FATCA
Notice to customers regarding US FATCA Legislation
If you were born, reside in or have tax obligations in the United States (USA), it is important that you read this information carefully.⠀⠀⠀⠀
What is FATCA?
FATCA (Foreign Account Tax Compliance Act), approved by the US Treasury and Internal Revenue Service, aims to prevent tax evasion by citizens who are obligated to pay taxes in the US and who have bank accounts or other financial assets outside the US.
Who is affected by this law?
US citizens and companies considered US persons (US Person) for US tax purposes who have financial assets or bank accounts outside the US.
People with US citizenship, legal resident status (green card holders or people who live in the US for more than 183 days per year).
Partnerships, corporations or trusts created in the US or that have at least one shareholder or real beneficiary with holdings equal or greater than 10%.
Those who have a US address or phone number, who make regular deposits into US accounts or who make regular payments to US persons are also affected.
What are the obligations of financial institutions?
Starting in 2015, financial institutions are required to establish analysis and documentation procedures that make it possible to:
- Identify customers with US nationality or residency.
- Identify US accounts.
- Withhold 30% of US revenues generated from customers who fail to provide the information required to be considered as such.
- File an annual report with the Spanish Tax Administration (AEAT) with the required information, which may in turn be disclosed to US authorities.
What kind of actions will Deutsche Bank be taking?
We will review the information and documentation provided and if we find indications that you are a US citizen, we will ask you for US tax forms (withholding certificates) or a FATCA status declaration. If this information is not provided, we will have no choice but to consider you a US taxpayer and therefore your information will be reported to the competent authorities.
This law also applies to third party products sold by and/or on deposit with Deutsche Bank such as insurance and investment funds. Consequently, this information may be shared with such third parties for their consideration.
What kind of information must be reported?
- Personal Information: name, address and US tax identification number (US TIN_W9).
- Financial information: contract numbers, balances and payments into or out of the accounts.
Other information
FATCA took effect in July 2014. However, the reporting obligations do not begin until 2015. This publication should not be construed or used as legal and/or tax advice. If you need advice, we suggest you consult with your tax adviser or a specialist in tax law.⠀⠀⠀⠀⠀⠀⠀
Deutsche Bank, Sociedad Anónima Española Unipersonal, Paseo de la Castellana, 18 - 28046 Madrid. Tax Identification Number A-08000614. Registered at the Companies Registry for Madrid, Volume 28100, Book 0, Folio 1, Section 8, Sheet M506294, Entry No. 2. Financial institution subject to the supervision of the Bank of Spain and entered on the Special Administrative Register under number 0019.