Foreign Account Tax Compliance Act (FATCA)
The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that Foreign Financial Institutions (FFI) and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments. The HIRE Act also contained legislation requiring U.S. persons to report, depending on the value, their foreign financial accounts and foreign assets. For more information, please click here.
FATCA Documents
You may access the required FATCA documents using the links below:
IRS Form W-8BEN-E: http://www.irs.gov/pub/irs-pdf/fw8bene.pdf
IRS Form W-9: http://www.irs.gov/pub/irs-pdf/fw9.pdf
IRS Form W-8IMY: http://www.irs.gov/pub/irs-pdf/fw8imy.pdf
IRS Form W-8BEN: https://www.irs.gov/pub/irs-pdf/fw8ben.pdf
Once FATCA forms are completed, please print, sign and then send the completed document to your Boslil client relations team.
Sign
Send
Once FATCA forms are completed, please print, sign and then send the completed document to your Boslil client relations team.
Frequently Asked Questions
The United States Government enacted The Foreign Account Tax Compliance Act (FATCA) on March 18, 2010; effective January 1, 2014.
FFIs were required to register with the US Internal Revenue Service (IRS) and were assigned a Global Intermediary Identification Number (GIIN). FFIs are required to submit information on persons with US indicia who hold accounts with them or own over 10% of an entity that has an account with the FFI, above a stipulated threshold.
Foreign Financial Institutions (FFI) are institutions that:
- accept deposits as a regular business function
- holds financial assets for the account of others as a substantial portion of its business
- are engaged in the business of investing
- are involved in reinvesting, or trading in securities, partnership interests, commodities, or any interest in such securities, partnership interests, or commodities
Boslil Bank Limited is considered an FFI.
The term “US person” is defined as:
- a U.S. citizen (including dual citizens) even if residing outside of the US
- a US passport holder
- a person born in the US unless renounced citizenship
- a U.S. resident alien for tax purposes (green card holders)
- entities (partnerships, corporations, trusts, etc.) where one or more United States persons have control or over 10% shareholding