Password must be 8-15 alphanumeric characters with these requirements
- Minimum one number (0-9)
- Minimum lowercase letter (a-z)
- Minimum one uppercase letter (A-Z)
- Minimum one special character "#?!@$%^&*-+<=>"
- Example password 99azTR?!@
New bank account and pre-existing bank account
Difference between new bank account and pre-existing bank account
The new automatic banking information exchange treaty regulations identify two types of bank accounts: new bank accounts and pre-existing bank accounts. The difference between both accounts is:
New bank accounts: These are the accounts opened in a financial institution regulated by a central bank as of January 1, 2016.
Pre-existing bank accounts: These are bank accounts opened in a financial entity regulated by a central bank before December 31, 2015.
Depending on the year the bank account was opened, it will be reported or not to the tax authorities.
New and pre-existing personal accounts: The regulations identify two types of accounts, one of higher value and the other of lower value. Both types of accounts will be reported to the tax authorities, that is, accounts opened before December 31, 2015 and bank accounts opened as of January 1, 2016.
New and pre-existing business accounts: Pre-existing bank accounts opened before December 31, 2015 will be reported if the account balance is not greater than $ 250,000 on December. All business accounts opened from January 1, 2016 will be reported.
To know if an account is reportable or not you have to see if your country of tax residence has signed a bilateral automatic information exchange agreement with the country where the bank account is opened. If the mentioned agreement was not signed then the financial institution cannot make any report on your bank account. That is, the fact that two countries have signed an automatic information exchange treaty will not be executed if both countries have not signed bilateral agreement.