FATCA is a U.S. law that came into force on 01.07.2014 and whose objective is to combat tax evasion by U.S tax payers. It applies on a worldwide basis and affects all financial institutions , their customers and counterparties.
In a large number of geographic locations, including Switzerland, Singapore and Hong Kong, FATCA implementation is governed by an intergovernmental agreement with the United States and of national implementing provisions.
FATCA requires non-US financial institutions (including banks) to identify their U.S. customers, to identify the FATCA status of their counterparties, and to transmit to the US tax authority (Internal Revenue Service, “IRS”) information regarding assets and arising income which they benefit, directly or indirectly.
FATCA also requires most non-US financial institutions to register with the IRS and obtain a FATCA identification number (Global Intermediary Identification Number , " GIIN "), also used for the identification of their FATCA status vis-à-vis their counterparties.
CA Indosuez (Switzerland) SA Singapore branch complies with FATCA requirements and is registered with the IRS as follows : CA Indosuez (Switzerland) SA, Hong Kong branch : Reporting Model 1 Foreign Financial Institution, GIIN N° CEQ4EV.00067.BR.702
FATCA does not just impact our establishment, but also our customers and counterparties, the documentation of their status, our business policy and reporting and withholding processes.
The status of our customers and counterparties for U.S. tax purposes must be documented in establishing new business relations through a self-certification. It must be identified, and generally also documented through a self-certification, with respect to existing business relationships. Finally, it must be updated upon changes in circumstances. Our establishment may therefore need to contact its customers and counterparties in order to obtain clarifications and additional documentation to confirm their FATCA status. For US customers, a statement authorizing the transmission of their data is also required.
Customers and counterparties that do not timely provide the necessary information must be reported to the US tax authorities on an aggregated basis and are exposed to a 30% withholding on certain U.S. source income, as well as to be the subject of an extensive exchange of information in the event of a request for assistance from the IRS based on a treaty in force.
FATCA reportings made by our Bank do not replace your own tax reporting obligations to any competent tax authorities.
This information cannot be construed as a tax advice. Please consult the IRS website for more information (www.irs.gov) and a qualified professional, aware of your personal situation, for any professional tax advice.
PERSONAL DATA PROTECTION ACT
Please take a moment to read the Data Protection Policy so that you know and understand the purposes for which we collect, use and disclose your Personal Data.
Should you have any questions on this policy or in relation to how we use, protect and process your personal data, please do not hesitate to contact our Data Protection Officer.
The Data Protection Officer
CA Indosuez (Switzerland) SA Singapore Branch
168 Robinson Road
#23-03 Capital Tower
AUTOMATIC EXCHANGE OF INFORMATION (AEOI)
Within the framework of the fight against tax evasion, the OECD developed in July 20 14 a new standard of automatic exchange of information between States concerning financial accounts. It allows the tax authorities of the participating States to obtain information annually on financial accounts held abroad by their taxpayers.
About a hundred countries, including Singapore, have already committed to exchange information according to this new standard, half as from 2017 and the others as from 2018. The effective implementation of exchanges requires the prior signature of bilateral / multilateral agreements between States and a transposition into local laws.
This standard obliges financial institutions such as banks, depositories and life insurance companies established in countries that have signed such agreements to identify account holders being tax residents of countries being a party to such an agreement, and to transmit annually information (data concerning the account holder, accounts balances, income received, gross profit from the sale of securities, …) to their relevant tax authority. Collective investment vehicles and other investment entities managed by professionals are required to do the same as regards investors information. These tax authorities must them retransmit the data received to the tax authorities of the countries concerned.
CA Indosuez Wealth Management group entities are established in countries committed to sharing this information. CA Indosuez (Switzerland) SA, Singapore Branch is therefore required to comply strictly with the related regulations
- List of Participating Jurisdictions: https://www.iras.gov.sg/irashome/crs/
- List of Reportable Jurisdictions: https://www.iras.gov.sg/irashome/crs/
- Regulatory framework: http://www.oecd.org/tax/automatic-exchange/ // https://www.iras.gov.sg/irashome/crs/
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