What is FATCA?
FATCA is Foreign Account Tax Compliance Act aimed to obtain information of U.S tax evaders worldwide.
*U.S FDAP source income examples are annuities, dividends, emoluments, interest, premiums, remunerations, rental, salary, wages, etc.
The following types of customers are required to disclose information for FATCA compliance:-
RHB must abide to FATCA requirements as it is registered with the U.S Inland Revenue Service (IRS) and had obtained a valid GIIN.
Is it applicable to me or my organization?
FATCA applies to you if you have the following U.S indicia, which determine your FATCA status:
Legal Entity Customers
FATCA applies to all legal entity customers.
To determine your FATCA status or classification, you may need to refer to your tax advisor or visit U.S Inland Revenue Service (IRS) website at www.irs.gov/FATCA for further details.
Please take note that RHB is not in the position to advice you on your tax status or classification.
What should I do if FATCA is applicable to me or my organisation?
You are required to declare your FATCA status and provide documentary evidence.
What type of FATCA documentary evidence is required?
The following U.S Inland Revenue Service (IRS) forms are required:
|Type||Particulars||Required Forms, if applicable|
|Individual||U.S Citizen or Green card holder or Fulfill Substantial Presence Test||Individual Self-Certificate|
|U.S Place of Birth|
|U.S Telephone Number|
|SI to U.S Account|
|Customer with "in care of" address or a "hold mail" address|
|A power of attorney granted to a person with U.S address|
|Legal Entity||Foreign Financial Institutions (FFI)||Entity Self-Certificate|
|U.S Legal Entity that is U.S incorporated or with U.S address|
|Passive Non US Legal Entity with U.S Beneficial Owner|
|All other types of Non-U.S Legal Entity|
What will happen if I refuse to disclose the required information?
The bank may impose 30% withholding tax on U.S FDAP source income or terminate relationship with the customer.
What do I/ my organisation have to do if there is any change in my/ my organisation’s details or FATCA status?
For any changes of customer's details, the customer is required to inform and provide necessary documentary evidence to RHB within 30 days of change.
Where can I get more information on FATCA?
You can find detailed information on FATCA at www.irs.gov/FATCA
When will the requirements take effect?
Effective date of FATCA for the following:
Last updated: September 2019