Trasparency

Accounts

The Institute publishes an annual report, containing the financial statements, prepared in accordance with international accounting standards and certified by an external auditor.

Fiscal

In line with the principles of international tax law, IOR’s clients are obliged to declare their income in their country of tax residence, pursuant to the local regulation in force.

Relationship IOR – IRS
Since 2015, as a result of the agreement signed between the Holy See and the United States of America, IOR has been subject to FATCA (Foreign Account Compliance Act), which requires all financial institutions to report to IRS (Internal Revenue Service) the names of their clients subject to taxation in the United States of America.

In 2021, IRS granted the Institute the status of Qualified Intermediary, confirming the progress made in the path to comply with the best practices of the international financial community.

IOR – Relationship with the Italian Tax Agency
Since 2016, the Institute has been implementing the “Convention between the Government of the Republic of Italy and the Holy See on Tax Matters”, which allows its customers who are tax resident in Italy to fulfil their tax obligations arising from the ownership of financial assets held at the Institute through a Fiscal Representative chosen by IOR. IOR calculates and withholds the client’s tax and pays it to the Italian Treasury through the Fiscal Representative.

AML/CFT

The increasing digitisation of the Institute facilitates the transparent application of customer due diligence procedures, facilitating the updating of customer records and the timely detection of any anomalies.