The Foreign Account Tax Compliance Act (FATCA) is intended to assist US citizens and residents who transact business outside the US in complying with the United States (US) Tax law.
FATCA creates greater transparency by strengthening information reporting and compliance by providing rules around the processes of documenting, reporting and withholding on a payee.
These rules not only impact the financial services sector, but also affect individuals and entities outside of the traditional financial services sector with operations both in and outside of the United States.
US Individuals – A US individual can either be someone born in the US, is a US citizen or US permanent resident (including a Green Card Holder)
US Entities – A partnership, Sole Trader, Company or Association or Trust, created or organized or incorporated in the U.S. or under laws of the U.S.
Individual and Entities with US Indicia
A US Indicia is an indicator that an individual/entity has some affiliation to the United States.
Below is a list of indicators for U.S. Indicia
US residence or citizenship status
US place of Birth
US home or mailing address
Only address is a US Post Office Box, c/o or hold mail address
Power of Attorney granted to someone with a US address
A US telephone number
Standing Order to transfer funds to an account in the US
US Passport and/or Driver’s License
An entity formed in the US or under the US laws
Entities where shareholders with more than 10% shareholding have US Indicia
If you have US Indicia, you are required fill Forms W-9 and/or W-8BEN.
Please co-operate with us as we seek to set sail for full compliance of the FACTA law.
For your ease of reference, we have uploaded on to the Bank’s website (republicguyana.com) the various documents and Forms that would assist you:
You must submit the aforementioned documents to your branch of Republic Bank in an envelope clearly labelled “FATCA Documents” by appointment only by the date indicated in the direct correspondence sent to you. Forms are available for completion at the Branch.
What will happen if you do not comply?
If for some reason you are unable to comply with the requests for information we may have to bring to an end our banking relationship with you.
In light of the aforementioned, we urge you to comply with these requests. We also encourage you to seek advice from an independent tax advisor should you need assistance in understanding the scope of these new reporting requirements, and the consequences of non-compliance.
Should you have any questions relating to the Bank’s requirements, please visit or call any of the nearest Republic Bank Branches or email via email@example.com
For updates and further information on FATCA, please visit the IRS FATCA page at www.irs.gov/FATCA