Foreign Account Tax Compliance Act (FATCA)


Foreign Account Tax Compliance Act

The Foreign Account Tax Compliance Act (FATCA), is a piece of legislation by the United States Department of Treasury and the US Internal Revenue Service (IRS) to counter tax evasion in the US.

FATCA will affect many of our customers, however the degree to which customers will be affected will vary depending on the type of account, policy or agreement they hold with HSBC.

Impact to HSBC and our customers

HSBC is proud of our commitment to becoming fully FATCA compliant in all countries where we operate. Other banks and financial organisations will also be affected. However their approach to adopting FATCA may differ to that of HSBC.

We are currently reviewing the effect of the legislation for our customers in order to identify where we need to report information to the IRS or local tax authority. We may be contacting you to request further information or documentation in order to verify your tax status under FATCA.

Please note that you may receive more than one request for information if you have multiple relationships with different members of the HSBC Group. Therefore, it is important that you respond to all requests, even if you believe you have already supplied the requested information.

Frequently asked questions about FATCA

What is FATCA?

What date does HSBC Expat become FATCA compliant?

Is FATCA only applicable to HSBC Expat?

What is FATCA meant to do?

Will any countries be exempt from FATCA?

Under FATCA, what is an Inter-governmental agreement (IGA)?

Does FATCA apply to new accounts or just existing customers?

Where can I find information about FATCA?

What are Forms W-8BEN and W-9 under FATCA?

I’m not a US person. Why do I need to send in documents under FATCA?

When do I need to provide you with the documents you’ve asked for?

Who will you share my information with?

What will happen if I do not return the documents I have been asked for under FATCA

I do not have access to the internet and/or a printer, how do I access the IRS forms that I need?

Foreign Account Tax Compliance Act (FATCA) Glossary

This glossary provides you with a list of documents that HSBC Expat will accept. These documents will help us to establish whether we are required to share information about any accounts and/or investments you hold with us to the Jersey Tax Authority.

We require original copies of the forms and certified copies of supporting materials.

How to certify documents
You can take the original and copy documents to any HSBC office. In addition, these documents can be taken to a lawyer, solicitor, advocate, accountant, actuary or Embassy/Consular official to have the copy certified as a true copy and the identification documents as a true likeness of the holder.

IRS Form W-9 (W9)

IRS Form W-8BEN (W8)

Government Issued ID (S1)

Explanation of Non-US Citizenship (S2)

Written Explanation of US Address/Phone (S3)

Documentary Evidence of Non-US Status (S4)

Written Explanation of US Country of Birth (S8)