FATCA

In March of 2010 the U.S. Government enacted the Foreign Account Tax Compliance Act (commonly referred to as, FATCA, to improve tax compliance by U.S. citizens, residents, or persons qualified as US taxpayers and entitles having significant affiliation with US persons.

Under the Act, foreign financial institutions are required to report annually on the financial assets and offshore accounts of US citizens and residents, to the Internal Revenue Service (IRS).

1. The name;
2. The address;
3. U.S. Tax Identification Number (TIN) of each account holder;
4. Account Number;
5. The year-end account balance or value;
6. Gross receipts of the account; and
7. Gross withdrawals or payments from the account

As a US citizen or US resident applying for an account, Banks are required to request that US Applicants complete and return the Form W-9 – Request for Tax Identification Number and Certification to us by (DATE)

Where an applicant’s US citizenship has changed or are no longer considered a US resident, Banks are required to confirm this by competing a Form W-8BEN – Certificate of Foreign Status of Beneficial Owner for US Tax Withholding and Reporting for the US Internal Revenue Service and update account information.

In this case when applying for an account or changing the status of an existing applicants will be required to provide the following documents:

• Enunciation of your US citizenship acknowledgment by the U.S. Internal Revenue Service, if applicable.
• If US citizenship, due to birth, was not acquired a written explanation of the reason will be required.
• A valid passport,
• A recent utility bill or recent mail from a financial institution showing your full name and present address.
• In the event you are unable to visit us, kindly contact the writer before the date last mentioned to make alternate arrangements.

For more information please follow the link: IRS Gov FATCA
 

The FATCA regulations are being imposed by the American IRS on all non-US Financial Institutions who wish to deal with US citizens.

There are severe restrictions on Financial Institutions who opt out of complying with the FATCA regulations and Caye International Bank is registered with the IRS to be fully compliant with is new regulations. This allows us to continue to serve not only all our US clients but also all our non US clients who need to send money to or from US banks.

The extra workload and compliance required by Financial Institutions, including ourselves, is not insubstantial and we are having to follow the rest of the industry and charge a fee to our clients to cover the extra costs incurred.

FAQ

Q: I’m Not a U.S. citizen does any of this apply to me?
A: Yes, I’m afraid it does. We are needing to review ALL our accounts, as such the $100 compliance review fee is being applied to every account

Q: When will the Compliance review fee be charged to my account
A: The $100 fee will be applied on the 31st October 2013.

Q: I have multiple accounts, does the $100 compliance fee apply to all of them 
A: Yes, different accounts can have different signatories, and so each needs to be reviewed.

Q: I am a U.S. citizen and I know the FATCA regulations apply to me, can I supply the extra information now to save time later?
A: Yes, and thank you for helping us complete this FATCA registration process. Please download, complete and return the Personal Information Sheet available here

Q: How do I close my account
A: If you do decide to close your account the form can be found on this website under Customer Service -> Forms (or by clicking here). Just complete the form, scan and email to us at services@cayebank.bz