li>\n<li>Have attended a Government or Assisted Primary or Registered Private School during the twelve months preceding the date of the examination.</li>\n<li>Furnish a certificate of good conduct from the Head Teacher of such school.</li>\n<li>Furnish proof that he/she is a Vincentian, or the child of a Vincentian, or that he/she has been a legal resident in the State for at least two (2) years.</li>\n</ul>\n<li>A scholarship shall not be awarded to any candidate who has attained less than 33 1/3 percent in any subject or less than 50 percent of the total marks in the examination.</li>\n<li>At the end of each term the principal of the secondary school(s) to which scholarship awardees attend will be requested to forward to the Chief Executive Officer (CEO) of the Association reports on the attendance, conduct and performance of each scholarship holder. The CEO/Corporate Secretary shall present the reports to the Board of Directors (BOD) of the Association at the first meeting after each has been received. If a report is unsatisfactory, the Directors may choose to rescind the scholarship.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify|color:%23000000\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_empty_space][/vc_column][/vc_row]</p>\n','Scholarships','','inherit','closed','closed','','2503-revision-v1','','','2020-01-18 00:20:59','2020-01-18 00:20:59','',2503,'http://dev.svbla.com/2020/01/18/2503-revision-v1/',0,'revision','',0),(3353,2,'2020-01-18 00:21:33','2020-01-18 00:21:33','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579183982808{margin-bottom: 0px !important;padding-bottom: 0px !important;}\"][vc_column][vc_empty_space][vc_custom_heading text=\"We continue to focus on giving back to our members and the wider Vincentian community by providing scholarships to the children of our members, from the secondary right through to the community college level. The scholarship can either be merit-based or need-based. We can proudly boast of having fifteen (15) active scholarship recipients as at the end of 2019 and their payments range from $1000 to $1400 for each academic year.<br>In addition, the Association is continuing with its tradition of providing Summer and Christmas internships for some of our scholarship holders, so that they can obtain firsthand experience in the work environment. This continues to be well received by the scholarship holders and their parents/guardians.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][/vc_row][vc_row content_placement=\"top\" css=\".vc_custom_1579184115219{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_column width=\"2/3\" css=\".vc_custom_1579184080807{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_empty_space][vc_images_carousel images=\"3167,3187\" img_size=\"large\" autoplay=\"yes\" hide_pagination_control=\"yes\" wrap=\"yes\" el_class=\"w3-center\"][/vc_column][vc_column width=\"1/3\"][vc_empty_space][vc_custom_heading text=\"<span class=``pe-7s-study``></span>APPLICATION\" font_container=\"tag:h2|font_size:34|text_align:left|color:%23ffffff\" 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type=\"inline\" src=\"#my-custom-popup\"] Click here to open lightbox with HTML content [/su_lightbox]</p>\n<p>[su_lightbox_content id=\"my-custom-popup\"]</p>\n<pre contenteditable=\"true\">&lt;h3&gt;Custom HTML content&lt;/h3&gt;\n\nAny &lt;strong&gt;HTML&lt;/strong&gt; &lt;em&gt;tags&lt;/em&gt; can be used here. Other shortcodes are also</pre>\n<p>[su_highlight]allowed[/su_highlight]</p>\n<pre contenteditable=\"true\">.</pre>\n<p>[su_document url=\"http://dev.svbla.com/wp-content/uploads/2020/01/svbla_scholarship_application_rules.pdf\" width=\"1600\" height=\"860\"]</p>\n<pre contenteditable=\"true\">[/su_lightbox_content]</pre>\n<p>[/vc_column_text][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" css=\".vc_custom_1579126644384{margin-top: 0px !important;}\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][/vc_column_inner][vc_column_inner width=\"1/2\"][/vc_column_inner][/vc_row_inner][vc_empty_space][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" disable_element=\"yes\"][vc_column width=\"2/3\"][vc_custom_heading text=\"BACKGROUND\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_custom_heading text=\"The scholarships shall be called the <strong>``St Vincent Building & Loan Scholarships”</strong>.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][vc_column width=\"1/3\"][vc_raw_html]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[/vc_raw_html][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row disable_element=\"yes\"][vc_column][vc_empty_space][vc_custom_heading text=\"APPLICATION CRITERIA\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_empty_space][vc_custom_heading text=\"</p>\n<ol>\n<li>Scholarships, as the Directors may decide, shall be awarded to children of full members of the St Vincent Building and Loan Association. In order for a child to be eligible, at least one parent must have been a full member for at least one (1) year prior to the date of the examination on which the scholarship is to be based. A full member is an individual with a minimum of 100 permanent shares. “Child” shall include one that has been legally adopted.</li>\n<li>The scholarship shall be tenable at any secondary school in the State for a period of five (5) years (subject to an annual review.) It may be extended up to seven (7) years gaining entry to full time studies at the Division of Arts and Sciences or the Division for Technical Education of the St Vincent and the Grenadines Community College or any post-secondary school approved by the Board of Directors provided that the scholarship holder’s attendance, conduct and progress, as shown by term reports, are satisfactory.</li>\n<li> An applicant for a scholarship shall use the relevant application form.</li>\n<li>The child must pass the Caribbean Primary Exit Assessment (CPEA) in the academic year in which the application for the award is made.</li>\n<li>The scholarship would be advertised in the local media at least three weeks prior to the date of the Examination.</li>\n<li>The value of each scholarship shall be $1,200.00 / year for Forms 1-3 and $1,400.00 / year for Forms 4-5, payable as follows:<br />\n<table style=``width: 575px;``>\n<tbody>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``></td>\n<td style=``width: 175.188px; height: 13px;``><strong> Forms 1-3</strong></td>\n<td style=``width: 177px; height: 13px;``><strong> Forms 4-5</strong></td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``> At the beginning of the 1st term</td>\n<td style=``width: 175.188px; height: 13px;``> $900.00</td>\n<td style=``width: 177px; height: 13px;``> $1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``>At the beginning of the 2nd term and 3rd term</td>\n<td style=``width: 175.188px; height: 13px;``> $150.00</td>\n<td style=``width: 177px; height: 13px;``> $150.00</td>\n</tr>\n</tbody>\n</table>\n<div>$1400.00 / year for<strong> Form 6</strong> payable as follows:</div>\n<table style=``width: 222px;``>\n<tbody>\n<tr style=``height: 13.1733px;``>\n<td style=``width: 219px; height: 13.1733px;``><strong>Semester 1 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13.1733px;``>$1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 219px; height: 13px;``><strong>Semester 2 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13px;``>$300.00</td>\n</tr>\n</tbody>\n</table>\n<div>The value of each Need-based scholarship shall be <strong>$1000.00 / year for Forms 1 - 5.</div>\n<p></strong></li>\n<li>A total of four (4) scholarship awards would be awarded annually. Two (2) Merit Scholarship would be given to qualifying students who have attained the highest positions in the annual CPEA examination and two (2) scholarship would be given to underprivileged children. All awardees must not be recipients of other scholarships.</li>\n<li> In the event of a tie for the second Merit Scholarship, it would be awarded as follows:</li>\n<ol style=``list-style-type: lower-roman;``>\n<li>The child with the best average in English and Mathematics.</li>\n<li>If (i) fails, the child with the best average in English.</li>\n<li>If (i) and (ii) fail, the child with the best average in Mathematics.</li>\n<li>If (i), (ii) and (iii) fail, an oral examination would be conducted to determine the recipient of the award.</li>\n</ol>\n<li>Each candidate shall:</li>\n<ul>\n<li>Be less than 13 years of age at the date of the examination, as shown by an original birth certificate, which must be provided when applying for the scholarship.</li>\n<li>Have attended a Government or Assisted Primary or Registered Private School during the twelve months preceding the date of the examination.</li>\n<li>Furnish a certificate of good conduct from the Head Teacher of such school.</li>\n<li>Furnish proof that he/she is a Vincentian, or the child of a Vincentian, or that he/she has been a legal resident in the State for at least two (2) years.</li>\n</ul>\n<li>A scholarship shall not be awarded to any candidate who has attained less than 33 1/3 percent in any subject or less than 50 percent of the total marks in the examination.</li>\n<li>At the end of each term the principal of the secondary school(s) to which scholarship awardees attend will be requested to forward to the Chief Executive Officer (CEO) of the Association reports on the attendance, conduct and performance of each scholarship holder. The CEO/Corporate Secretary shall present the reports to the Board of Directors (BOD) of the Association at the first meeting after each has been received. If a report is unsatisfactory, the Directors may choose to rescind the scholarship.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify|color:%23000000\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_empty_space][/vc_column][/vc_row]</p>\n','Scholarships','','inherit','closed','closed','','2503-revision-v1','','','2020-01-18 00:21:33','2020-01-18 00:21:33','',2503,'http://dev.svbla.com/2020/01/18/2503-revision-v1/',0,'revision','',0),(3355,2,'2020-01-18 00:26:29','2020-01-18 00:26:29','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579183982808{margin-bottom: 0px !important;padding-bottom: 0px !important;}\"][vc_column][vc_empty_space][vc_custom_heading text=\"We continue to focus on giving back to our members and the wider Vincentian community by providing scholarships to the children of our members, from the secondary right through to the community college level. The scholarship can either be merit-based or need-based. We can proudly boast of having fifteen (15) active scholarship recipients as at the end of 2019 and their payments range from $1000 to $1400 for each academic year.<br />\nIn addition, the Association is continuing with its tradition of providing Summer and Christmas internships for some of our scholarship holders, so that they can obtain firsthand experience in the work environment. This continues to be well received by the scholarship holders and their parents/guardians.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][/vc_row][vc_row content_placement=\"top\" css=\".vc_custom_1579184115219{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_column width=\"2/3\" css=\".vc_custom_1579184080807{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_empty_space][vc_images_carousel images=\"3167,3187\" img_size=\"large\" mode=\"vertical\" autoplay=\"yes\" hide_pagination_control=\"yes\" wrap=\"yes\" el_class=\"w3-center\"][/vc_column][vc_column width=\"1/3\"][vc_empty_space][vc_custom_heading text=\"<span class=``pe-7s-study``></span>APPLICATION\" font_container=\"tag:h2|font_size:34|text_align:left|color:%23ffffff\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\" css=\".vc_custom_1579279301534{background-color: #3768b4 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equal_height=\"yes\" content_placement=\"middle\" disable_element=\"yes\"][vc_column width=\"2/3\"][vc_custom_heading text=\"BACKGROUND\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_custom_heading text=\"The scholarships shall be called the <strong>``St Vincent Building & Loan Scholarships”</strong>.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][vc_column width=\"1/3\"][vc_raw_html]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[/vc_raw_html][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row disable_element=\"yes\"][vc_column][vc_empty_space][vc_custom_heading text=\"APPLICATION CRITERIA\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_empty_space][vc_custom_heading text=\"</p>\n<ol>\n<li>Scholarships, as the Directors may decide, shall be awarded to children of full members of the St Vincent Building and Loan Association. In order for a child to be eligible, at least one parent must have been a full member for at least one (1) year prior to the date of the examination on which the scholarship is to be based. A full member is an individual with a minimum of 100 permanent shares. “Child” shall include one that has been legally adopted.</li>\n<li>The scholarship shall be tenable at any secondary school in the State for a period of five (5) years (subject to an annual review.) It may be extended up to seven (7) years gaining entry to full time studies at the Division of Arts and Sciences or the Division for Technical Education of the St Vincent and the Grenadines Community College or any post-secondary school approved by the Board of Directors provided that the scholarship holder’s attendance, conduct and progress, as shown by term reports, are satisfactory.</li>\n<li> An applicant for a scholarship shall use the relevant application form.</li>\n<li>The child must pass the Caribbean Primary Exit Assessment (CPEA) in the academic year in which the application for the award is made.</li>\n<li>The scholarship would be advertised in the local media at least three weeks prior to the date of the Examination.</li>\n<li>The value of each scholarship shall be $1,200.00 / year for Forms 1-3 and $1,400.00 / year for Forms 4-5, payable as follows:<br />\n<table style=``width: 575px;``>\n<tbody>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``></td>\n<td style=``width: 175.188px; height: 13px;``><strong> Forms 1-3</strong></td>\n<td style=``width: 177px; height: 13px;``><strong> Forms 4-5</strong></td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``> At the beginning of the 1st term</td>\n<td style=``width: 175.188px; height: 13px;``> $900.00</td>\n<td style=``width: 177px; height: 13px;``> $1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``>At the beginning of the 2nd term and 3rd term</td>\n<td style=``width: 175.188px; height: 13px;``> $150.00</td>\n<td style=``width: 177px; height: 13px;``> $150.00</td>\n</tr>\n</tbody>\n</table>\n<div>$1400.00 / year for<strong> Form 6</strong> payable as follows:</div>\n<table style=``width: 222px;``>\n<tbody>\n<tr style=``height: 13.1733px;``>\n<td style=``width: 219px; height: 13.1733px;``><strong>Semester 1 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13.1733px;``>$1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 219px; height: 13px;``><strong>Semester 2 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13px;``>$300.00</td>\n</tr>\n</tbody>\n</table>\n<div>The value of each Need-based scholarship shall be <strong>$1000.00 / year for Forms 1 - 5.</div>\n<p></strong></li>\n<li>A total of four (4) scholarship awards would be awarded annually. Two (2) Merit Scholarship would be given to qualifying students who have attained the highest positions in the annual CPEA examination and two (2) scholarship would be given to underprivileged children. All awardees must not be recipients of other scholarships.</li>\n<li> In the event of a tie for the second Merit Scholarship, it would be awarded as follows:</li>\n<ol style=``list-style-type: lower-roman;``>\n<li>The child with the best average in English and Mathematics.</li>\n<li>If (i) fails, the child with the best average in English.</li>\n<li>If (i) and (ii) fail, the child with the best average in Mathematics.</li>\n<li>If (i), (ii) and (iii) fail, an oral examination would be conducted to determine the recipient of the award.</li>\n</ol>\n<li>Each candidate shall:</li>\n<ul>\n<li>Be less than 13 years of age at the date of the examination, as shown by an original birth certificate, which must be provided when applying for the scholarship.</li>\n<li>Have attended a Government or Assisted Primary or Registered Private School during the twelve months preceding the date of the examination.</li>\n<li>Furnish a certificate of good conduct from the Head Teacher of such school.</li>\n<li>Furnish proof that he/she is a Vincentian, or the child of a Vincentian, or that he/she has been a legal resident in the State for at least two (2) years.</li>\n</ul>\n<li>A scholarship shall not be awarded to any candidate who has attained less than 33 1/3 percent in any subject or less than 50 percent of the total marks in the examination.</li>\n<li>At the end of each term the principal of the secondary school(s) to which scholarship awardees attend will be requested to forward to the Chief Executive Officer (CEO) of the Association reports on the attendance, conduct and performance of each scholarship holder. The CEO/Corporate Secretary shall present the reports to the Board of Directors (BOD) of the Association at the first meeting after each has been received. If a report is unsatisfactory, the Directors may choose to rescind the scholarship.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify|color:%23000000\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_empty_space][/vc_column][/vc_row]</p>\n','Scholarships','','inherit','closed','closed','','2503-revision-v1','','','2020-01-18 00:26:29','2020-01-18 00:26:29','',2503,'http://dev.svbla.com/2020/01/18/2503-revision-v1/',0,'revision','',0),(3354,2,'2020-01-18 00:23:21','2020-01-18 00:23:21','<p>[vc_row equal_height=\"yes\" content_placement=\"top\" css=\".vc_custom_1579183982808{margin-bottom: 0px !important;padding-bottom: 0px !important;}\"][vc_column][vc_empty_space][vc_custom_heading text=\"We continue to focus on giving back to our members and the wider Vincentian community by providing scholarships to the children of our members, from the secondary right through to the community college level. The scholarship can either be merit-based or need-based. We can proudly boast of having fifteen (15) active scholarship recipients as at the end of 2019 and their payments range from $1000 to $1400 for each academic year.<br />\nIn addition, the Association is continuing with its tradition of providing Summer and Christmas internships for some of our scholarship holders, so that they can obtain firsthand experience in the work environment. This continues to be well received by the scholarship holders and their parents/guardians.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][/vc_row][vc_row content_placement=\"top\" css=\".vc_custom_1579184115219{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_column width=\"2/3\" css=\".vc_custom_1579184080807{margin-top: 0px !important;padding-top: 0px !important;}\"][vc_empty_space][vc_images_carousel images=\"3167,3187\" img_size=\"large\" mode=\"vertical\" autoplay=\"yes\" hide_pagination_control=\"yes\" wrap=\"yes\" el_class=\"w3-center\"][/vc_column][vc_column width=\"1/3\"][vc_empty_space][vc_custom_heading text=\"<span class=``pe-7s-study``></span>APPLICATION\" font_container=\"tag:h2|font_size:34|text_align:left|color:%23ffffff\" 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type=\"inline\" src=\"#my-custom-popup\"] Click here to open lightbox with HTML content [/su_lightbox]</p>\n<p>[su_lightbox_content id=\"my-custom-popup\"]</p>\n<pre contenteditable=\"true\">&lt;h3&gt;Custom HTML content&lt;/h3&gt;\n\nAny &lt;strong&gt;HTML&lt;/strong&gt; &lt;em&gt;tags&lt;/em&gt; can be used here. Other shortcodes are also</pre>\n<p>[su_highlight]allowed[/su_highlight]</p>\n<pre contenteditable=\"true\">.</pre>\n<p>[su_document url=\"http://dev.svbla.com/wp-content/uploads/2020/01/svbla_scholarship_application_rules.pdf\" width=\"1600\" height=\"860\"]</p>\n<pre contenteditable=\"true\">[/su_lightbox_content]</pre>\n<p>[/vc_column_text][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" css=\".vc_custom_1579126644384{margin-top: 0px !important;}\"][vc_column][vc_row_inner equal_height=\"yes\"][vc_column_inner width=\"1/2\"][/vc_column_inner][vc_column_inner width=\"1/2\"][/vc_column_inner][/vc_row_inner][vc_empty_space][/vc_column][/vc_row][vc_row equal_height=\"yes\" content_placement=\"middle\" disable_element=\"yes\"][vc_column width=\"2/3\"][vc_custom_heading text=\"BACKGROUND\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_custom_heading text=\"The scholarships shall be called the <strong>``St Vincent Building & Loan Scholarships”</strong>.\" font_container=\"tag:div|font_size:20|text_align:justify\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][/vc_column][vc_column width=\"1/3\"][vc_raw_html]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[/vc_raw_html][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row disable_element=\"yes\"][vc_column][vc_empty_space][vc_custom_heading text=\"APPLICATION CRITERIA\" font_container=\"tag:h2|font_size:20|text_align:left|color:%233768b4\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\"][vc_empty_space][vc_custom_heading text=\"</p>\n<ol>\n<li>Scholarships, as the Directors may decide, shall be awarded to children of full members of the St Vincent Building and Loan Association. In order for a child to be eligible, at least one parent must have been a full member for at least one (1) year prior to the date of the examination on which the scholarship is to be based. A full member is an individual with a minimum of 100 permanent shares. “Child” shall include one that has been legally adopted.</li>\n<li>The scholarship shall be tenable at any secondary school in the State for a period of five (5) years (subject to an annual review.) It may be extended up to seven (7) years gaining entry to full time studies at the Division of Arts and Sciences or the Division for Technical Education of the St Vincent and the Grenadines Community College or any post-secondary school approved by the Board of Directors provided that the scholarship holder’s attendance, conduct and progress, as shown by term reports, are satisfactory.</li>\n<li> An applicant for a scholarship shall use the relevant application form.</li>\n<li>The child must pass the Caribbean Primary Exit Assessment (CPEA) in the academic year in which the application for the award is made.</li>\n<li>The scholarship would be advertised in the local media at least three weeks prior to the date of the Examination.</li>\n<li>The value of each scholarship shall be $1,200.00 / year for Forms 1-3 and $1,400.00 / year for Forms 4-5, payable as follows:<br />\n<table style=``width: 575px;``>\n<tbody>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``></td>\n<td style=``width: 175.188px; height: 13px;``><strong> Forms 1-3</strong></td>\n<td style=``width: 177px; height: 13px;``><strong> Forms 4-5</strong></td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``> At the beginning of the 1st term</td>\n<td style=``width: 175.188px; height: 13px;``> $900.00</td>\n<td style=``width: 177px; height: 13px;``> $1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 403.813px; height: 13px;``>At the beginning of the 2nd term and 3rd term</td>\n<td style=``width: 175.188px; height: 13px;``> $150.00</td>\n<td style=``width: 177px; height: 13px;``> $150.00</td>\n</tr>\n</tbody>\n</table>\n<div>$1400.00 / year for<strong> Form 6</strong> payable as follows:</div>\n<table style=``width: 222px;``>\n<tbody>\n<tr style=``height: 13.1733px;``>\n<td style=``width: 219px; height: 13.1733px;``><strong>Semester 1 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13.1733px;``>$1,100.00</td>\n</tr>\n<tr style=``height: 13px;``>\n<td style=``width: 219px; height: 13px;``><strong>Semester 2 </strong></td>\n<td style=``width: 178px; text-align: left; height: 13px;``>$300.00</td>\n</tr>\n</tbody>\n</table>\n<div>The value of each Need-based scholarship shall be <strong>$1000.00 / year for Forms 1 - 5.</div>\n<p></strong></li>\n<li>A total of four (4) scholarship awards would be awarded annually. Two (2) Merit Scholarship would be given to qualifying students who have attained the highest positions in the annual CPEA examination and two (2) scholarship would be given to underprivileged children. All awardees must not be recipients of other scholarships.</li>\n<li> In the event of a tie for the second Merit Scholarship, it would be awarded as follows:</li>\n<ol style=``list-style-type: lower-roman;``>\n<li>The child with the best average in English and Mathematics.</li>\n<li>If (i) fails, the child with the best average in English.</li>\n<li>If (i) and (ii) fail, the child with the best average in Mathematics.</li>\n<li>If (i), (ii) and (iii) fail, an oral examination would be conducted to determine the recipient of the award.</li>\n</ol>\n<li>Each candidate shall:</li>\n<ul>\n<li>Be less than 13 years of age at the date of the examination, as shown by an original birth certificate, which must be provided when applying for the scholarship.</li>\n<li>Have attended a Government or Assisted Primary or Registered Private School during the twelve months preceding the date of the examination.</li>\n<li>Furnish a certificate of good conduct from the Head Teacher of such school.</li>\n<li>Furnish proof that he/she is a Vincentian, or the child of a Vincentian, or that he/she has been a legal resident in the State for at least two (2) years.</li>\n</ul>\n<li>A scholarship shall not be awarded to any candidate who has attained less than 33 1/3 percent in any subject or less than 50 percent of the total marks in the examination.</li>\n<li>At the end of each term the principal of the secondary school(s) to which scholarship awardees attend will be requested to forward to the Chief Executive Officer (CEO) of the Association reports on the attendance, conduct and performance of each scholarship holder. The CEO/Corporate Secretary shall present the reports to the Board of Directors (BOD) of the Association at the first meeting after each has been received. If a report is unsatisfactory, the Directors may choose to rescind the scholarship.</li>\n</ol>\n<p>\" font_container=\"tag:div|font_size:20|text_align:justify|color:%23000000\" google_fonts=\"font_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:400%20regular%3A400%3Anormal\"][vc_empty_space][/vc_column][/vc_row]</p>\n','Scholarships','','inherit','closed','closed','','2503-revision-v1','','','2020-01-18 00:23:21','2020-01-18 00:23:21','',2503,'http://dev.svbla.com/2020/01/18/2503-revision-v1/',0,'revision','',0);
