From 01 July 2014 clients will be required to provide additional information/ documentation if they are US Persons.
What is FATCA?
- It is a US based law – its purpose is to assist the IRS to collect tax from US taxpayers that hold assets/ investments at financial institutions/ entities located outside the US
- FATCA requires foreign financial institutions (FFIs) to disclose their US account holders or investors and submit annual reports to the IRS
- It therefore imposes registration, due diligence and reporting obligations on FFIs like Al Baraka Bank
- Institutions that do not comply face the prospect of a US withholding tax as well as other penalties
- Please advise your consultant if you:
- Are a US citizen/resident
- Are a US taxpayer
- Hold a US Green Card
And complete certain documentation at the request of your consultant.
Please feel free to discuss further with a consultant at your nearest branch.