The Foreign Account Tax Compliance Act (FATCA) requires any United States citizen, including citizens that currently live outside of the US and US residents, to communicate to the IRS when they have money in financial accounts outside of the US.What does FATCA stand for in banking?
FATCA stands for the Foreign Account Tax Compliance Act. It is a new piece of legislation to help counter tax evasion in the US.What is FATCA in simple terms?
The Foreign Account Tax Compliance Act (FATCA) is a 2010 United States federal law requiring all non-U.S. ('foreign') financial institutions (FFIs) to search their records for customers with indicia of 'U.S.-person' status, such as a U.S. place of birth, and to report the assets and identities of such persons to the U.S. Department of the Treasury.Do you need to comply with FATCA?
Yes, all Financial Institutions in participating countries are required to be compliant with FATCA and CRS. I need help completing the form. While completing your self-certification form you will be able to access our User Guide. Alternatively, please contact your tax advisor