FATCA

It seeks to identify U.S. taxpayers having accounts at Foreign Financial Institutions (FFIs) and attempts to enforce reporting of those accounts to the US Tax authority.

Fidelity Bank is a Foreign Financial Institution. The banks has registered and entered into agreement with the United States Inland Revenue Service (IRS) to, among other things, identify and document accounts held directly or indirectly by US persons and then report certain account information to the IRS.

A likely US person is a customer that has the following criteria (indicia):

• U.S. citizenship or lawful permanent resident (green card) status.
• U.S. Place of Birth.
• U.S. resident address or U.S. mailing address (including a U.S. post office box).
• U.S. telephone number.
• Standing instructions to transfer funds to an account maintained in the United States.
• An “in care of” address or a “hold mail” address that is the sole address with respect to the customer.
• A power of attorney or signatory authority granted to a person with a U.S. address.

A Joint account is a U.S account if one of the account holders is a U.S. person.

A corporate/entity account is a U.S account if one of the directors/promoters is a U.S. person and has at least 10% or more holding in the company.
The bank is obliged to provide certain information to the IRS on U.S accounts and for those unwilling to provide the required information a 30% Withholding tax on certain payments of U.S. sourced income will apply. Such customer will be termed a Recalcitrant.
If you present any of the criteria (indicia) listed above, you will be required to fill and submit the applicable forms below or download from the IRS website here.