Tax evasion has grown in sophistication and geographical scope over the last few decades. This resulted in serious erosion of tax revenues and governments needed to respond. Tax authorities needed to cooperate and pursue any taxpayers who through the use of offshore accounts hide assets from their tax authority. In response the United States of America (‘US’) has developed a reporting mechanism called FATCA to target non-compliance by U.S. taxpayers using these offshore accounts. Similarly, the Organisation of Economic Cooperation and Development (OECD) developed a mechanism to facilitate the Automatic Exchange of Financial Account Information between participating jurisdictions called the Common Reporting Standard (‘CRS’).
Please note: If you do not self-certify, we may be required, under the regulations, to report a non-compliant or uncooperative client to the tax authorities. This may result in further action being taken against you by your tax authority. We will also continue to monitor any non-compliance by our clients and where required take appropriate steps to ensure that Nedbank Private Wealth is not being used for tax evasion purposes.
The Nedbank Private Wealth FATCA and CRS Self-certification forms guide you as to which IRS W-form is required to be completed, if applicable
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Thank you for your interest in Nedbank Private Wealth. Please call us on +44 (0)1624 645000 or complete the requested information and one of our team will get back to you soon. We look forward to speaking with you. Please note: If you are an EU resident, we are unfortunately unable to offer our services to you at present.
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