FATCA: Is a United States federal law enacted in 2010 and went into force on 1st July, 2014. The Act combats tax evasion of US expatriates who own financial accounts and assets outside the US by requiring Foreign Financial Institutions (FFIs) to submit reports of US customers and their wealth.

 

U.S account: 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.

 

For individuals:

• U.S citizen or resident.

• U.S place of birth.

• Current U.S address (including a U.S post Office Box).

• U.S telephone number.

• Standing instructions to pay amounts to an account maintained in the U.S.

• Current power of attorney or signatory authority granted to a person with a U.S address.

 

For entities:

• U.S entity.

• U.S residence.

• Current U.S address (including a U.S post Office Box).

• Standing instructions to pay amounts to an account maintained in the U.S.

• U.S telephone number.

• Current power of attorney or signatory authority granted to a person with a U.S address.

 

 

Documents required from IIB Clients:

 

Individuals Form

 

Companies Form

 

 

For more information on FATCA, see the section on FATCA act in the website of Internal Revenue Service (IRS), http://www.irs.gov