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Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (“FATCA”), enacted by the U.S. Congress in March 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, is an important development in the United States efforts to combat tax evasion by U. S. persons holding investments in offshore accounts. FATCA requires Financial Institutions (FIs) to report certain information about certain financial accounts held by U.S. persons or by foreign entities in which U.S. persons hold a substantial ownership interest.


Frequently Asked Questions

What is FATCA?
What is a Foreign Financial Institution (FFI)?
What is an FFI agreement?
What are the consequences for a non-participating FFI (an FFI that does not enter into an FFI agreement)?
How can I verify if an FFI has registered and therefore a participating FFI?
What is a United States account (U.S. account)?
What is a substantial U.S. owner?
What are the main obligations imposed by FATCA on the FFI?
What information must an FFI report on U.S. taxpayers who are not exempted?
What are withholdable payments?
What is the definition of a U.S. source payment?
What is the effective date of the FFI agreement?
What is “new customer onboarding”?
Who are “pre-existing account holders”?
Who are “new customers”?
How does an FFI determine their “pre-existing account holders”?
What is considered indicia of U.S. status?
What is Notice 2011-34 related to FATCA?
If a joint account is held by a U.S. person and a non-U.S. spouse, is it considered 50% U.S. or 100% U.S.? Does it make a difference if they are not U.S. residents?
What is a “recalcitrant account holder”?
What are the consequences for a “recalcitrant account holder”?
What happens with the money that is withheld by a FFI?
My country has privacy or secrecy laws that prohibit sharing customer information with the U.S. government. What am I expected to do?
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