Debates Parlamentares - Diário 078S1, p. 57 (2016-05-05)

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5 DE MAIO DE 2016 57

example, a government or agency thereof, or a municipality), that includes the individual’s name and is typically

used for identification purposes.

3. With respect to an Entity, any official documentation issued by an authorized government body (for

example, a government or agency thereof, or a municipality) that includes the name of the Entity and either the

address of its principal office in the jurisdiction (or U.S. Territory) in which it claims to be a resident or the

jurisdiction (or U.S. Territory) in which the Entity was incorporated or organized.

4. With respect to a Financial Account maintained in a jurisdiction with anti-money laundering rules that have

been approved by the IRS in connection with a QI agreement (as described in relevant U.S. Treasury

Regulations), any of the documents, other than a Form W-8 or W-9, referenced in the jurisdiction’s attachment

to the QI agreement for identifying individuals or Entities.

5. Any financial statement, third-party credit report, bankruptcy filing, or U.S. Securities and Exchange

Commission report.

E. Alternative Procedures for Financial Accounts Held by Individual Beneficiaries of a Cash Value Insurance

Contract. A Reporting Portuguese Financial Institution may presume that an individual beneficiary (other than

the owner) of a Cash Value Insurance Contract receiving a death benefit is not a Specified U.S. Person and may

treat such Financial Account as other than a U.S. Reportable Account unless the Reporting Portuguese Financial

Institution has actual knowledge, or reason to know, that the beneficiary is a Specified U.S. Person. A Reporting

Portuguese Financial Institution has reason to know that a beneficiary of a Cash Value Insurance Contract is a

Specified U.S. Person if the information collected by the Reporting Portuguese Financial Institution and

associated with the beneficiary contains U.S. indicia as described in subparagraph (B)(1) of section II of this

Annex I. If a Reporting Portuguese Financial Institution has actual knowledge, or reason to know, that the

beneficiary is a Specified U.S. Person, the Reporting Portuguese Financial Institution must follow the procedures

in subparagraph B(3) of section II of this Annex I.

F. Reliance on Third Parties. Regardless of whether an election is made under paragraph C of section I of

this Annex I, Portugal may permit Reporting Portuguese Financial Institutions to rely on due diligence procedures

performed by third parties, to the extent provided in relevant U.S. Treasury Regulations.

ANNEX II

The following Entities shall be treated as exempt beneficial owners or deemed-compliant FFIs, as the case

may be, and the following accounts are excluded from the definition of Financial Accounts.

This Annex II may be modified by a mutual written decision entered into between the Competent Authorities

of Portugal and the United States: (1) to include additional Entities and accounts that present a low risk of being

used by U.S. Persons to evade U.S. tax and that have similar characteristics to the Entities and accounts

described in this Annex II as of the date of signature of the Agreement; or (2) to remove Entities and accounts

that, due to changes in circumstances, no longer present a low risk of being used by U.S. Persons to evade U.S.

tax. Any such addition or removal shall be effective on the date of signature of the mutual decision, unless

otherwise provided therein. Procedures for reaching such a mutual decision may be included in the mutual

agreement or arrangement described in paragraph 6 of Article 3 of the Agreement.

I. Exempt Beneficial Owners other than Funds.The following Entities shall be treated as Non-Reporting

Portuguese Financial Institutions and as exempt beneficial owners for purposes of sections 1471 and 1472 of

the U.S. Internal Revenue Code, other than with respect to a payment that is derived from an obligation held in

connection with a commercial financial activity of a type engaged in by a Specified Insurance Company, Custodial

Institution, or Depository Institution.

5 DE MAIO DE 2016 57 example, a government or agency thereof, or a municipality), that includes the individual’s name and is typically used for identification purposes. 3. With respect to an Entity, any official documentation issued by an authorized government body (for example, a government or agency thereof, or a municipality) that includes the name of the Entity and either the address of its principal office in the jurisdiction (or U.S. Territory) in which it claims to be a resident or the jurisdiction (or U.S. Territory) in which the Entity was incorporated or organized. 4. With respect to a Financial Account maintained in a jurisdiction with anti-money laundering rules that have been approved by the IRS in connection with a QI agreement (as described in relevant U.S. Treasury Regulations), any of the documents, other than a Form W-8 or W-9, referenced in the jurisdiction’s attachment to the QI agreement for identifying individuals or Entities. 5. Any financial statement, third-party credit report, bankruptcy filing, or U.S. Securities and Exchange Commission report. E. Alternative Procedures for Financial Accounts Held by Individual Beneficiaries of a Cash Value Insurance Contract. A Reporting Portuguese Financial Institution may presume that an individual beneficiary (other than the owner) of a Cash Value Insurance Contract receiving a death benefit is not a Specified U.S. Person and may treat such Financial Account as other than a U.S. Reportable Account unless the Reporting Portuguese Financial Institution has actual knowledge, or reason to know, that the beneficiary is a Specified U.S. Person. A Reporting Portuguese Financial Institution has reason to know that a beneficiary of a Cash Value Insurance Contract is a Specified U.S. Person if the information collected by the Reporting Portuguese Financial Institution and associated with the beneficiary contains U.S. indicia as described in subparagraph (B)(1) of section II of this Annex I. If a Reporting Portuguese Financial Institution has actual knowledge, or reason to know, that the beneficiary is a Specified U.S. Person, the Reporting Portuguese Financial Institution must follow the procedures in subparagraph B(3) of section II of this Annex I. F. Reliance on Third Parties. Regardless of whether an election is made under paragraph C of section I of this Annex I, Portugal may permit Reporting Portuguese Financial Institutions to rely on due diligence procedures performed by third parties, to the extent provided in relevant U.S. Treasury Regulations. ANNEX II The following Entities shall be treated as exempt beneficial owners or deemed-compliant FFIs, as the case may be, and the following accounts are excluded from the definition of Financial Accounts. This Annex II may be modified by a mutual written decision entered into between the Competent Authorities of Portugal and the United States: (1) to include additional Entities and accounts that present a low risk of being used by U.S. Persons to evade U.S. tax and that have similar characteristics to the Entities and accounts described in this Annex II as of the date of signature of the Agreement; or (2) to remove Entities and accounts that, due to changes in circumstances, no longer present a low risk of being used by U.S. Persons to evade U.S. tax. Any such addition or removal shall be effective on the date of signature of the mutual decision, unless otherwise provided therein. Procedures for reaching such a mutual decision may be included in the mutual agreement or arrangement described in paragraph 6 of Article 3 of the Agreement. I. Exempt Beneficial Owners other than Funds.The following Entities shall be treated as Non-Reporting Portuguese Financial Institutions and as exempt beneficial owners for purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code, other than with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a Specified Insurance Company, Custodial Institution, or Depository Institution.

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