ABOUT FATCA

What is FATCA?

FATCA is an acronym for "Foreign Account Tax Compliance Act", a law enacted by the US Congress on March 18, 2010.

FATCA aims to improve tax collection in the United States by optimizing the taxation procedures for all investments that people who legally qualify as "US Persons" make outside the territory of the United States. FATCA's definition of "US Persons" is quite broad; it includes citizens, resident alliens, fiscal residents and the like, as well as organizations created in the United States or organized under US law.

How does FATCA affect me?

In general, FATCA has no effect on people or entities that are not US Persons. When required, our clients must compile IRS's form W-8 to certify that they are not US Persons and that there exist no elements that could prove otherwise.

If a client is a US Person, INTELIGO BANK will ask him/her to compile IRS's form W-9.

When did FATCA come into effect?

FATCA came into effect on July 1, 2014.