FATCA is a United States (“US”) legislation that primarily aims to prevent tax evasion by US taxpayers through the usage of non-US financial institutions and offshore investment instruments. FATCA impacts financial institutions on a gradual implementation timeline.
Qatar Central Bank has instructed all Financial Institutions in Qatar to comply with FATCA legislation based on agreements set with Internal Revenue Service / USA. Customers of financial institutions will initially be impacted as of 1 July 2014.
Impact on Commercial Bank customers
FATCA will solely affect customers who are classified as “US Persons / entities” for US tax purposes indicators:
- Clients holding US nationality, either by birth or through citizenship and naturalization
- Those having a US Green Card/residency status
- Non-US entities which are substantially owned by US person(s)
As part of this legislation, it is mandatory for ALL new customers of Commercial Bank, as well as existing customers wishing to open additional accounts with Cb, to complete, sign, and submit the “Self Certification” form along with the other account opening documents.
For more information about FATCA, please click below: