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It's all about membership

You don’t have to be a teacher to enjoy services from our great financial institution. SVGTCCU is open to anyone who wishes to reach their financial goal through professional help and convenient services.

Anyone can gain membership with the Credit Union if he/she is a citizen or resident of St. Vincent and the Grenadines or a citizen of a CARICOM state. One can be a citizen by:

  • Birth
  • Marriage
  • Descent
  • Naturalization

All membership applications and relevant documentation from overseas applicants must be notarized.

Membership Application Requirements:

  • Two pieces of photo identification (National ID, Passport, Driver’s License)
  • Proof of Address ( Utility Bill, Account Statement, Driver’s License, Property Tax Statement)
  • Proof of Income (Job Letter, Recent Salary Slip)

In cases where an applicant may not have two pieces of photo identification, the applicant must provide:

  • A letter identifications, signed and stamped by any of the following individuals: Justice of Peace, Senior Ranking Police Officer, Senior Public Servant, Lawyer, Notary Public or a Minister.
  • A Passport size photo of applicant also signed and stamped by one of the above listed individuals.

In cases where an applicant is self-employed, the applicant must provide:

  • Evidence of their income must be presented. This can be obtained from the employment contract, financial statement, sales record.

In cases where an applicant is unemployed, the applicant must provide:

  • Two pieces of photo identification
  • Proof of Address
  • Sources of Income; e.g. money remittances receipts

Foreign Account Tax Compliance Act (FATCA)

FATCA was enacted by the USA in 2010, as part of the Hiring Incentives to Restore Employment Act, to combat tax evasion by U.S taxpayers holding accounts or other assets in non-U.S. Financial Institutions. It requires Foreign Financial Institutions (FFIs) to report to the U.S. Internal Revenue Services (IRS), information on assets of US$50,000 or more held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold substantial ownership interest.


Who is a U.S. Person?

Attributes that generally result in an individual or business being classified as a U.S. person under FATCA include:

  •  U.S. Citizenship
  • U.S. Residency (e.g. green cardholders)
  •  Non-resident aliens who meet the substantial presence test (physically present in the U.S. for at 31 days in the current year and 183 days during the last 3 years including the current year)

SVGTCCU Ltd. Member Coverage with CUNA Caribbean Insurance OECS Ltd 

Once an individual becomes a Full Member of the Credit Union, that is, they have purchased 60 Qualifying Shares at EC$5.00 per share, a total of EC$300.00. Those members are automatically enrolled under CUNA CARIBBEAN INSURANCE. SVGTCCU Ltd. pays the premium for each member every month at no additional cost to the member.

Once an individual becomes a full member, their entire account is insured up to the following:
• Shares Coverage – EC$10,800.00
• Loans Coverage – EC$45,900.00

Benefits of the Plan:
• The Credit Union pays the premium for each member every month at no additional cost to the member.
• In the event of death, Claims are refunded to the member’s beneficiaries of choice.
• Members must contribute to the Share Deposit regularly, as benefits are paid based on how shares are paid.
• Permanent Disability Benefits

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