Every client is affected by FATCA and must provide a Nedbank FATCA and CRS Self-certification form.
FATCA will only result in the reporting of individual and entity clients who meet the definition of a US person* for US* tax purposes. In addition, a non-US entity* (US person*) with one or more controlling persons* that meet the definition of a US person* will also be reported to the US* Internal Revenue Service (IRS).
The term 'US person' includes, but is not limited to, the following:
- A citizen of the US*, including an individual born in the US*, but resident in another country (who has not given up his/her US citizenship*).
- A person residing in the US*, including US Green Cardholders.
- Certain persons who spend a significant number of days in the US each year.
- US corporations, US partnerships, US estates and US trusts.
For more information visit the IRS website www.irs.gov or contact your professional tax advisor.
*For any defined terms please see the Table of terms and definitions.
