The Foreign Account Tax Compliance Act (FATCA) was signed into U.S. law in March 2010. Its aim is to prevent U.S. taxpayers from using accounts held outside of the U.S. to evade taxes.
FATCA and, in some countries, related local regulations will require financial institutions to report annually on specified accounts held outside of the U.S. by U.S. taxpayers. This reporting will be made available to the U.S. Internal Revenue Service either directly or through local regulatory agencies.
Any financial institution that fails to comply with FATCA will face a 30% withholding tax on a wide range of U.S. sourced payments to its clients. In addition, countries that pass regulations supporting FATCA will enforce those regulations through their own regulatory agencies.
The Scotiabank Group has always been committed to keeping clients' personal information accurate, confidential, secure, and private. In every jurisdiction, our response to FATCA will be held to our standard of strict compliance with local privacy rules, and our approach will reflect our longstanding commitment to client privacy and client service.
In any case where we determine that a specific personal or non-personal account may be affected by FATCA, we will:
Across our entire global network, Scotiabank intends to meet all obligations imposed under FATCA in accordance with local banking and tax regulations.
Scotiabank has now registered all Scotiabank legal entities that are classified as FFIs.
FATCA will come into effect in stages, beginning on July 1, 2014.
As information on new developments is released, we will keep you informed by posting updates on our website.
Click here to see answers to frequently asked questions about FATCA.
Click here to see a listing of our Global Intermediary Identification Numbers (GIINs), and to access the related W-8 forms.
Here, you will be able to access the Forms you may be required to complete in order to document your status for FATCA purposes.