If you've received a Tax Status Declaration Form and you need help completing it, we recommend you contact a professional and independent tax advisor. The Operational Tax Team doesn’t provide tax advice.
Foreign Account Tax Compliance Act
The Foreign Account Tax Compliance Act (FATCA) is United States legislation passed in March 2010. It requires non-US financial institutions to provide reports to the US regarding their customers who are 'US persons' for US tax purposes and who hold accounts with the financial institution. US financial institutions will also have separate reporting obligations.
Our local government and the US Governments have entered into a reciprocal agreement, under which RBS International will report US customers to the local tax authority and not directly to the US IRS. The local tax authority is responsible for sharing this information with the IRS and the bank will play no part in this process.
Will I be affected?
RBS International is required to identify and report 'US person' for US tax purposes.
The term 'US person' includes, but isn't limited to, the following:
- A citizen of the US, including any person born in the US but living in another country (who has retained their US citizenship).
- A person living in the US, including US Green Card holders.
- Certain people who spend a significant number of days in the US each year.*
- US corporations, US partnerships, US estates and US trusts.
* To better understand what is meant by 'certain' people and 'significant' number, please refer to our Glossary.
What does being a 'US person' mean for me?
Rest assured that being classified a 'US person' will not affect your day-to-day banking service, but will help us identify customers whose account details may need to be shared with their local tax authority. If you're identified as a 'US person', we'll write to you for self-certification.
If you're an existing RBS International customer, you may need to provide specific documentation, so we can apply the right FATCA classification to your accounts. If you are classified as a 'US person', we will be required to report information about you and your accounts to your local tax authority, every year.
Please note that RBS International cannot offer any tax advice about FATCA, and we recommend you contact a professional and independent tax advisor to discuss your personal tax situation.
What does being a 'non-US person' mean for me?
FATCA will have minimal impact on most customers, who won't need to take any action. However, RBS International may still contact you to confirm your status as a 'non-US person'.
What does being a 'US person' mean for my entity?
If your entity is classified as a 'US tax person' for tax purposes, we must pass on details of the entity's account(s) to the relevant tax authority.
We are here to help, however please be aware that RBS International can't offer any tax advice. We recommend you contact a professional and independent tax advisor to discuss your personal tax situation.