Foreign Account Tax Compliance Act (FATCA)
The Foreign Account The Foreign Account Tax Compliance Act (FATCA) is a United States (US) law requiring all financial institutions around the world to identify customers who may be US persons and report their account information to their local tax authority. In New Zealand, the tax authority is the Inland Revenue Department (IRD).
For FATCA Purposes, what does a US person mean?
A US person is a person or organisation who falls under any of the following categories:
- US citizens (sole or dual)
- US tax residents
- US Green Card holders
- US Entities that are specified US persons
- Certain non-US entities that are controlled by US tax residents or US citizens
- Certain financial institutions that are non-participating