696 Acta Apostolicae Sedis - Commentarium Officiale

c) Annual information reporting is required to the relevant authorities in the Holy See or Vatican City State with respect to the account;

d) Withdrawals are conditioned on reaching a specified retirement age, disability, or death, or penalties apply to withdrawals made before such specified events; and

e) Either (i) annual contributions are limited to $50,000 or less, or (ii) there is a maximum lifetime contribution limit to the account of $1,000,000 or less, in each case applying the rules set forth in Annex I for account aggregation and currency translation.

2. Non-Retirement Savings Accounts. An account maintained in the Vati- can City State (other than an insurance or Annuity Contract) that sat- isfies the following requirements under the laws of the Holy See or the Vatican City State.

a) The account is subject to regulation as a savings vehicle for purposes other than for retirement;

b) The account is tax-favored (i.e., contributions to the account that would otherwise be subject to tax under the laws of the Holy See or the Vatican City State are deductible or excluded from the gross in- come of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate);

c) Withdrawals are conditioned on meeting specific criteria related to the purpose of the savings account (for example, the provision of edu- cational or medical benefits), or penalties apply to withdrawals made before such criteria are met; and

d) Annual contributions are limited to $50,000 or less, applying the rules set forth in Annex I for account aggregation and currency trans- lation.

B. Certain Term Life Insurance Contracts. A life insurance contract main- tained in the Vatican City State with a coverage period that will end before the insured individual attains age 90, provided that the contract satisfies the following requirements:

1. Periodic premiums, which do not decrease over time, are payable at least

annually during the period the contract is in existence or until the in-

sured attains age 90, whichever is shorter;