FATCA

Foreign Account Tax Compliance Act

US Seal

The United States enforces with "The Foreign Account Tax Compliance Act" (FATCA) persons taxable under US laws to file annual reports on their none US accounts to the Financial Crimes Enforcement Network (FINCEN).

The law requires from all non-U.S. (foreign) financial institutions (FFI's) to identify and report accounts of US persons to FINCEN.

FATCA Priciples Explained

FATCA reaches out to the bank accounts and financial institutions in the widest possible sense and is NOT limited to US citizen and international banks.

Banks have to screen ALL their customers on indicators of US links and required FATCA reporting.

FATCA - Personal Account Criteria

Any of the following criteria may indicate accounts as US linked and therefor trigger additional reviews and potential reporting:

US Citizenship

US Passport

US residency or citizenship

Mailbox

US Address

US address linked to an account

Birth

US Born

US place of birth

PoA

US based PoA

US based power of attorney or authorized signatory

Money Transfer

US transfers

Regular transfers to the US or from a US address

US Postbox

Postbox

"Care of", "hold mail", PO address only linked to the account

All indicators above will require a detailed analysis by the financial institution under full cooperation of the accounts holder.

FATCA - Artifical Persons or Entities

Corporation, Trusts, Financial Institutions

US Map

US based

All legal entities already registered under US law

Trust

US Trust

Trust incorporated in the US

Share Certificate

US shareholder

> 10% US based shareholder