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It describes how US financial institutions and FFIs may be required to withhold payments, identify customers, and report information through Barbados and the US IRS under model intergovernmental agreements. It also outlines who is affected, what an FFI is, and how customers can tell if they are a US person, including typical indicators used by banks.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/fatca-customer-frequently-asked-questions/302250/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/fatca-customer-frequently-asked-questions/302250.png","ImageObject",442,249,{"name":88,"@type":89},"Fez","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-27","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":79},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What exactly is FATCA and what is its main purpose?","Question",{"text":108,"@type":109},"FATCA is the US Foreign Account Tax Compliance Act, introduced by the US Government in October 2009 and becoming law in March 2010. Its primary goal is to gain information about US persons with financial assets outside the US and improve tax transparency.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What responsibilities do financial institutions have under FATCA?",{"text":113,"@type":109},"Under FATCA, US financial institutions must withhold payments to foreign financial institutions that do not agree to identify and report US account holders. FFIs may enter agreements directly with the US IRS or through alternative model IGAs with their home country.",{"name":115,"@type":106,"acceptedAnswer":116},"How can a customer tell if they are a US Person under FATCA?",{"text":117,"@type":109},"Banks use indicators such as US residency or citizenship (including green card holders), US place of birth, US home or mailing address, a US PO Box/c/o/hold mail address, power of attorney or signing authority with a US address, a US telephone number, and standing orders transferring funds to an account in the US.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},302250,1790206401,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":79,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":15,"language":135,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":61,"update_tm":139,"read_time":79},2336478940794,"https://ap-avatar.wpscdn.com/davatar_9964176cb1d06d4a9deccf72a44ae3dc","CUSTOMER FREQUENTLY ASKED QUESTIONS  \nWhat exactly is FATCA?  \nFATCA is rapidly becoming the global model for combating offshore tax evasion and promoting transparency. FATCA is an acronym for the United States (US) Foreign Account Tax Compliance Act (FATCA), which was introduced by the US Government in October 2009, but became law as part of the Hiring Incentives to Restore Employment (HIRE) Act on March 18, 2010. FATCA is aimed at ensuring that US persons with financial assets outside of the US are paying US tax.  \nUnder FATCA, US financial institutions must withhold a portion of payments made to foreign financial institutions (FFIs) (see explanation below) that do not agree to identify and report information on their US account holders.  \nFFIs have the option of entering into agreements directly with the US Inland Revenue Service (IRS), or through one of two alternative Model Intergovernmental Agreements (IGAs) signed by their home country. The Barbados Government entered into a Model 1A IGA with the US treasury Department, which is a reciprocal agreement, and which was effective May 27, 2014. This agreement facilitates the exchange of certain information on each countries’ tax payers, in order to increase the collection of taxes for both the US and Barbados.  \nWhat will be required of Republic Bank Limited?  \nThe Bank must:-  \n􀀹 Undertake certain identification and due diligence procedures involving our new customers, commencing July 1, 2014;  \n􀀹 Report annually to the Barbados Revenue Authority (BRA), who will in turn report to the US IRS, information on customers who are US persons or foreign entities with substantial US ownership, commencing September 30, 2015; and  \n􀀹 Report annually to BRA, who will in turn report to the IRS, certain customers who do not wish to cooperate with the new FATCA requirements e.g. (a) non-participating financial institutions or  \n(b) customers who fail to provide sufficient information to determine whether or not they are a US person, commencing July 1, 2014.  \nWhy did the US introduce FATCA?  \nFATCA is intended to increase transparency for the US Internal Revenue Service (IRS) with respect to US Persons that may be investing and earning income through non-US institutions. The primary goal of FATCA is to gain information about US persons.  \nWho does FATCA affect?  \nFATCA does not directly affect the ordinary Barbadian citizen with a bank account and no ties to the US. However, if you intend to open a new account, you will be asked questions about any possible connections you may have to the U.S.  \nFATCA affects:-  \n􀀹 US citizens or US registered businesses such as limited liability companies, trusts, partnerships, estates etc.  \n􀀹 US individual residents, including U.S Green Cardholders  \n􀀹 A very limited number of nonresident individuals who own certain foreign financial accounts or other offshore assets  \n􀀹 Local businesses having US ownership  \n􀀹 FFIs  \nWhat is a Foreign Financial Institution (FFI)?  \nBroadly speaking, it is any financial institution which is a non US entity that:  \n􀀹 Accepts deposits in the course of a banking or similar business;  \n􀀹 Holds financial assets for the account of others as a substantial part of its business;  \n􀀹 Is engaged primarily in business of investing, reinvesting or trading in securities; and  \n􀀹 Is an insurance company (or the holding company of an insurance company) that issues or makes payments with respect to a financial account.  \nEntity types that are covered are:  \n􀀹 Banks  \n􀀹 Broker dealers  \n􀀹 Asset managers and investment funds  \n􀀹 Insurance companies other than pure property and casualty (general insurance) or pure term life entities  \n􀀹 Trust companies  \n􀀹 Other financial intermediaries (such as custodians and related service providers)  \n􀀹 Credit unions and cooperatives  \nFor this purpose, a non-US entity is any entity that is NOT –  \n􀀹 a partnership, corporation, trust incorporated or created under US law  \n􀀹 a non US incorporated entit","cbCairMOHFLSXSgG","https://ap.wps.com/l/cbCairMOHFLSXSgG","pdf",623588,"English","# What exactly is FATCA?\n# What will be required of Republic Bank Limited?\n# Why did the US introduce FATCA?\n# Who does FATCA affect?\n# What is a Foreign Financial Institution (FFI)?\n# Who is a U.S. Person for FATCA purposes?\n# How would I know if I am a US Person under FATCA?\n# Does FATCA apply to BDS$ accounts?","[{\"question\":\"What exactly is FATCA and what is its main purpose?\",\"answer\":\"FATCA is the US Foreign Account Tax Compliance Act, introduced by the US Government in October 2009 and becoming law in March 2010. Its primary goal is to gain information about US persons with financial assets outside the US and improve tax transparency.\"},{\"question\":\"What responsibilities do financial institutions have under FATCA?\",\"answer\":\"Under FATCA, US financial institutions must withhold payments to foreign financial institutions that do not agree to identify and report US account holders. FFIs may enter agreements directly with the US IRS or through alternative model IGAs with their home country.\"},{\"question\":\"How can a customer tell if they are a US Person under FATCA?\",\"answer\":\"Banks use indicators such as US residency or citizenship (including green card holders), US place of birth, US home or mailing address, a US PO Box/c/o/hold mail address, power of attorney or signing authority with a US address, a US telephone number, and standing orders transferring funds to an account in the US.\"}]","FATCA - Customer Frequently Asked Questions | PDF",1789791127]