FATCA is the U.S. Foreign Account Tax Compliance Act that has been enacted by the U.S. Government, and will come into effect as of July 1, 2014.
FATCA calls for all non-U.S. financial institutions worldwide (Foreign Financial Institutions “FFIs”) to enter into an agreement with the U.S. Tax Authority (the Internal Revenue Service “IRS”) to identify, document, and report U.S. accounts.
A U.S. account is an account maintained by a U.S. person (whether individual or entity) or by a foreign entity with U.S. ownership of more than 10% of the capital, whether directly or indirectly.
No, FATCA provides for exceptions to certain entities such as publicly listed companies that meet certain requirements. Consult your tax advisor to determine whether or not the entity is subject to exceptions under FATCA provisions.
A U.S. person is a person who falls under any of the following categories:
Your bank will ask you to complete certain documentation if your account information indicates that you are a
U.S. indications are listed below:
If you are a U.S. person, you are required to complete and sign a “W-9 Form” and a “Bank Secrecy Waiver” to enable your bank to report your information to the IRS. However if you are not a U.S. person although your account information indicated such, then you are required to complete a “W8 Form” to certify your non-U.S. status.
A U.S. tax form used to collect U.S. persons’ identifying information to help file information returns with the IRS. It includes among other things, the U.S. person’s name, address, and taxpayer identification information.
A U.S. tax form used by non-U.S. persons to certify their non-U.S. status.
No, but you need to prove that you have given up your U.S. citizenship by providing a Certificate of Loss of Nationality of the U.S. or an Abandonment of Lawful Permanent Resident Status Form (Form I-407) if you were a permanent resident.
Customers who refuse to provide the required documentation under FATCA are subject to a 30% withholding tax on any U.S. source of income credited or paid to their account. Additionally, FFIs are required to close recalcitrant (non-cooperative) accounts.
FFIs will be required to report the following information on U.S. accounts on an annual basis starting 2015:
Complete the open account initial form then you will receive an email with credentials to access the client portal where you can activate your trading account in minutes!
We provide our clients with a wide range of payment options to fund their accounts including Debit/Credit Card and Bank Transfer .
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