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’).
What is FATCA?
- FATCA stands for the ‘Foreign Account Tax Compliance Act’ and was introduced by the United States’ Department of Treasury and Internal Revenue Service (IRS) in 2010, which later came into force in 2014. The UK, Isle of Man and Jersey agreed via Intergovernmental Agreements (‘IGAs’) to report account information of US Persons to the US authorities designed to encourage better tax compliance by preventing US persons from using banks and other financial institutions to evade tax on their overseas income and assets.
- For Nedbank Private Wealth to remain compliant with FATCA, there is a requirement to provide all the relevant client or entity data to the respective tax authority in which an account is held.
What is CRS?
How does this impact Nedbank Private Wealth and our clients?
Nedbank Private Wealth’s responsibility
Self-Certification
Forms
IRS FAQs and Help sheet
- To help you through the process of completing your US tax form, Nedbank Private Wealth have complied the attached information sheet that should answer any general questions you may have.
- Nedbank Private Wealth is unable to provide any form of tax advice or assistance and the information sheet is not intended for this purpose.
- Click here to download this form.
IRS W-8BEN-E
- This form is used by non-US entities that are beneficial owners.
- Click here to download this form.
- For instructions on how to complete this form click here
IRS W-8BEN
- This form is used by non-US individuals that are beneficial owners.
- Click here to download this form.
- For instructions on how to complete this form click here
IRS W-9
- This form is used for BOTH individuals and entities that are US persons, being US citizens (including resident aliens) or US entities.
- Click here to download this form.
- For instructions on how to complete this form click here
IRS W-8ECI
- This form is used for non-US individuals and entities that generate US sourced income through the conduct of a trade or business in the US.
- Click here to download this form.
- For instructions on how to complete this form click here
Get in touch
If you are interested in becoming a client, please complete the form via the ‘become a client’ button below. Alternatively, if you are already a client, or if you have a question about how we help clients in particular circumstances, please use the ‘contact us’ button.
We will get back to you as soon as we can during office hours, which are Monday to Friday, 8am to 8pm (UK time), except for UK public holidays.