FATCA / Bank Issues?

I just got a Kakao message from Nonghyup (my only Korean bank account), which says "In accordance with the International Tax Adjustment Act, we would like [name] to come to our branches to confirm their overseas tax obligations. If it is impossible to confirm your information, your financial account information may be submitted to the National Tax Service and the tax authorities of the estimated country of tax obligation, or reported to the National Tax Service as an obstructor. Please visit the branch below by 2022-04-22 and bring: your ID, residential evidence, and certificate of the country's taxpayer information number (TIN)."

I've had this account for just over eight years, and the only times I've gone in have been to update my expired card, and to set up overseas remittance. I've been filing my US taxes and FBAR every year.

The issue: They want me to go to Gangwon-do, where I made the account. I live hours away now. Also, I am unsure what they mean by "certificate of the country's taxpayer information number". They want...proof of my SSN? That card is in a box in the bank in the US. I have an old W-2 from 2012, but would the desk worker know what that is, or that it counts as proof?

Has anyone else had to do this before, or recently?

I had this a few times with Standard Charter.  I was asked if I wanted to release my financial information to Revenue Canada and declined to do so.  I was asked every year and each year I simply refused or ignored the request.  Normally, they should know exactly what they need from you.  We do not have a certificate of country taxpayer information number except our annual assessment.  My advice would be to continue doing what  you have done every year and ignore this. 

If you have filed your taxes in the US, then you are fine.  Ignore the bank.

I just ignored it last year. No problems so far.

But on a related note, NH has changed their bank card policy which negatively effects E-2 and E-1 visa holders:

When you renew your card, they will not issue you a debit activated card unless you have more than a year left on your ARC.
This means that if you have, say, 9 months left on your ARC, the only card they will give you is one that allows you to deposit and withdraw from an atm, but has no other functionality (ie, can't buy stuff at a checkout counter with it etc).

Considering that during EPIK orientations, most FOB teachers were told to open a NH account, this is going to upset a lot of people.
The only work around is to renew your NH card directly after renewing your ARC, as immigration typically gives us 1 year and 1 month on the card.
Or just change banks, of course.

 

But why though?

That would mean using cash only for everything. No more kakaopay or samsung pay, no more booking tickets via your phone, or online shopping on sites that dont allow wire transfers.
I havent carried cash around for 5 years. Back to the days of booking train/bus tickets in advance in person and paying for food delivery/taxis in cash, lol.

I've also had that FATCA message, and been asked to visit a branch very far from where I live now. I work every day during bank hours so...

But on a related note, NH has changed their bank card policy which negatively effects E-2 and E-1 visa holders:

When you renew your card, they will not issue you a debit activated card unless you have more than a year left on your ARC.

Uh, so I guess I won't be able to use NH debit at all for a couple years... immigration gave me an F-6 for exactly 6 days less than a year, and I imagine renewals will be the same unless I have a child (not in the plan).

I recently switched to an F-6 (marriage) from a comfy F-2-7 (points) because the points got too hard to maintain, and I figured it'd be easier to just sit on a marriage visa for a couple years (already been married for 3), then switch to an F-5. Korea is not looking super foreigner-friendly lately...

Uh, so I guess I won't be able to use NH debit at all for a couple years... immigration gave me an F-6 for exactly 6 days less than a year, and I imagine renewals will be the same unless I have a child (not in the plan).

I recently switched to an F-6 (marriage) from a comfy F-2-7 (points) because the points got too hard to maintain, and I figured it'd be easier to just sit on a marriage visa for a couple years (already been married for 3), then switch to an F-5. Korea is not looking super foreigner-friendly lately...

Switch banks, I guess. I hear KEB/Hana is pretty foreigner friendly.
Or grab a credit card, link it to your NH account and just use the credit card for everything (which is what I'm currently doing). Some korean credit cards offer decent points/bonuses. I got the Hyundai card, for example, which gives 3% back at costco, 2% at various other places, and 1% everywhere else.


And, uh, sorry for the derail.


Regarding the International Tax Adjustment Act, I read recently on a fb page that most foreigners can disregard these texts because they've already filled out a FATCA doc or some equivalent of it when they first signed up for a korean bank account.
I personally don't remember doing this but, honestly, most of my attention was focused on finding the correct spaces to sign my name when filling out those bank forms... 

I was under the impression this was aimed mostly at Americans, because the IRS has been aggressive in demanding foreign banks hand over information for any American citizen bank account holders. And in order to do business in the US they had to set up something that made it look like they were complying. That's supposedly why now it's difficult for Americans to open bank accounts overseas, banks just don't want to bother with the hassle with IRS over-reach.

Anyways, as a Canadian I've just ignored the request and life has gone on as normal.

Update: My husband called the number they gave us. The person on the line immediately knew what he was calling about - apparently they've been getting a lot of calls. They clarified that you can go to any branch, but the tax ID documentation was...apparently not elaborated upon. The nearest branch to my workplace (NH is only open 9:30-3:30/4 on weekdays, of course) is half an hour away. Am I...supposed to use vacation time for this? To waltz in (or worse, wait in line) and give them a number that they might already have?

i am not sure if it can be done this way but I found an area on the NH smart banking app that says FACTA on it and I filled it out....it asked for country of citizenship and tax id number with home address etc....it was under 고객센터 on the menu

i am not sure if it can be done this way but I found an area on the NH smart banking app that says FACTA on it and I filled it out....it asked for country of citizenship and tax id number with home address etc....it was under 고객센터 on the menu

Found it! Just gonna do this and count it as good. What did you put under "address within the country for tax purposes / 조세목적상 국가 내 주소지"? Is that my Korean address? It says to write it in English though.

Found it! Just gonna do this and count it as good. What did you put under "address within the country for tax purposes / 조세목적상 국가 내 주소지"? Is that my Korean address? It says to write it in English though.

I believe your home country address, thats what i put and then at the end it verified korean address

I believe your home country address, thats what i put and then at the end it verified korean address

I don't have one, though? When I file my US taxes, I use my Korean address. I guess I could give them my mom's, but I assumed they wanted the tax-relevant address.

I went to the bank with my co. yesterday for this.

We had to go to the nearest 'central' bank branch (the kind where they can open international remittance accounts, not the regular local bank branch). I had to bring my ARC and fill out a couple of forms- one was consent for information processing and the other was to confirm whether I'm a tax resident in Korea or my home country. I did not need to produce any other documents (not that I could have even if they had asked- I'm from the UK and HMRC don't do the kind of certificate the Kakao message mentioned).

We used 'business trip leave on NEIS, not a vacation day.

I went to the bank with my co. yesterday for this.

We had to go to the nearest 'central' bank branch (the kind where they can open international remittance accounts, not the regular local bank branch). I had to bring my ARC and fill out a couple of forms- one was consent for information processing and the other was to confirm whether I'm a tax resident in Korea or my home country. I did not need to produce any other documents (not that I could have even if they had asked- I'm from the UK and HMRC don't do the kind of certificate the Kakao message mentioned).

We used 'business trip leave on NEIS, not a vacation day.

I've been told I would have to use vacation...and the nearest bank is quite far for me. I'd rather not take a half day off for this.

This is why everybody should do their own NEIS stuff and not give their passwords to coworkers etc.
One logs ones own business trips/vacations/sick days.
Very convenient. 


NB: It's still looked at by the administration so you cant just give yourself unlimited vacation or anything, but its still nice.

Ok, but if the school says you have to use a personal day, then requesting a business day on NEIS wont fly.

I do agree everyone should learn how to use NEIS and do it for themselves though.

Ok, but if the school says you have to use a personal day, then requesting a business day on NEIS wont fly.

I do agree everyone should learn how to use NEIS and do it for themselves though.

Oh, yes, you're right of course.
I'm thinking more about future situations. I don't think there's much one can do about this: OP's school seems to have already decided how to record it, and unfortunately the schools have a lot of latitude in deciding how these type of things will go.