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FATCA – FAQs General

 
 

Qualified Intermediaries/Withholding Foreign Partnerships/Withholding Foreign Trusts

Q1. Must an FI become a QI/WP/WT in order to register under FATCA?
Q2. If an FFI has a QI/WP/WT agreement in place, does the Responsible Party for purposes of the QI/WP/WT Agreement also have to the serve as the FFI’s Responsible Officer?
Q3. If a member of the Expanded Affiliated Group is a Qualified Intermediary/Withholding Trust/Withholding Partnership, does the Lead Financial Institution renew the Qualified Intermediary/Withholding Trust/Withholding Partnership agreement on behalf of the member or does the member renew its own agreement?
Q4. Section 1.01 of Rev. Proc. 2017-15 addresses the treatment of any home office (as defined in section 2.43 of Rev. Proc. 2017-15) or branch (whether or not a disregarded entity) that wants to be a QDD (each home office or branch, a prospective QDD).  Each prospective QDD must separately qualify, apply, and be approved for QDD status, including meeting the eligible entity requirements as if it were a separate entity.  If a prospective QI has a branch that is a prospective QDD, the branch may apply for QDD status even if the prospective QI (apart from such branch) is not an eligible entity.  A home office can apply for QDD status as part of the standard QI application.  In order to apply for QDD status for a branch on the QI System, the following steps must be taken:
Q5. What information should be provided for question 19 of Part 1?
Part I, Question 19. Description of business of the Applicant
(If the Applicant is applying for QDD status, indicate which portions of the business description are applicable to the QDD status)

Q6. What information should be provided for question 20 of Part 1?
Part I, Question 20. Description of new account opening procedures
(If the Applicant is a WP or WT, provide a description of the procedures for admitting a new partner, beneficiary, or owner)
(If the applicant is applying for QDD or QSL status, describe the Applicant’s procedures for collecting documentation from counterparties)

Q7. My application for renewal of QI/WP/WT status was not approved and was placed into incomplete status due to compliance issues.  What does this mean?
Q8. How does an applicant provide the description of the types of transactions for applications submitted in 2017?
Q9. How does an applicant provide the approximate value of transactions by account holder type for applications submitted in 2017?
Q10. What information must an applicant provide when describing why it is an eligible entity?
Q11. What information is necessary to describe how an applicant determines which transactions are included of its QDD business?
Q12. When submitting an application in 2017, should the applicant address non-delta one transactions when completing section 3?
Q13. Can a partnership apply to be a QDD?
Q14. Who may rely on the “Any other person otherwise acceptable to the IRS” QDD eligible entity category?
Q15. What information must a renewing QI/WP/WT consider in response to Part 4 – Additional Information, Question 4 - Is the QI/WP/WT in compliance with all applicable withholding and reporting requirements, including the filing of the following forms (to the extent required for  calendar years for which the due date of the form (including extensions) has passed)*?
Q16. Can a request for renewal of a Qualified Intermediary (QI), Withholding Foreign Partnership (WP) or a Withholding Foreign Trust (WT) agreement submitted after the renewal due date of 3/31/17 still be granted an Effective Date of 1/1/17.  Also, can an application for a new QI agreement that also contains a request for qualified derivatives dealer (QDD) status submitted after 3/31/17 be granted an Effective Date of 1/1/17?

IGA Registration

Q1. Please provide a link that lists the jurisdictions treated as having in effect a Model 1 or Model 2 IGA.
Q2.
How do Foreign Financial Institutions in Model 1 jurisdictions register on the FATCA registration website?
Q3.
How do Foreign Financial Institutions in Model 2 jurisdictions register on the FATCA registration website?
Q4.
We are an FFI in a country that has not signed an IGA, and the local laws of our country do not allow us to report U.S. accounts or withhold tax. What is our FATCA classification?
Q5.
In a Model 1 IGA jurisdiction, does the FFI need to fill out Question 10 about Responsible Officers?
Q6.
Does an FFI in a Model 1 IGA jurisdiction need to register before July 1, 2014, if the FFI is part of an EAG?
Q7.
Does an entity in a Model 1 jurisdiction that, relying on the definition of a nonreporting financial institution under the applicable IGA,  qualifies as a deemed-compliant FFI or an exempt beneficial owner under relevant U.S. Treasury Regulations, need to register on the FATCA registration website?
Q8.
Announcement 2014-38 provides that a jurisdiction that is treated as if it has an IGA in effect, but that has not yet signed an IGA, retains such status beyond December 31, 2014, provided that the jurisdiction continues to demonstrate firm resolve to sign the IGA that was agreed in substance.  Given this additional time to sign the IGA, does a reporting Model 1 FFI in such a jurisdiction need to register and obtain a GIIN before January 1, 2015?

Expanded Affiliated Groups

Q1. For registration purposes, can an EAG with a Lead FI and 2 Member FIs be divided into: (1) a group with a Lead FI and a member FI, and (2) a member FI that will register as a Single FI?
Q2. What is required for an entity to be a Lead FI?
Q3. Can a Member FI complete its FATCA registration and obtain a GIIN if the Lead FI for that Member FI has not yet registered under FATCA?
Q4. Is a limited FFI who is a member of an Expanded Affiliated Group subject to Chapter 4 withholding?

Sponsoring/Sponsored Entities

Q1. We are a Sponsoring Entity, and we would like to register our Sponsored Entities. How do we register our Sponsored Entities?

Responsible Officers and Points of Contact

Q1. What is a Point Of Contact (POC)?
Q2. Is the Responsible Officer required to be the same person for all lines on Form 8957 or the online registration (“FATCA Registration”)?
Q3. The Instructions for Form 8957 state that for purposes of Part 1, question 10, “. . .  RO means the person authorized under applicable local law to establish the statuses of the FI’s home office and branches as indicated on the registration form.”  What does it mean for an RO to have the authority to “establish the statuses of the FI’s home office and branches as indicated on the registration form”?
Q4. My FI plans on employing an outside organization (or individual) solely for the purpose of assisting with the registration process.  Once registration is complete, or shortly thereafter, my FI intends to discontinue its relationship with this organization.  Is this permissible under the FATCA registration system? How should my FI use the registration system to identify this relationship?
Q5. For each of the following FATCA classifications (i.e. Participating Foreign Financial Institution “PFFI”, PFFI that elects to be part of a consolidated compliance program, Registered Deemed-Compliant Foreign Financial Institution “RDCFFI”, Reporting Model 1 FFI, Limited FFI and US Financial Institution “USFI”) what type of individual may serve as a Responsible Officer for purposes of Part 1, Question 10 of the FATCA Registration?
Q6. Additional questions related to: Part 4 of the online registration system*

Financial Institutions

Q1. Are U.S. Financial Institutions (USFIs) required to register under FATCA? If so, under what circumstances would a USFI register? Does it matter whether the USFI has a branch in an IGA jurisdiction?
Q2. Is a Foreign Financial Institution (“FFI”) required to obtain an EIN?
Q3. How does a FFI apply for a EIN if it does not already have one?

Exempt Beneficial Owners

Q1. We are a foreign central bank of issue. Will we be subject to FATCA withholding if we do not register?
Q2. We are a foreign pension plan. Will we be subject to FATCA withholding if we do not register?

NFFEs

Q1. How should an entity seeking the FATCA status of “direct reporting NFFE” (other than a sponsored direct reporting NFFE) register for this status to obtain a GIIN in order to avoid FATCA withholding?
Q2. How should a sponsor of a sponsored direct reporting NFFE register itself for this status and obtain a GIIN?
Q3. Can a direct reporting NFFE be registered as a Member FI?
Q4. Does a direct reporting NFFE have to separately register its branches when it completes its FATCA registration?

Registration Update

Q1. Why did my registration status change to Registration Incomplete?  What can I do?
Q2. For each of the following FATCA classifications (i.e. Participating Foreign Financial Institution “PFFI” for Reporting Model 2 FFI, Registered Deemed Compliant Foreign Financial Institutions “RDCFFI” (for both Model 1 and non-Model 1 FFIs), Sponsoring Entity, Limited FFI or Limited Branch, Renewing QI/WP/WT, US Financial Institution “USFI” treated as a Lead FI and Direct Reporting NFFE) what is the impact of completing Part IV of the FATCA Registration?
Q3.
How do Trustees of Trustee-Documented Trusts register?
Q4. Does an FFI registering to become a PFFI (including a reporting Model 2 FFI) need to complete a paper version of the FFI Agreement?
Q5. What action should a FATCA registrant take if it improperly completes multiple FATCA registrations?
Q6. The entity I represent is on the Office of Foreign Asset Control's Specially Designated Nationals list.  Is the entity eligible to register and receive a GIIN?
Q7. What is the Office of Foreign Asset Control's Specially Designated Nationals (SDN) list?
Q8. I am an entity that is registered on the FATCA registration system and that has been issued a GIIN. Do I need to renew my FFI agreement?
Q9. I have determined based on the chart above that I am not required to renew an FFI agreement. The “Renew FFI Agreement” link asks if I and/or my branches are required to renew the FFI agreement. Am I required to select “No”? What happens if I do not select either “Yes” or “No”? Will I lose my GIIN?
Q10. What happens if I am an entity that entered into the FFI agreement contained in Revenue Procedure 2014-38 before January 1, 2017, but I do not renew my FFI agreement by July 31, 2017?
Q11. I am an entity that must renew the FFI agreement. What if I incorrectly selected “No” when asked whether I am required to renew the FFI agreement?

FFI/EAG Changes

Q1. We are the common parent of an EAG. If we sell our interest in a wholly-owned FFI that is registered as a Member FI, what impact will the sale have on the Member FI’s FATCA registration?
Q2. Can a FATCA registrant change its FI Type—which is selected at the beginning of the FATCA registration process—without re-registering?
Q3. If a registrant has changed its name but not its FI Type, does it need to re-register?
Q4. How can an FFI that is registered as a Single FI change its FATCA registration to become a Lead FI?
Q5. How can an FFI that is registered as a Lead FI of an EAG change its FATCA registration to become a Single FI?
Q6. What steps does a registrant need to complete if it has dissolved?

Branch/Disregarded Entity

Q1. How does a disregarded entity (DE) in a Model 1 IGA jurisdiction satisfy its FATCA registration requirements?
Q2. How does a branch in a Model 1 IGA jurisdiction satisfy its FATCA registration requirements?
Q3. How does a branch or a disregarded entity (DE) in a jurisdiction that does not have an IGA, or that is in a Model 2 IGA jurisdiction, satisfy its FATCA registration requirements?
Q4. How can a withholding agent find the name and GIIN of a branch on the FFI list?
Q5. How does a branch described in Q-2 or Q-3 of this heading that has registered as a separate entity rather than as a branch of its owner correct its registration?

General Compliance

Q1. How will Certified-Deemed Compliant FFIs, Owner-documented FFIs, or Excepted FFIs certify to U.S. withholding agents that they are not subject to Chapter 4 withholding given that they are not required to register with the IRS?
Q2. We are an FFI in a non-IGA country.  Will we be subject to Chapter 4 withholding if we do not register with the IRS?
Q3. What are the consequences of terminating the FFI agreement for a Participating Foreign Financial Institution?
Q4. What happens if an FFI is not registered by May 5th, 2014?
Q5. Are Forms W-8 still required to be renewed by the appropriate beneficial owners?
Q6. What should a withholding agent do if an entity account holder indicates that box 9a of Form W–8BEN–E is too small to accommodate the entity’s GIIN?
Q7. Notice 2014-33, 2014-21 I.R.B. 1033, provides that a withholding agent or FFI may treat an obligation as a preexisting obligation if the obligation (i) is issued, opened, or executed on or after July 1, 2014, and before January 1, 2015, and (ii) is held by an entity.  How does this provision of Notice 2014-33 apply when the recipient of a payment made under the obligation is a flow-through entity or intermediary?
Q8. Annex I of the IGA provides that, for certain purposes, a self-certification may be made on an IRS Form W-8 or other “similar agreed form.”  What would be considered a similar agreed form?
Substitute Withholding Certificate: In General

Q9. What is an acceptable self-certification for purposes of the Annex I due diligence procedures for preexisting and new accounts?  Does the self-certification form have to be agreed with the United States?
Q10. If a Reporting Model 1 FFI or a Reporting Model 2 FFI that is applying the due diligence procedures in section III, paragraph B, of Annex I of the IGA cannot obtain a self-certification upon the opening of a New Individual Account, can the FFI open the account and treat it as a U.S. Reportable Account?
Q11. Has a Form W-8 that has been completed and signed by a payee, scanned into an image or portable document format (PDF), and uploaded to a third-party repository been scanned and received electronically by a withholding agent for purposes of sections 1.1441-1(e)(4)(iv) and 1.1471-3(c)(6)(iv) if the payee, upon request from the withholding agent for a Form W-8 to document its status for purposes of chapters 3 and 4, sends the withholding agent an email with a link to the third-party repository site that allows the withholding agent to download the image or PDF of the form that is stored on the repository for such purpose (or the payee otherwise authorizes the withholding agent to access the specific form from the third-party repository in a similar manner).
Q12. My courier requires a physical mailing address for delivery service.  What is the physical mailing address for Forms 8966 and Form 1042?
Q13. I am an American citizen living abroad and my foreign bank is requesting my social security number, do I have to comply and if so, why?
Q14. How do I submit a request for an initial or additional extension of time to file Forms 8966 for tax year 2015?
Q15. How do I submit a request to waive the requirement to file Forms 8966 electronically for tax year 2015?
Q16. What title should the RO include when indicating their business title in the RO information section of the registration?
Q17. How many Global Intermediary Identification Numbers (GIINs) should a single FI have?
Q18. What are the registration and GIIN requirements for bulk acquisition and merger events?
Q19. What do I need to do if I haven’t received a response to my submission of Form 8809-I when I requested an additional 90 Day Extension to file Form 8966?
Q20. Under what circumstances is a withholding agent required to collect a foreign TIN or date of birth on a beneficial owner withholding certificate?
Q21. Is a beneficial owner withholding certificate invalid under  Treas. Reg. §1.1441-1T(e)(2)(ii)(B) (published on January 6, 2017, in TD 9808) during calendar year 2017 if it does not include a foreign TIN or date of birth for the beneficial owner identified on the certificate?
Q22. How is a withholding agent permitted to obtain  a foreign beneficial owner’s foreign TIN that is not included on an otherwise valid beneficial owner withholding certificate for purposes of satisfying the requirements of Treas. Reg. §1.1441-1T(e)(2)(ii)(B)?     

Reporting

Q1. Are filers of Form 8966 required to file a nil report?
Q2. When is Form 8966 due for reporting with respect to calendar year 2014 for participating FFIs and Reporting Model 2 FFIs?

Request for Additional Extension of Time to File Form 8966 for Tax Year 2014

Q1. How do I submit a request for additional extension of time to file Forms 8966 for tax year 2014?

Request for Waiver from Filing Form 8966 Electronically for Tax Year 2014

Q1. How do I submit a request to waive the requirement to file Forms 8966 electronically for tax year 2014?

FATCA Registration Self-Help

FATCA Registration System Technical Support

Comment on FATCA Compliance

Additional Support


Qualified Intermediaries/Withholding Foreign Partnerships/Withholding Foreign Trusts

Q1. Must an FI become a QI/WP/WT in order to register under FATCA?
An FI is not required to obtain QI/WP or WT status to register under FATCA.  If at the time of FATCA registration, the FI does not have in effect a withholding agreement with the IRS to be treated as a QI, WP or WT, the FI will indicate “Not applicable” in box 6 and will continue with the registration process.

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Q2.If an FFI has a QI/WP/WT agreement in place, does the Responsible Party for purposes of the QI/WP/WT Agreement also have to the serve as the FFI’s Responsible Officer?
No, the FFI’s Responsible Party for purposes of a QI/WP/WT Agreement does not have to be the Responsible Officer chosen by the FFI for purposes of certification under the regulations or for FATCA Registration purposes.

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Q3. If a member of the Expanded Affiliated Group is a Qualified Intermediary/Withholding Trust/Withholding Partnership, does the Lead Financial Institution renew the Qualified Intermediary/Withholding Trust/Withholding Partnership agreement on behalf of the member or does the member renew its own agreement?
Each Member FI with a Qualified Intermediary/Withholding Trust/Withholding Partnership (“QI/WP/WT”) agreement will renew its own agreement on the registration system.  When a Member is completing its registration it will be asked about whether it maintains and seeks to renew a QI/WP/WT agreement with the Service.  If the Member indicates it has one of these agreements and would like to renew the agreement, the Member will do so in Part 3 of the registration system in addition to claiming status as a participating FFI or registered-deemed compliant FFI (and obtaining its required GIINs).  

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Q4. Section 1.01 of Rev. Proc. 2017-15 addresses the treatment of any home office (as defined in section 2.43 of Rev. Proc. 2017-15) or branch (whether or not a disregarded entity) that wants to be a QDD (each home office or branch, a prospective QDD).  Each prospective QDD must separately qualify, apply, and be approved for QDD status, including meeting the eligible entity requirements as if it were a separate entity.  If a prospective QI has a branch that is a prospective QDD, the branch may apply for QDD status even if the prospective QI (apart from such branch) is not an eligible entity.  A home office can apply for QDD status as part of the standard QI application.  In order to apply for QDD status for a branch on the QI System, the following steps must be taken:  

  1. The home office (or prospective QI) must complete and submit its QI application or renewal on the QI System (please refer to QI System User Guide for step-by-step instructions).  The application or renewal must include all relevant branch information for each branch that intends to act as a QI (including as a QDD).    
  2. Notwithstanding that the home office (or prospective QI) included all relevant branch information with its application or renewal, a separate QI application must be submitted for each branch (including branches that are disregarded entities) that is a prospective QDD.  Each home office or branch that is a prospective QDD must submit a separate application, even if located in the same country.  Therefore, if multiple branches located in the same country are prospective QDDs, a separate application must be submitted for each branch.  
  3. The process for the branch’s separate QI application will follow the QI System User Guide instruction for applying to become a QI (that is, the same process that the home office or prospective QI used), and the QI System will populate the application using the same answers as provided by the home office (or prospective QI), except for the following lines, which the branch will be required to complete:
    Part 1:
    1. Name of Applicant:  Enter the Home Office QI NAME with the following appended to the Home Office Name:

                         :-QDD-BRANCH-<Branch QDD COUNTRY (and branch identifier, if necessary)>
                         (EXAMPLE: ABC Bank-QDD-BRANCH-SINGAPORE (Disregarded Entity Name))
.

    1. Existing EIN, if any: Enter the home office QI EIN.  
      Note: A QDD branch will receive a message on their message board upon acceptance of its application, but the QDD branch will not be issued its own QI EIN.  
    2. Country / Jurisdiction of Organization:  Enter the country / jurisdiction of the branch.
    3. Indicate that the branch is applying for QDD status.
    4. Identify the applicable Know Your Customer Rules (KYC):  Select the jurisdiction, if any, whose KYC rules apply to the branch.
    5. Does the Applicant Maintain a branch in any Jurisdiction other than the home office:  Select “No.”
    6. Address of applicant:  Enter the address of the branch.
    7. Description of Business:  Preface the description by stating the application is for a branch applying for QDD status only.
    8. Responsible Officer: The applicant may identify the home office’s RO as its Responsible Officer
    9. Contact person: The applicant may identify the home office’s Contact Person as its Contact Person or any other person that meets the requirements of a Contact Person for the branch.

            Part II

    1. QI/WP/WT Information (Part 2):  Enter zeros for all account holder totals and amounts.  
    2. Will the applicant have any PAI agreements in effect: Select “No.”

            Part III

                    Complete all fields.

      Part IV

             Upload files for the QI/WP/WT application:  Select “SS-4.”  
             Upload a document, containing the corporate letter head of the home office, which states the branch is applying strictly for QDD status as a branch of a QI.  The statement should provide the name and 
             QI-EIN of the home office.

            Part V  

                    Complete, sign, and submit as directed.

Entities that have already submitted an application or renewal that included a request for QDD status must update their submission to separately request QDD status for any branch that will act as a QDD by following these procedures and sending an email to *LB&I FI QIWPIssues.  The e-mail should indicate either that the entity has branches which intend to apply for QDD status and list those branches by country or that the entity has no such branches and the submission is ready to be processed by the IRS.

Added: 02-14-2017

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Q5.  What information should be provided for question 19 of Part 1?

Part I, Question 19. Description of business of the Applicant
(If the Applicant is applying for QDD status, indicate which portions of the business description are applicable to the QDD status)

Provide a detailed description of your business including, but not limited to, the type of business, the approximate value of your total assets, and, in general, the source of income you expect to receive.  For businesses that may be involved in sale and leaseback type transactions, clearly state the structure of the transaction, including all the parties.  If the business is not yet in operation, explain how the business intends to obtain financing and the projected startup date.  If the Applicant is an investment fund, also describe the type of anticipated investments and state the term of the fund.

In addition, for each QDD applicant, indicate the business operated by the QDD applicant, list the types of potential section 871(m) transactions for which the QDD applicant makes payments, list the types of potential section 871(m) transactions and underlying securities for which the QDD applicant receives payments, and indicate which portion of the business relates to the QDD covered transactions and which portion of the business relates to the equity derivatives dealer business.

For each QDD applicant, indicate the QDD applicant’s entity classification for U.S. federal income tax purposes (such as a corporation, partnership, or disregarded entity) .  If the QDD applicant is a branch, also indicate the entity classification of its home office.

Added: 02-15-2017

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Q6. What information should be provided for question 20 of Part 1?

Part I, Question 20. Description of new account opening procedures
(If the Applicant is a WP or WT, provide a description of the procedures for admitting a new partner, beneficiary, or owner)
(If the applicant is applying for QDD or QSL status, describe the Applicant’s procedures for collecting documentation from counterparties)

QI Applicants (including QDD and QSL Applicants):  Provide a detailed description of the account opening procedures.  List each type of document that is required for a new account opening and explain how each document is reviewed and validated.  For entities that facilitate opening new accounts online, describe the entire account opening process, including any uploading of documentation. 

WP/WT Applicants:  Describe the procedures for admitting a new partner, beneficiary, or owner.  If the Applicant is an investment fund, attach the pages of the fund’s subscription agreement or offering documents relating to investor documentation.
Added: 02-15-2017

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Q7. My application for renewal of QI/WP/WT status was not approved and was placed into incomplete status due to compliance issues.  What does this mean?
An incomplete status due to compliance issues on your application for renewal of QI/WP/WT status is caused by prior noncompliance as a QI/WP/WT, such as a failure to file a return or a failure to pay tax.

Added: 02-15-2017

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Q8. How does an applicant provide the description of the types of transactions for applications submitted in 2017?
The applicant should list the approximate value in U.S. dollars (using notional values for derivatives) of the stock in U.S. corporations and potential section 871(m) transactions of the home office or branch (as applicable).  In addition, it should separately list the value of the home office or branch’s potential section 871(m) transactions that are securities lending transactions/sale-repurchase transactions, notional principal contracts, futures/forwards, or other equity linked instruments in the appropriate place.  The securities lending transactions/sale-repurchase transactions, notional principal contracts, futures/forwards, and other equity linked instruments categories should not include values related to transactions that are not potential section 871(m) transactions.

For applications submitted in 2017, the applicant may indicate that the value of the transactions in the previous calendar year is zero when the applicant does not have the relevant information.  For those applications submitted in 2017 for which the applicant does not have the relevant information, the applicant must attach a statement indicating that the information is not available, briefly describing the types of transactions it has entered into, and providing an estimate (if possible) of the anticipated values for these types of transactions.

Added: 03-17-2017

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Q9. How does an applicant provide the approximate value of transactions by account holder type for applications submitted in 2017?
The applicant should list the approximate value in U.S. dollars (using notional values for derivatives) of potential section 871(m) transactions entered into with each counterparty type for the previous calendar year.  For applications submitted in 2017, the applicant may indicate that the value of transactions by counterparty type for the previous year is zero when the applicant does not have the relevant information.  For those applications in 2017 for which the applicant does not have the relevant information, the applicant must attach a statement indicating that the information is not available, briefly describing the types of counterparties with whom the applicant transacts, and providing an estimate (if possible) of the value of the transactions for each counterparty type.

Added: 03-17-2017

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Q10. What information must an applicant provide when describing why it is an eligible entity?
The applicant must identify whether the application is for the home office or branch, and why each home office or branch is an eligible entity.  See Treas. Reg. § 1.1441-1(e)(6)(ii) for an updated definition of an eligible entity.  For each home office or branch applying under the rule for a dealer, bank, bank holding company, or wholly-owned entity of a bank or bank holding company, the applicant must include the name and jurisdiction of the regulator, and whether each home office or branch is regulated by it as a dealer, bank, or bank holding company, as applicable.  The applicant should briefly describe the potential section 871(m) transactions that the home office or branch, as applicable, issues or anticipates issuing to customers and how it hedges or anticipates hedging those transactions, in each case, as a principal.  Each applicant must confirm that the application only describes transactions the QDD enters into as a principal that are recognized and attributable to the QDD for U.S. federal income tax purposes and not effectively connected with the QDD’s conduct of a trade or business in the United States.  For each applicant that is eligible to apply for QDD status because it is a bank, bank holding company, or wholly-owned entity of a bank or bank holding company, the applicant must confirm that it (1) issues potential section 871(m) transactions to customers and (2) receives dividends with respect to stock or dividend equivalent payments with respect to potential section 871(m) transactions that hedge potential section 871(m) transactions that it issued.  

Added: 03-17-2017

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Q11. What information is necessary to describe how an applicant determines which transactions are included of its QDD business?
The applicant should describe how it will determine which transactions are part of the QDD business of the home office or branch (as applicable) and how it will distinguish the home office and each branch’s QDD business from the QDD businesses of the home office and/or any other branches, as applicable, and from non-QDD businesses.  The applicant should briefly describe what systems or procedures it has in place to test, track, and report the transactions associated with the home office or branch’s QDD activities (including whether transactions are held in an equity derivatives dealer capacity or another capacity, and how net delta will be determined).  If the applicant submits the application in 2017 or 2018 and has not yet completed all of its systems or procedures, the applicant must include a brief description of the systems or procedures that have been completed as of the date of the application, and the systems or procedures that the applicant is developing.  For systems or procedures in the development stage at the time the application is submitted, please provide an estimated timeframe for the completion of those items.

Added: 03-17-2017

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Q12. When submitting an application in 2017, should the applicant address non-delta one transactions when completing section 3?
Yes.  Even though section 871(m) only applies to transactions with a delta of one in 2017, an applicant must complete section 3 by including a description of potential section 871(m) transactions for which section 871(m) will apply beginning in 2018.  For example, an applicant applying in 2017 should include responses relating to both delta one transactions and non-delta one transactions.

Added: 03-17-2017

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Q13.  Can a partnership apply to be a QDD?
Yes, a partnership can apply to be a QDD if the partnership qualifies as an eligible entity; however, the IRS may include additional terms that would apply in the case of an agreement entered into with a partnership.

Added: 03-17-2017

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Q14. Who may rely on the “Any other person otherwise acceptable to the IRS” QDD eligible entity category?
This limited category is intended to allow the IRS the discretion to treat an entity that is very similar to the specified categories of eligible entities but that does not satisfy the precise technical requirements in the definition as an eligible entity.  It is not intended to function as a significant expansion of the definition of eligible entity. If an applicant does not satisfy one of the specific categories, the applicant is encouraged to contact the Foreign Intermediaries Program at *LB&I FI QIWPIssues in advance of applying under this category.

Added: 03-17-2017

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Q15. What information must a renewing QI/WP/WT consider in response to Part 4 – Additional Information, Question 4 - Is the QI/WP/WT in compliance with all applicable withholding and reporting requirements, including the filing of the following forms (to the extent required for  calendar years for which the due date of the form (including extensions) has passed)*?

Form 945 * Yes/No/NA
Form 1042 * Yes/No/NA
Form 1042-S * Yes/No/NA
Form 1099 * Yes/No/NA
Form 8966 * Yes/No/NA

The renewing QI/WP/WT (Applicant) should answer this question based on currently available information with respect to each form that Applicant was required to file for the calendar years covered by the most recent QI, WP, or WT agreement that Applicant is renewing:

(1) Answer “Yes” if the Applicant filed the form and the form was correct, and the Applicant has complied with its withholding requirements with respect to such form (if applicable).  

(2) Answer “No” if the Applicant did not file the form or the Applicant filed the form but has failed to pay the amount of tax due with respect to the form (if applicable).

(3) Answer “NA” if the Applicant is not required to file the form for all tax years covered by the QI, WP, or WT agreement.  

Added: 03-31-2017

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Q16. Can a request for renewal of a Qualified Intermediary (QI), Withholding Foreign Partnership (WP) or a Withholding Foreign Trust (WT) agreement submitted after the renewal due date of 3/31/17 still be granted an Effective Date of 1/1/17.  Also, can an application for a new QI agreement that also contains a request for qualified derivatives dealer (QDD) status submitted after 3/31/17 be granted an Effective Date of 1/1/17?
A: The deadline of 3/31/17 for submitting a QI, WP or WT request for renewal as well as for submitting a new application is fast approaching.

In order to allow time for these entities to become better acquainted with the new Qualified Intermediary, Withholding Foreign Partnership, and Withholding Foreign Trust Application and Account Management System (QI/WP/WT System), as well as to gather all information necessary to prepare and submit a renewal application, the Internal Revenue Service will grant an Effective Date of 1/1/17 for all properly submitted and approved renewal applications, including renewals containing a request for QDD status, submitted by 5/31/17.  

Additionally, because a QDD is a new entity type, all  new QI Applications  that also contain a request for QDD status submitted  by 5/31/17 that are approved will be granted an Effective Date of 1/1/17.

For new withholding foreign partnerships, new withholding foreign trusts, and new QIs that are not applying for QDD status, the 3/31/17 new application deadline for a 1/1/17 Effective Date is still in effect.  

Added: 03-31-2017

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IGA Registration

Q1. Please provide a link that lists the jurisdictions treated as having in effect a Model 1 or Model 2 IGA.
The U.S. Department of Treasury’s list of jurisdictions that are treated as having an intergovernmental agreement in effect can be found by clicking on the following link: IGA LIST

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Q2. How do Foreign Financial Institutions in Model 1 jurisdictions register on the FATCA registration website?
Financial Institutions that are treated as Reporting Financial Institutions under a Model 1 IGA (see the list of jurisdictions treated as having an IGA in effect at IGA LIST) should register as Registered Deemed-Compliant Foreign Financial Institutions.

More information on registration can be found in the FATCA Registration Online User Guide: FATCA Registration Resources Page (See Section 2.4 “Special Rules for Registration”)

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Q3. How do Foreign Financial Institutions in Model 2 jurisdictions register on the FATCA registration website?
Financial Institutions that are treated as Reporting Financial Institutions under a Model 2 IGA (see the list of jurisdictions treated as having an IGA in effect at IGA LIST) should register as Participating Foreign Financial Institutions.

More information on registration can be found in the FATCA Registration Online User Guide:  FATCA Registration Resources Page (See Section 2.4 “Special Rules for Registration”)

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Q4. We are an FFI in a country that has not signed an IGA, and the local laws of our country do not allow us to report U.S. accounts or withhold tax. What is our FATCA classification?
Unless the Treasury website provides that your country is treated as having an IGA in effect, then, because of its local law restrictions, this FFI should register as a Limited FFI provided it meets the definition shown directly below. See FATCA - Archive   for a list of countries treated as having an IGA in effect.

A Limited FFI means an FFI that, due to local law restrictions, cannot comply with the terms of an FFI Agreement, or otherwise be treated as a PFFI or RDCFFI, and that is agreeing to satisfy certain obligations for its treatment as a Limited FFI.

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Q5. In a Model 1 IGA jurisdiction, does the FFI need to fill out Question 10 about Responsible Officers?
Yes, if an FFI treated as a reporting Model 1 FFI wishes to have a GIIN, a Responsible Officer must be designated in Part 1, line 10 of Form 8957.     Please see the FAQs on Responsible Officers for further information. 

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Q6. Does an FFI in a Model 1 IGA jurisdiction need to register before July 1, 2014, if the FFI is part of an EAG?
No.  The chapter 4 regulations generally provide that, in order for withholding not to apply, a withholding agent must obtain the GIIN of a PFFI or an RDCFFI for payments made after June 30, 2014.  A special rule in these regulations, however, provides that a withholding agent does not need to obtain a reporting Model 1 FFI’s GIIN for payments made before January 1, 2015.  As a result, a reporting Model 1 FFI will have additional time beyond July 1, 2014, to register and obtain a GIIN in order to ensure that it is included on the IRS FFI list before January 1, 2015.  Additionally, a reporting Model 1 FFI is not required to register prior to December 31, 2014, in order for its expanded affiliated group to meet the requirements of Treas. Reg. §1.1471-4(e)(1).

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Q7. Does an entity in a Model 1 jurisdiction that, relying on the definition of a nonreporting financial institution under the applicable IGA,  qualifies as a deemed-compliant FFI or an exempt beneficial owner under relevant U.S. Treasury Regulations, need to register on the FATCA registration website?
A nonreporting financial institution in a Model 1 jurisdiction is treated as a certified deemed-compliant FFI and is not required to register unless it (1) is subject to a registration requirement under its QI Agreement (see Rev. Proc. 2014-39) or its WP or WT Agreement (see Rev. Proc. 2014-47), (2) will act as a sponsoring entity, (3) will act as a lead FI for one or more related entities, (4) is explicitly required to register under the applicable IGA, or (5) has a financial account on which to report to the Model 1 jurisdiction under the requirements of the applicable IGA.

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Q8. Announcement 2014-38 provides that a jurisdiction that is treated as if it has an IGA in effect, but that has not yet signed an IGA, retains such status beyond December 31, 2014, provided that the jurisdiction continues to demonstrate firm resolve to sign the IGA that was agreed in substance.  Given this additional time to sign the IGA, does a reporting Model 1 FFI in such a jurisdiction need to register and obtain a GIIN before January 1, 2015?
Announcement 2014-38 does not change the requirement in the chapter 4 regulations that for payments made on or after January 1, 2015, in order for withholding not to apply, a withholding agent may treat a reporting Model 1 FFI as a registered deemed-compliant FFI only if the withholding agent has a withholding certificate identifying the payee as a registered deemed-compliant FFI and the withholding certificate contains a GIIN for the payee that is verified in the manner described in those regulations.  Thus, to avoid withholding on certain payments made on or after January 1, 2015, a reporting Model 1 FFI should register and obtain a GIIN to properly certify its status to a withholding agent required to document the FFI for chapter 4 purposes.   A reporting Model 1 FFI that has registered but not yet obtained a GIIN should indicate to its withholding agent that its GIIN is &quotapplied for,&quot and in such case, the withholding agent will have 90 days from the date it receives the Form W-8 to obtain a GIIN and to verify the accuracy of the GIIN against the published IRS FII list before it has reason to know that the payee is not a registered deemed-compliant FFI.

Announcement 2014-38 similarly does not change the timing of any other due diligence and reporting requirements in the chapter 4 regulations. 

Added: 12-22-2014

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Expanded Affiliated Groups

Q1. For registration purposes, can an EAG with a Lead FI and 2 Member FIs be divided into: (1) a group with a Lead FI and a member FI, and (2) a member FI that will register as a Single FI?
Yes. An EAG may organize itself into subgroups, so long as all entities with a registration requirement are registered. An FI that acts as a Compliance FI for any members of the EAG is, however, required to register each such member as would a Lead FI for such members.

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Q2. What is required for an entity to be a Lead FI?
A Lead FI means a USFI, FFI, or a Compliance FI that will initiate the FATCA Registration process for each of its Member FIs that is a PFFI, RDCFFI, or Limited FFI and that is authorized to carry out most aspects of its Members’ FATCA Registrations. A Lead FI is not required to act as a Lead FI for all Member FIs within an EAG. Thus, an EAG may include more than one Lead FI that will carry out FATCA Registration for a group of its Member FIs. A Lead FI will be provided the rights to manage the online account for its Member FIs. However, an FFI seeking to act as a Lead FI cannot have Limited FFI status in its country of residence.  See Rev. Proc. 2014-38 to review the revised FFI agreement for other requirements of a Lead FI that is also a participating FFI.

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Q3. Can a Member FI complete its FATCA registration and obtain a GIIN if the Lead FI for that Member FI has not yet registered under FATCA?
No, a Member FI can only register after its Lead FI has registered.  When the Member FI does register, it should indicate in Part 1, line 1, that it is a member of an expanded affiliated group.

In Part 2 of the Lead FI’s registration, the Lead FI will add basic identifying information for each Member, and the system will create the Member FATCA accounts.  Each Member FI will then be required to log into the system and complete its registration.

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Q4. Is a limited FFI who is a member of an Expanded Affiliated Group subject to Chapter 4 withholding?
Yes. A limited FFI (regardless of whether it is a member of an Expanded Affiliated Group) must identify itself to withholding agents as a nonparticipating FFI and, as a result, is subject to Chapter 4 withholding.  Thus, while limited FFIs are generally required to register, they will not be issued GIINs.

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Sponsoring/Sponsored Entities

Q1. We are a Sponsoring Entity, and we would like to register our Sponsored Entities. How do we register our Sponsored Entities?
The Sponsoring Entity that agrees to perform the due diligence, withholding, and reporting obligations of one or more Sponsored Entities pursuant to Treas. Reg. §1.1471-5(f)(1)(i)(F) should register with the IRS via the FATCA registration website to be treated as a Sponsoring Entity. To allow a Sponsoring Entity to register its Sponsored Entities with the IRS, the Sponsoring Entity must register its Sponsored Entities using the FATCA registration website see FATCA Online Registration User Guide for additional instructions on how to add Sponsored Entities.

While a Sponsoring Entity is required to register its Sponsored Entities for those entities to obtain GIINs, the temporary and proposed regulations provide a transitional rule that, for payments prior to January 1, 2016, permit a Sponsored Entity to provide the GIIN of its Sponsoring Entity on withholding certificates if it has not yet obtained a GIIN. Thus, a Sponsored Entity does not need to provide its own GIIN until January 1, 2017 and is not required to register before that date.

Updated:  02-02-2016

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Responsible Officers and Points of Contact

Q1. What is a Point Of Contact (POC)?
The Responsible Officer listed on line 10 of Form 8957 (or the online registration system) can authorize a POC to receive FATCA-related information regarding the FI, and to take other FATCA-related actions on behalf of the FI. While the POC must be an individual, the POC does not need to be an employee of the FI. For example, suppose that John Smith, Partner of X Law Firm, has been retained and been given the authority to help complete and submit the FATCA Registration on behalf of an FI. John Smith should be identified as the POC, and in the Business Title field for this POC, it should state Partner of X Law Firm.

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Q2. Is the Responsible Officer required to be the same person for all lines on Form 8957 or the online registration (“FATCA Registration”)?
No, it is not required that the Responsible Officer (“RO”) be the same person for all lines on Form 8957 or the online registration.  It is possible, however, that the same person will have the required capacity to serve as the RO for all FATCA Registration purposes.

The term “RO” is used in several places in the FATCA Registration process.  In determining an appropriate RO for each circumstance, the Financial Institution (“FI”) or direct reporting NFFE should review the capacity requirements and select an individual who meets those requirements.  This will be a facts and circumstances determination.

Please note that the responsible officer used for registration purposes may differ from the certifying responsible officer of an FFI referenced in Treasury Regulation §1.1471-1(b)(116).  (See, however, below regarding “Delegation of RO Duties.”)

Below is a description of the required RO capacity per line:

Part 1, Question 10 (FATCA RO for the Financial Institution)

Language from the Form 8957 Instructions and the FATCA Online Registration User Guide specifies that the RO for question 10 purposes is a person authorized under applicable local law to establish the statuses of the entity's home office and branches as indicated on the registration form.  (See FAQ below for what it means to &quotestablish the FATCA statuses&quot of the FI's home office and branches or direct reporting NFFE.)

Part 1, Question 11b (Point of Contact authorization)

The RO identified in question 11b must be an individual who is authorized under local law to consent on behalf of the FI or direct reporting NFFE (“an authorizing individual”) to the disclosure of FATCA-related tax information to third parties.  By listing one or more Points of Contact (each, a “POC”) in question 11b and selecting “Yes” in question 11a, the authorizing individual identified at the end of question 11b (to the right of the checkbox) is providing the IRS with written authorization to release the entity’s FATCA-related tax information to the POC.  This authorization specifically includes authorization for the POC to complete the FATCA Registration (except for Part 4), to take other FATCA-related actions, and to obtain access to the FI’s (or direct reporting NFFE’s) tax information.  Once the authorization is granted, it is effective until revoked by either the POC or by an authorizing individual of the FI or direct reporting NFFE.

Part 4

The authority required for an individual to be an RO for purposes of Part 4 is substantially similar to the authority required for RO status under Treas. Reg. § 1.1471-1(b)(116). 

The RO designated in Part 4 must be an individual with authority under local law to submit the information provided on behalf of the FI or direct reporting NFFE.  In the case of FIs or FI branches not governed by a Model 1 IGA, this individual must also have authority under local law to certify that the FI meets the requirements applicable to the FI status or statuses identified on the registration form.  This individual must be able to certify, to the best of his or her knowledge, that the information provided in the FI’s or direct reporting NFFE’s registration is accurate and complete.  In the case of an FI, the individual must be able to certify that the FI meets the requirements applicable to the status(es) identified in the FI’s registration.  In the case of a direct reporting NFFE, the individual must be able to certify that the direct reporting NFFE meets the requirements of a direct reporting NFFE under Treas. Reg. § 1.1472-1(c)(3). 

An RO (as defined for purposes of Part 4) can delegate authorization to complete Part 4 by signing a Form 2848 “Power of Attorney Form and Declaration of Representative” or other similar form or document (including an applicable form or document under local law giving the agent the authorization to provide the information required for the FATCA Registration).

Note: While the certification in Part 4 of the online registration does not include the term “responsible officer,” the FATCA Online Registration User Guide provides that the individual designated in Part 4 must have substantially the same authority as the RO as defined for purposes of Form 8957, Part 4.

Delegation of RO Duties

While the ROs for purposes of Question 10, Question 11b, and Part 4 of the FATCA Registration may be different individuals, in practice it will generally be the same individual (or his/her delegate)).  The regulatory RO is responsible for establishing and overseeing the FFI’s compliance program.  The regulatory RO may, but does not necessarily have to, be the registration RO for purposes of 1) ascertaining and completing the chapter 4 statuses in the registration process; 2) receiving the GIIN and otherwise interacting with the IRS in the registration process; and 3) making the Part 4 undertakings.  Alternatively, the regulatory RO, or the FFI (through another individual with sufficient authority), may delegate each of these registration roles to one or more persons pursuant to a delegation of authority (such as a Power of Attorney) that confers the particular registration responsibility or responsibilities to such delegate(s).  The scope of the delegation, and the delegate’s exercise of its delegated authority within such scope, will limit the scope of the potential liability of the delegate under the rules of agency law , to the extent applicable.  The ultimate principal, whether that is the regulatory RO or the FFI, remains fully responsible in accordance with the terms and conditions reflected in the regulations, and other administrative guidance to the extent applicable under FATCA, the regulations

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Q3. The Instructions for Form 8957 state that for purposes of Part 1, question 10, “. . .  RO means the person authorized under applicable local law to establish the statuses of the FI’s home office and branches as indicated on the registration form.”  What does it mean for an RO to have the authority to “establish the statuses of the FI’s home office and branches as indicated on the registration form”?
To have the authority to “establish the statuses” for purposes of question 10, an RO must have the authority to act on behalf of the FI to represent the FATCA status(es) of the FI to the IRS as part of the registration process.  This RO must also have the authority under local law to designate additional POCs.

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Q4. My FI plans on employing an outside organization (or individual) solely for the purpose of assisting with the registration process.  Once registration is complete, or shortly thereafter, my FI intends to discontinue its relationship with this organization.  Is this permissible under the FATCA registration system? How should my FI use the registration system to identify this relationship?
Yes, the FI or direct reporting NFFE may employ an outside organization to assist with FATCA registration and discontinue the relationship with the outside organization once registration is complete.  As part of the registration process, an FI or direct reporting NFFE may appoint up to five POCs who are authorized to take certain FATCA-related actions on behalf of the entity, including the ability to complete all parts of the FATCA Registration (except for Part 4), to take other appropriate or helpful FATCA-related actions, and to obtain access to the entity’s FATCA-related tax information.  The POC authorization must be made by an RO within the meaning of Part 1, question 10.  Part 4 must be completed by the RO or a duly authorized agent of the RO.  (See FAQ 1 for a discussion of the process for delegating authorization to complete Part 4.)

Once the services of a POC are no longer needed, the RO may log into the online FATCA account and delete the POC.  This process revokes the POC’s authorization.  At this point, the Responsible Officer can input a new POC, or leave this field blank if they no longer wish to have any POC other than the RO listed on Line 10.

If a third-party adviser that is an entity is retained to help the FI or direct reporting NFFE complete its FATCA registration process, the name of the third-party individual adviser that will help complete the FATCA registration process should be entered as a POC in Part 1, question 11b, and the “Business Title” field for that individual POC should be completed by inserting the name of the entity and the POC’s affiliation with the entity.  For example, suppose that John Smith, Partner of X Law Firm, has been retained and been given the authority to help complete the FATCA Registration on behalf of FI Y.  John Smith should be identified as the POC, and in the Business Title field for this POC, it should state Partner of X Law Firm.

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Q5. For each of the following FATCA classifications (i.e. Participating Foreign Financial Institution “PFFI”, PFFI that elects to be part of a consolidated compliance program, Registered Deemed-Compliant Foreign Financial Institution “RDCFFI”, Reporting Model 1 FFI, Limited FFI and US Financial Institution “USFI”) what type of individual may serve as a Responsible Officer for purposes of Part 1, Question 10 of the FATCA Registration?
With respect to a PFFI, an RO is an officer of the FFI (or an officer of any Member FI that is a PFFI, Reporting Model 1 FFI or Reporting Model 2 FFI) with sufficient authority to fulfill the duties of a Responsible Officer described in a FFI Agreement. 

With respect to a PFFI that elects to be part of a consolidated compliance program, an RO is an officer of the Compliance FI with sufficient authority to fulfill the duties of a Responsible Officer described in the FFI Agreement on behalf of each FFI in the compliance group (regardless of whether the FFI is a Limited FFI or treated as a Reporting Model 1 FFI or Reporting Model 2 FFI).

With respect to a RDCFFI, other than a RDCFFI that is a Reporting Model 1 FFI, an RO is an officer of the FI (or an officer of any Member FFI that is a PFFI, Reporting Model 1 FFI, or Reporting Model 2 FFI) with sufficient authority to ensure that the FFI meets the applicable requirements to be treated as a RDCFFI. 

With respect to a Reporting Model 1 FFI, an RO is any individual specified under local law to register and obtain a GIIN on behalf of the FFI.  If, however, the Reporting Model 1 FFI operates any branches outside of a Model 1 IGA jurisdiction, then the RO identified must be an individual who can satisfy the requirements under the laws of the Model 1 IGA jurisdiction and the requirements relevant to the registration type selected for each of its non-Model 1 IGA branches. 

With respect to a Limited FFI, an RO is an officer of the Limited FFI (or an officer of any Member FI that is a PFFI, Reporting Model 1 FFI, or Reporting Model 2 FFI) with sufficient authority to ensure that the FI meets the applicable requirements to be treated as a Limited FFI. 

With respect to a USFI that is registering as a “Lead FI”, an RO is any officer of the FI (or an officer of any Member FI) with sufficient authority to register its Member FIs and to manage the online FATCA accounts for such members.

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Q6. Part 4 of the online registration system* states:

By checking this box, I, _________, [(the responsible officer or delegate thereof (herein collectively referred to as the “RO”)], certify that, to the best of my knowledge, the information submitted above is accurate and complete and I am authorized to agree that the Financial Institution (including its branches, if any) will comply with its FATCA obligations in accordance with the terms and conditions reflected in regulations, intergovernmental agreements, and other administrative guidance to the extent applicable to the Financial Institution based on its status in each jurisdiction in which it operates.

*Note: Part 4 of Form 8957 contains a substantially similar certification.

Can this statement be broken down into two declarations of the RO, as follows? 

(i) The RO certifies that, to the best of its knowledge, the information submitted above is accurate and complete. 

(ii) The RO agrees that the FI (including its branches, if any) will comply with its FATCA obligations in accordance with the terms and conditions reflected in regulations, intergovernmental agreements, and other administrative guidance to the extent applicable to the FI based on its status in each jurisdiction in which it operates.
Yes.

Does the first declaration above mean that the RO certifies that, to the best of its knowledge, the FI meets the requirements of its claimed status?
Yes.

Does the second declaration above apply to an FI treated as a reporting Model 2 FFI?
Yes.

Does the second declaration above (relating to a Participating FFI) require the signing party to ensure that the FFI and its member FFIs (including its branches, if any) comply with its respective obligations under the terms of its FFI Agreement or any applicable intergovernmental agreement and any such applicable local law?
The second declaration requires the signing party to be able to certify that, to the best of the signing party’s knowledge at the time the FATCA registration is signed, the FI and its member FFIs intend to comply with their respective FATCA obligations. 

A Participating FFI will have its certifying responsible officer (as defined in Treasury Regulation §1.1471-1(b)(116)) periodically certify to the IRS regarding the FFI's compliance with its FFI agreement.  As noted in FAQ 1, the RO identified in Part 4 will normally be an individual with sufficient authority to be eligible for RO status under Treas. Reg. § 1.1471-1(b)(116).  (See, however, above regarding “Delegation of RO Duties.”)

How do the certifications in Part 4 apply to FIs treated as reporting Model 1 FFIs?
The first declaration above applies to FIs treated as reporting Model 1 FFIs and, as such, the RO of an FI treated as a reporting Model 1 FFI certifies that, to the best of the RO’s knowledge, the information submitted as part of the FATCA Registration process is accurate and complete.  The second declaration, however, has limited applicability to FIs treated as reporting Model 1 FFIs because the FI does not have ongoing FATCA compliance obligations directly with the IRS.  Instead, the compliance and reporting obligations of an FI treated as a reporting Model 1 FFI are to its local authority.  However, a reporting Model 1 FFI that has branches (as identified in Part 1, line 9 of Form 8957) that are located outside of a Model 1 IGA jurisdiction will also agree to the terms applicable to the statuses of such branches.  Additionally, an FI (including an FI in a Model 1 IGA jurisdiction) that is also registering to renew its QI, WP, or WT Agreement will agree to the terms of such renewed QI, WP, or WT Agreements by making the second declaration.

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Financial Institutions

Q1. Are U.S. Financial Institutions (USFIs) required to register under FATCA? If so, under what circumstances would a USFI register? Does it matter whether the USFI has a branch in an IGA jurisdiction?
A USFI is generally not required to register under FATCA, regardless of whether it maintains a foreign branch.  However, a USFI must register if the USFI chooses to become a Lead FI and/or a Sponsoring Entity, or if the USFI seeks to maintain QI status with respect to one or more of its foreign branches.  Also, a USFI with a foreign branch that is a reporting Model 1 FFI must register (and identify each such branch when registering).

A USFI with a foreign branch that is a non-QI branch and that is a reporting Model 2 FFI is not required to register with the IRS solely because it maintains a branch in the Model 2 jurisdiction. A USFI does not execute an FFI agreement with respect to the chapter 4 requirements of such a branch, but is subject to the withholding and reporting requirements under chapter 4 applicable to a U.S. withholding agent. Notwithstanding that the USFI does not execute an FFI agreement with respect to the chapter 4 requirements of such a branch, the USFI may, for accounts maintained by the branch, use the procedures set forth in Annex I of the applicable Model 2 IGA to determine which of the branch’s account holders are NPFFIs or NFFEs for which withholding or reporting under section 1472 may apply.

See Treas. Reg. § 1.6049-5(c) regarding the extent to which the documentation permitted under an IGA (including for identifying U.S. accounts (or U.S reportable accounts maintained by a reporting Model 1 FFI)) may be used to satisfy the documentation rules of chapter 61 for a payor.

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Q2. Is a Foreign Financial Institution (“FFI”) required to obtain an EIN?
If the FFI has a withholding obligation and will be filing Forms 1042 and Forms 1042-S with the Internal Revenue Service, it will be required to have an EIN. Please see publication 515 (“Withholding of Tax on Nonresident Aliens and Foreign Entities”) for further information about U.S. Withholding requirements. See Pub. 515. An FFI is also required to obtain an EIN when it is a QI, WP, or WT (through the application process to obtain any such status) or when the FFI is a participating FFI that elects to report its U.S. accounts on Forms 1099 under Treas. Reg. §1.1471-4(d)(5).

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Q3. How does a FFI apply for a EIN if it does not already have one?
If a FFI does not have an EIN, it may apply for one using Form SS-4 (“Application for Employer Identification Number”) or the online registration system. See Apply-for-an-Employer-Identification-Number-(EIN)-Online for more information.

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Exempt Beneficial Owners

Q1. We are a foreign central bank of issue. Will we be subject to FATCA withholding if we do not register?
You will generally be exempt from FATCA Registration and withholding if you meet the requirements to be treated as an exempt beneficial owner (e.g. as a foreign central bank of issue described in Treas. Reg. § 1.1471-6(d), as a controlled entity of a foreign government under Treas. Reg. §1.1471-6(b)(2), or as an entity treated as either of the foregoing under an applicable IGA). A withholding agent is not required to withhold on a withholdable payment to the extent that the withholding agent can reliably associate the payment with documentation to determine the portion of the payment that is allocable to an exempt beneficial owner in accordance with the regulations. However, an exempt beneficial owner may be subject to withholding on payments derived from the type of commercial activity described in Treas. Reg. § 1.1471-6(h).

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Q2. We are a foreign pension plan. Will we be subject to FATCA withholding if we do not register?
You will be exempt from FATCA Registration and withholding if you meet the requirements to be treated as a retirement fund described in Treas. Reg. § 1.1471-6(f), or under an applicable IGA. A withholding agent is not required to withhold on a withholdable payment to the extent that the withholding agent can reliably associate the payment with documentation to determine the portion of the payment that is allocable to an exempt beneficial owner (in this case, a retirement fund) in accordance with the regulations.

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NFFES

Q1. How should an entity seeking the FATCA status of “direct reporting NFFE” (other than a sponsored direct reporting NFFE) register for this status to obtain a GIIN in order to avoid FATCA withholding?
A direct reporting NFFE is eligible to register for this status and when registering should complete an online registration (or, alternatively, submit a paper Form 8957) based on the instructions provided in this FAQ.   For registrations occurring in years after 2014, it is anticipated that both the online registration user guide and the Instructions for Form 8957 will be updated to incorporate instructions for registering direct reporting NFFEs.

In general, for purposes of completing the registration of a direct reporting NFFE, substitute the words “direct reporting NFFE” for the words “financial institution” wherever  they appear in the online registration user guide (or in the Instructions for Form 8957).  Unless specific instructions for a registration question are described here in this FAQ, please use the generally applicable instructions provided in the online registration user guide (or in the Instructions for Form 8957).

Part 1

Question 1 - - Select “Single”.
Question 4 - - Select “None of the above”.
Question 6 - - Select “Not applicable”.
Question 7 - - Select “No”.  (If using the portal online, selecting “no” will automatically skip Questions 8 and 9.)
Question 8 - - Skip this question (which relates to branches)
Question 9 - - Skip all parts (a) through (c) of this question (which relate to branches).
Question 10 - - Enter the information of the individual who will be responsible for ensuring that the direct reporting NFFE meets its FATCA reporting obligations and will act as a point of contact with the IRS in connection with its status as a direct reporting NFFE.

Part 2 - - It is not necessary for a direct reporting NFFE to complete this section. (If using the portal online, selecting Single in question 1 will automatically skip Part 2.)

Part 3 - - It is not necessary for a direct reporting NFFE to complete this section. (If using the portal online, selecting “Not Applicable” in question 6 will automatically skip Part 3.)

Part 4 - - The individual who completes this part must have the authority to provide the certification.

Please note the following for a NFFE that is a Qualified Intermediary (QI), a Withholding Foreign Partnership (WP), or a Withholding Foreign Trust (WT):

A NFFE that registers and obtains a GIIN should renew its QI/WP/WT agreement (as applicable) through the portal and generally follow the instructions above.  However, Part 1, Question 6 should be answered to reflect the NFFE’s appropriate QI/WP/WT status.  NFFEs that obtain GIINs include (i) NFFEs that are acting as QIs with respect to their owners (which are required to register as direct reporting NFFEs), and (ii) QI/WP/WT NFFEs that are also Sponsoring Entities for chapter 4 purposes.

A NFFE cannot execute a QI/WP/WT agreement through the portal (other than a renewal of an existing agreement).  A NFFE that is registered on the portal for its chapter 4 status as either a direct reporting NFFE or Sponsoring Entity and is seeking initial QI/WP/WT status must execute a QI/WP/WT agreement through the existing traditional paper processes for those entities.  Once the NFFE receives the appropriate EIN to act as a QI/WP/WT through that process, the NFFE should amend Part 1, Question 6 of its FATCA registration on the portal to reflect its new status as a QI/WP/WT and add its EIN to its registration.

Note that an entity that wishes to renew its status as a WP or WT will have until July 31, 2014, to register with the IRS to renew its WP or WT status and will not be required to assume the requirements of an updated agreement before August 1, 2014

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Q2. How should a sponsor of a sponsored direct reporting NFFE register itself for this status and obtain a GIIN?
A sponsor of a sponsored direct reporting NFFE is a sponsoring entity (see Treas. Reg. § 1.1471-1T(b)(124)) and  should complete an online registration (or, alternatively, submit a paper Form 8957) as a sponsoring entity, based on the instructions provided in this FAQ.  A sponsoring entity need only complete one registration to act as the sponsor for both sponsored FFIs and sponsored direct reporting NFFEs.  For registrations occurring in years after 2014, it is anticipated that both the online registration user guide and the Instructions for Form 8957 will be updated to incorporate this information, including by incorporating the definition of sponsoring entity provided in Treas. Reg. § 1.1471-1T(b)(124).

In general, for purposes of having a sponsor register a sponsored direct reporting NFFE, substitute the words “sponsor of a direct reporting NFFE” for the words “sponsoring entity” wherever they appear in the online registration user guide (or in the Instructions for Form 8957).  Unless specific instructions for a registration question are described here in this FAQ, please use the generally applicable instructions provided in the online registration user guide (or in the Instructions for Form 8957).

Part 1

Question 1 - - Select “Sponsoring Entity”.

Question 4 - - Select “None of the above”.

Question 6 - - Select “Not applicable”.

Question 7 - - Select “No”. (If using the portal online, selecting “no” will automatically skip Questions 8 and 9)

Question 8 - - Skip this question (which relates to branches)

Question 9 - - Skip all parts (a) through (c) of this question (which relate to branches).

Question 10 - - Enter the information of the individual who will be responsible for ensuring that the direct reporting NFFE meets its FATCA reporting obligations and who will act as a point of contact with the IRS in connection with its obligations as a sponsoring entity.

Part 2 - - It is not necessary for a sponsor of a direct reporting NFFE to complete this section.  (If using the portal online, selecting Sponsoring Entity in question 1 will automatically skip Part 2.)

Part 3 - - It is not necessary for a sponsor of a direct reporting NFFE to complete this section. (If using the portal online, selecting “Not Applicable” in question 6 will automatically skip Part 3.)

Part 4 - - The individual who completes this part must have the authority to provide the certification.

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Q3. Can a direct reporting NFFE be registered as a Member FI?
Yes.  For Part 2, Question 12, select “None of the above” as the Member Type.  See above for additional information on how to register a direct reporting NFFE.   As noted in the FAQs on Expanded Affiliated Groups, the use of Lead FIs is elective.  Therefore, a NFFE that is part of an EAG is not required to be registered as a Member FI.

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Q4. Does a direct reporting NFFE have to separately register its branches when it completes its FATCA registration?
No.  The direct reporting NFFE should register itself only and will be issued a single GIIN.

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Registration Update

Q1. Why did my registration status change to Registration Incomplete?  What can I do?
If your registration status is Registration Incomplete, it is because the IRS has identified an issue with your registration.  Please review your registration for any of the following errors and update it accordingly.  After you have updated your registration, you must resubmit in order for your registration to be processed.

  1. The FFI has identified itself as a Qualified Intermediary with a QI-EIN of which the IRS has no record.  (If you have QI, WP or WT Agreement signed with the IRS, please contact the Financial Intermediaries Team for further assistance.)
  2. The RO has been identified with initials only and no specific name has been provided.
  3. The RO does not appear to be a natural person.
  4. Notice 2013-43 stated that after January 1, 2014 the FI will need to submit a final registration. If an FI submitted a registration prior to this date, the registration status was systemically updated to Registration Incomplete on December 31, 2013.

To update and resubmit your registration, login to your FATCA account, and select “Registration – Edit/Complete/Submit” under the Available Account Options on your home page.  You will be asked if you want to change your status to Initiated. Select yes, and review each page of the registration, making any necessary updates, and clicking the “next” button at the bottom of each page to continue.  When you get to Part 4 of the registration, complete the information, and click on the Submit button.   Your registration status will then be updated to Registration Submitted.  You can go back at any time to update information.

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Q2. For each of the following FATCA classifications (i.e. Participating Foreign Financial Institution “PFFI” for Reporting Model 2 FFI, Registered Deemed Compliant Foreign Financial Institutions “RDCFFI” (for both Model 1 and non-Model 1 FFIs), Sponsoring Entity, Limited FFI or Limited Branch, Renewing QI/WP/WT, US Financial Institution “USFI” treated as a Lead FI and Direct Reporting NFFE) what is the impact of completing Part IV of the FATCA Registration?
PFFI Status for Reporting Model 2 FFI

Reporting Model 2 FFIs are registering to obtain a GIIN, provide authorization for individuals named in Part 1, Line 11 of the FATCA Registration to receive information related to FATCA registration, and to confirm that they will comply with the terms of an FFI Agreement in accordance with the FFI agreement, as modified by any applicable Model 2 IGA.

Notwithstanding the paragraph above, Reporting Model 2 FFIs operating branches outside of Model 1 or 2 IGA jurisdictions are agreeing to the terms of an FFI Agreement for such branches, unless the branches are treated as Limited Branches or are U.S. branches that are treated as U.S. persons.  Additionally, Reporting Model 2 FFIs requesting renewal of a QI, WP or WT Agreement are entering into the renewed Model QI, WP, or WT Agreements, as applicable. 

RDCFFI Status for Reporting Model 1 FFI

Reporting Model 1 FFIs are not entering into FFI Agreements via the FATCA registration process.  Reporting Model 1 FFIs are registering to obtain a GIIN and to provide authorization for individuals named in Part 1, Line 11 of the FATCA Registration to receive information related to FATCA registration.  Notwithstanding the preceding sentence, Reporting Model 1 FFIs operating branches outside of Model 1 or 2 IGA jurisdictions are agreeing to the terms of an FFI Agreement for such branches, unless the branches are treated as Limited Branches.  Additionally, Reporting Model 1FFIs requesting renewal of a QI, WP or WT Agreement are entering into such renewed Model QI, WP, or WT Agreements, as applicable. 

RDCFFI Status for FFI (other than a Reporting Model 1 FFI)

An FFI that is registering as an RDCFFI, other than a Reporting Model 1 FFI, is agreeing that it meets the requirements to be treated as an RDCFFI under relevant Treasury Regulations or is agreeing that it meets the requirements to be treated as a RDCFFI pursuant to an applicable Model 2 IGA.

Sponsoring Entity Status

An entity that is registering as a Sponsoring Entity is agreeing that it will perform the due diligence, reporting and withholding responsibilities of one or more Sponsored FFIs or Sponsored Direct Reporting NFFEs.

Limited FFI or Limited Branch Status

An FFI that is registering as a Limited FFI is confirming that it will comply with the terms applicable to a Limited FFI.  A branch of a PFFI that is registering as a Limited Branch is confirming that it will comply with the terms applicable to a Limited Branch.  GIINs will not be issued to a Limited FFI or Limited Branch.

Renewing QI/WP/WT 

An FFI, including a foreign branch of a USFI, requesting renewal of a QI Agreement is agreeing to comply with the relevant terms of the renewed Model QI Agreement with respect to its branches that are identified as operating as a QI.  The obligations under the renewed Model QI Agreement are in addition to any obligations imposed on the FFI to be treated as a PFFI, Reporting Model 2 FFI, RDCFFI, or Reporting Model 1 FFI. 

An FFI that is applying to renew its WP or WT Agreement is agreeing to comply with the relevant terms of the renewed Model WP or WT Agreement.  The obligations under the renewed Model WP or WT Agreement are in addition to any obligations imposed on the FFI to be treated as PFFI, Reporting Model 2 FFI, RDCFFI, or Reporting Model 1 FFI.  Additionally, a QI, WP, or WT is also certifying that it has in place and has implemented written policies, procedures, and processes for documenting, withholding, reporting and depositing tax with respect to its chapters 3 and 61 withholding responsibilities under its QI, WP, or WT Agreement. 

USFI treated as a Lead FI

A USFI that is part of an EAG and registering its Members FIs is agreeing to manage the online FATCA account for each such Member FI.

Direct Reporting NFFE

A direct reporting NFFE is agreeing to comply with the terms and obligations described under Treas. Reg. § 1.1472-1(c)(3). 

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Q3. How do Trustees of Trustee-Documented Trusts register?
Trustees needing to register Trustee-Documented Trusts (a certified deemed-compliant status for FFIs under the Model 1 and Model 2 IGAs) should use the same procedures Sponsors use to register Sponsored Entities.  The trustee should select “Sponsoring Entity” as its FI Type, and select “None of the above” in Part 1, Question 4.  More information on how to register a Sponsoring Entity can be found in the FATCA Registration Online User Guide.

Please note that if a trustee is required to register itself based on its own applicable status as an FFI, it will do so on a separate registration, and thus will have two separate GIINs, one for such use and another for use in its capacity as a trustee of a Trustee-Documented Trust.

The Trustee-Documented Trust itself will not be registered and does not need to obtain a GIIN.

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Q4. Does an FFI registering to become a PFFI (including a reporting Model 2 FFI) need to complete a paper version of the FFI Agreement?
No.  An FFI does not execute a paper version of the FFI Agreement.  When a PFFI in a non-IGA jurisdiction completes its FATCA registration, the PFFI is agreeing to comply with the terms of the FFI Agreement set forth (as revised) in Rev. Proc. 2014-38.  When a Reporting Model 2 FFI completes its FATCA registration, it is agreeing to comply with the terms of the FFI Agreement, as modified by the applicable Model 2 IGA.  A PFFI in a non-IGA jurisdiction or a reporting Model 2 FFI may also register on the FATCA registration website on behalf of one or more of its branches located in a non-IGA or Model 2 jurisdiction to obtain a GIIN and to agree to comply with the terms of the FFI agreement, as applicable.

In general, the FFI agreement does not apply to a reporting Model 1 FFI, or any branch of such an FFI, unless the reporting Model 1 FFI has registered a branch located outside of a Model 1 IGA jurisdiction seeking to be treated as a PFFI or reporting Model 2 FFI.

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Q5. What action should a FATCA registrant take if it improperly completes multiple FATCA registrations?
In general, an entity (or branch) with a FATCA registration obligation should not be registered more than once.  There are certain exceptions to this rule.  For example, an FFI that will also act as a Sponsoring Entity for one or more Sponsored Entities for chapter 4 purposes is required to submit one FATCA registration to obtain status as a PFFI and a second FATCA registration to act as a Sponsoring Entity.   If an entity has improperly registered itself more than once, then the entity should either delete or cancel its duplicate FATCA registration(s), as appropriate.  The proper course of action will depend on whether the duplicate FATCA registration(s) have been processed.  If the status of a duplicate FATCA registration is “Approved” or “Limited Conditional,” then the duplicate registration should be cancelled.  See Section 5.3.6 of the FATCA Registration Online User Guide for instructions for cancelling a registration.  If the status of a duplicate FATCA registration is neither “Approved” nor “Limited Conditional,” then the duplicate FATCA registration should be deleted.  See Section 5.3.5 of the FATCA Registration Online User Guide for instructions for deleting a FATCA registration.

The regulations treat all units, businesses, offices and disregarded entities of a PFFI located in a single country as a single branch of the FFI.  Therefore, an FI generally should not register more than one branch in the same jurisdiction.  (However, see the Branch/Disregarded Entity FAQs for a special rule for registering disregarded entities in Model 1 IGA jurisdictions.)  Thus, duplicate branch registrations in a single jurisdiction with respect to an FFI must be deleted.  See Section 5.7 of the FATCA Registration Online User Guide for instructions for deleting a branch registration.

If a registrant has been issued multiple GIINs because it has improperly completed multiple FATCA registrations, then the registrant must choose one GIIN and use it consistently for all chapter 4 purposes.  The registrations or FFI Agreements connected with the improper multiple GIINs should be deleted or cancelled as provided above.

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Q6. The entity I represent is on the Office of Foreign Asset Control's Specially Designated Nationals list.  Is the entity eligible to register and receive a GIIN?
No.  For more information, please contact the Office of Foreign Asset Control at 1-800-540-6322, or refer to the OFAC website.

Added: 07-31-2015

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Q7.  What is the Office of Foreign Asset Control's Specially Designated Nationals (SDN) list?
As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific. Collectively, such individuals and companies are called "Specially Designated Nationals" or "SDNs." Their assets are blocked and U.S. persons are prohibited from dealing with them.

Added: 07-31-2015

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Q8. I am an entity that is registered on the FATCA registration system and that has been issued a GIIN. Do I need to renew my FFI agreement?
The answer depends on your FATCA classification. Not all entities are required to enter into an FFI agreement in order to receive a GIIN. If you are an entity that is required to enter into an FFI agreement and did so before January 1, 2017, you must renew your FFI agreement by July 31, 2017, in the FATCA FFI Registration System if you want to remain on the FFI List. The table below provides a general overview of the types of entities that are required to renew their FFI agreement. For additional guidance, see Sections 4 and 6 of Revenue Procedure 2017-16, the Treasury regulations, or an applicable intergovernmental agreement (IGA).

Renewal of FFI Agreement
Financial Institution's FATCA Classification in its Country/Jurisdiction of Tax Residence Type of Entity FFI Agreement Renewal Required?
Participating Financial Institution not covered by an IGA; or a Reporting Financial Institution under a Model 2 IGA Participating FFI not covered by an IGA Yes
Reporting Model 2 FFI Yes
Registered Deemed-Compliant Financial Institution (including a Reporting Financial Institution under a Model 1 IGA) Reporting Model 1 FFI operating branches outside of Model 1 jurisdictions Yes, on behalf of branches operating outside of Model 1 jurisdictions (other than related branches *)
Reporting Model 1 FFI that is not operating branches outside of Model 1 jurisdictions No
Registered deemed-compliant FFI (regardless of location) No
None of the above Sponsoring entity No
Direct reporting NFFE No
Trustee of Trustee-Documented Trust No

* Related branches means branches that are treated as nonparticipating FFIs under Article 4(5) of the Model 1 IGA.

Added: 07-03-2017

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Q9. I have determined based on the chart above that I am not required to renew an FFI agreement. The “Renew FFI Agreement” link asks if I and/or my branches are required to renew the FFI agreement. Am I required to select “No”? What happens if I do not select either “Yes” or “No”? Will I lose my GIIN?
If you are an entity that is not required to renew, you do not need to take any action with respect to your registration. You are not required to answer “No.” You will remain in “Approved Status,” and you will remain on the FFI list.

Note: entities that are located in a Model 1 jurisdiction that entered into an FFI agreement on behalf of certain branches, described in the table above, must renew the FFI agreement on behalf of those branches.

Added: 07-03-2017

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Q10. What happens if I am an entity that entered into the FFI agreement contained in Revenue Procedure 2014-38 before January 1, 2017, but I do not renew my FFI agreement by July 31, 2017?
The FFI agreement contained in Rev. Proc. 2014-38 terminated on December 31, 2016. Therefore, if you do not renew your FFI agreement (contained in Revenue Procedure 2017-16) by July 31, 2017, you will be considered a nonparticipating FFI as of January 1, 2017, and you will be removed from the FFI list.

Added: 07-03-2017

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Q11. I am an entity that must renew the FFI agreement. What if I incorrectly selected “No” when asked whether I am required to renew the FFI agreement?
If you must renew your FFI agreement but incorrectly selected “No,” you may return to your FATCA FFI Registration system home page, click on the “Renew FFI Agreement” link, and select “Yes” to complete your renewal before the July 31, 2017, deadline.

Added: 07-03-2017

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FFI/EAG Changes

Q1. We are the common parent of an EAG.  If we sell our interest in a wholly-owned FFI that is registered as a Member FI, what impact will the sale have on the Member FI’s FATCA registration?
If the Member FI is no longer part of the EAG, it may change its type from Member to Single or Transfer to a new EAG if it is becoming a Member of a new EAG.  See the FATCA Online Registration User Guide to change FI Type.  If the member is Transferring to a new EAG see the FATCA Online Registration User Guide for instructions on how to complete a Transfer.

Please note that the cancellation or deletion of the former Member FI’s registration will cancel its original GIIN.  That GIIN will no longer appear on the FFI list.

Updated:  02-02-2016

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Q2. Can a FATCA registrant change its FI Type—which is selected at the beginning of the FATCA registration process—without re-registering?
Yes, an FI can edit their type without cancelling their current registration agreement by selecting the “Change FI Type” link on the home page and updating the registration form.

The following FI Type changes are allowed within the FATCA Registration system:

  • Member to single
  • Single to lead
  • Single  to member (transfer to an expanded affiliated group)
  • Lead to member (transfer to an expanded affiliated group).

See the FATCA Online Registration User Guide for additional information.  

Updated:  02-02-2016

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Q3. If a registrant has changed its name but not its FI Type, does it need to re-register?
No.  See the FATCA Online Registration User Guide for general instructions for editing registration information.  

Please note that you may need to provide updated information to your withholding agents.

Updated:  02-02-2016

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Q4. How can an FFI that is registered as a Single FI change its FATCA registration to become a Lead FI?
An FI can edit their type without cancelling their current registration agreement by selecting the “Change FI Type” link on the home page and updating the registration from Single to Lead.  See the FATCA Online Registration User Guide for additional information.  

Once the FI has completed its update to “Lead” it may then begin to add Member FI’s.  See FATCA Online Registration User Guide for additional information on how to add members.

Updated:  02-02-2016

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Q5. How can an FFI that is registered as a Lead FI of an EAG change its FATCA registration to become a Single FI?
The FI must register again—this time as a Single FI—to obtain a new FATCA ID and a new GIIN.  

In addition to re-registering, the FFI must cancel or delete its original registration.  See the FATCA Online Registration User Guide for instructions for deleting or cancelling a FATCA registration.   Before a Lead FI can cancel its registration, it must first ensure that all of its Member FIs have cancelled their FATCA registrations, and those Member FIs register to continue their applicable FATCA statuses.

Please note that cancelling or deleting the FFI’s original registration will cancel its original GIIN.  That GIIN will no longer appear on the FFI list.

Updated:  02-02-2016

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Q6. What steps does a registrant need to complete if it has dissolved?
If a registrant dissolves before its FATCA registration is approved, then it should delete its registration.  See the FATCA Online Registration User Guide for instructions for deleting a FATCA registration.

If a registrant dissolves after its FATCA registration is approved, then it should cancel its registration.  See the FATCA Online Registration User Guide  for instructions for cancelling a registration.

Updated:  02-02-2016

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Branch/Disregarded Entity

Q1. How does a disregarded entity (DE) in a Model 1 IGA jurisdiction satisfy its FATCA registration requirements?
A DE in a Model 1 IGA jurisdiction must register as an entity separate from its owner in order to be treated as a reporting Model 1 FFI, provided that the DE is treated as a separate entity for purposes of its reporting to the applicable Model 1 jurisdiction.  Select either a “Single” FFI or “Member” FFI in Part 1, Question 1 of the FATCA Registration (as appropriate).  Select “Registered Deemed-Compliant Financial Institution (including a Reporting Financial Institution under a Model 1 IGA)” in Part 1, Question 4.  When the owner of the DE registers on its own behalf, it should not report the DE as a branch.

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Q2. How does a branch in a Model 1 IGA jurisdiction satisfy its FATCA registration requirements?
In general, a branch (as defined in Treas. Reg. § 1.1471-4(e)(2)(ii)) must be registered as a branch of its owner and not as a separate entity.  Thus, the branch will be registered by the FI of which the branch is a part (including an appropriate lead FI or Sponsoring Entity) when the FI completes Part 1 of its own FATCA registration.  The online registration user guide provides further instructions on how to register branches.  In general, a branch is a unit, business, or office of an FFI that is treated as a branch under the regulatory regime of a country or is otherwise regulated under the laws of such country as separate from other offices, units, or branches of the FI.

Updated 8-25-15: Q2 has been updated to clarify that, unless a specified exception applies, a branch must register as a branch of its owner and not as a separate entity.

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Q3. How does a branch or a disregarded entity (DE) in a jurisdiction that does not have an IGA, or that is in a Model 2 IGA jurisdiction, satisfy its FATCA registration requirements?
A branch (including a DE) that is in a Model 2 IGA jurisdiction, or a jurisdiction without an IGA, must be registered as a branch of its owner (rather than as a separate entity).  As such, the branch will be registered by the FI of which the branch is a part (including an appropriate Lead FI or Sponsoring Entity) when that FI completes Part 1 of its own FATCA registration.  The branch will not have a separate registration account, but will be assigned a separate GIIN, if eligible.  When the FI completes its FATCA registration and registers its branches by answering Questions 7, 8, and 9, GIINs will be assigned with respect to the registered branches, where appropriate.  The online registration user guide provides further instructions on how to register branches.   A separate GIIN will be issued to the FI to identify each jurisdiction where it maintains a branch that is participating or registered deemed-compliant. 

All branches (and, except in Model 1 IGA jurisdictions, disregarded entities) of an FI located in a single jurisdiction are treated as one branch and, as a result, will share a single GIIN.  U.S. branches and limited branches are not eligible to receive their own GIINs.  A branch of an FFI located in the FFI’s home country will use the GIIN of the FFI.  For example, suppose FI W (located in Country X) has one branch in Country X, two branches in Country Y and owns a DE in Country Z.  Country Z is a Model 1 IGA jurisdiction.  FI W will receive a Country X GIIN.  FI W’s Country X branch will use W’s GIIN.  The two branches in Country Y will be treated as a single branch, and so FI W will be issued a single Country Y GIIN for these two branches to share.  The Country Z DE will register as an entity separate from its owner, in order to be treated as a reporting Model 1 FFI, and will receive its own GIIN. 

Updated 8-25-15: Q3 has been updated to clarify that, unless a specified exception applies, a branch must register as a branch of its owner and not as a separate entity.

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Q4. How can a withholding agent find the name and GIIN of a branch on the FFI list?
To locate a branch on the FFI list, you search using the financial institution name followed by the phrase “ – branch”.  There must be a space between the financial institution name and the dash and a space between the dash and the word branch.

Updated:  02-02-2016

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Q5. How does a branch described in Q-2 or Q-3 of this heading that has registered as a separate entity rather than as a branch of its owner correct its registration?
A branch that has incorrectly registered separately from the FI that maintains such branch rather than as part of the FI’s registration is required to cancel its separate registration and the FI must revise its own registration to include such branch by the end of the 2015 calendar year.  See the FACTA Online Registration User Guide for instructions on deleting a FATCA registration.  For example, a branch that is in a Model 2 IGA jurisdiction, or a jurisdiction without an IGA, must be registered as a branch of its owner and therefore must correct its registration if it has registered as a separate entity.  An FI revising its registration to include its branch should provide updated documentation to withholding agents and to foreign financial institutions required to document the status of an account held by the branch of the FI under chapter 4 or an applicable Model 1 or Model 2 IGA (including, as applicable, the GIIN of the FI applicable to its country of residency and the new GIIN of the branch).  See the Instructions for Form W-8BEN-E, Part II.

A withholding agent that knows or has reason to know that a Form W-8BEN-E has been provided by a branch of an FI that has incorrectly registered as a separate entity may rely on such form (if otherwise valid) for payments made by the end of the 2015 calendar year.  Thus, the withholding agent should not withhold on payments to the branch made before such date solely because the branch has incorrectly registered on the IRS Portal.

Updated:  02-02-2016:  Q5 has been added to instruct branches registered as separate entities on how to correct their registration.  

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General Compliance

Q1. How will Certified-Deemed Compliant FFIs, Owner-documented FFIs, or Excepted FFIs certify to U.S. withholding agents that they are not subject to Chapter 4 withholding given that they are not required to register with the IRS?
Certified-Deemed Compliant FFIs, Owner-documented FFIs, and Excepted FFIs will demonstrate their Chapter 4 withholding status to U.S. withholding agents by providing a withholding certificate and documentary evidence that complies with the requirements of Treas. Reg. 1.1471-3(d).

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Q2. We are an FFI in a non-IGA country.  Will we be subject to Chapter 4 withholding if we do not register with the IRS?
Yes, to the extent that you receive withholdable payments and are not subject to an exemption from the registration requirement.  Under FATCA, to avoid being withheld upon, FFIs that are not subject to an exemption from the registration requirement must register with the IRS and agree to report to the IRS certain information about their U.S. accounts, including accounts of certain foreign entities with substantial U.S. owners.  An FFI that fails to satisfy its applicable registration requirements will generally be subject to 30% withholding on withholdable payments that it receives.  

Categories of FFIs that are exempt from registration include:

  1. Certified deemed-compliant FFIs (including any entities treated as certified deemed-compliant);
  2. Exempt beneficial owners;
  3. Owner Documented FFIs; and
  4. Excepted FFIs.

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Q3. What are the consequences of terminating the FFI agreement for a Participating Foreign Financial Institution?
If the FFI agreement is terminated by either the IRS or the FFI pursuant to the termination procedures set forth in Section 12 of the FFI agreement, the FFI will be treated as a nonparticipating FFI and subject to 30% withholding on withholdable payments made after the later of (i) the date of termination of the FFI agreement, or (ii) June 30, 2014, except to the extent that the withholdable payments are exempt from withholding (e.g. under the rules related to grandfathered obligations) or the FFI qualifies for a chapter 4 status other than a nonparticipating FFI (such as a certified deemed-compliant FFI).  See Revenue Procedure 2014-38, for the terms of the revised FFI agreement.

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Q4. What happens if an FFI is not registered by May 5th, 2014?
As set forth in Announcement 2014-17, released April 2, 2014, to ensure inclusion on the first IRS FFI List (which is expected to first be electronically available on June 2, 2014) prior to the date FATCA withholding goes into effect, an FFI must finalize its registration by May 5, 2014.   The regulations generally provide that, in order for withholding not to apply, a withholding agent must obtain an FFI’s GIIN for payments made after June 30, 2014, though it need not confirm that the GIIN appears on the IRS FFI List until 90 days after the FFI provides a withholding certificate or written statement claiming status as a participating FFI or registered deemed-compliant FFI.  A special rule, however, provides that a withholding agent does not need to obtain a reporting Model 1 FFI’s GIIN for payments made before January 1, 2015.  See Treas. Reg. § 1.1471-3(d)(4)(iv)(A).  As a result, while a reporting Model 1 FFI is currently able to register and obtain a GIIN, it will have additional time beyond July 1, 2014, to register and obtain a GIIN in order to ensure that it is included on the IRS FFI list before January 1, 2015.  See Announcement 2014-17 for revised FATCA registration deadlines to ensure inclusion on the first FFI List (which is expected to be electronically available on June 2, 2014).

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Q5. Are Forms W-8 still required to be renewed by the appropriate beneficial owners?
Generally, a Form W-8BEN will remain in effect for purposes of establishing foreign status for a period starting on the date the form is signed and ending on the last day of the third succeeding calendar year, unless a change in circumstances makes any information on the form incorrect. For example, a Form W-8BEN signed on September 30, 2015, remains valid through December 31, 2018.

However, under certain conditions a Form W-8BEN will remain in effect indefinitely until a change of circumstances occurs. To determine the period of validity for Form W-8BEN for purposes of chapter 4, see Treas. Reg. § 1.1471-3(c)(6)(ii). To determine the period of validity for Form W-8BEN for purposes of chapter 3, see Teas. Reg. § 1.1441-1(e)(4)(ii).

Withholding certificates and documentary evidence obtained for chapter 3 or chapter 61 purposes that would otherwise expire on December 31, 2013, will not expire before January 1, 2015, unless a change in circumstances occurs that would otherwise render the withholding certificate or documentary evidence incorrect or unreliable.

Please note that various Forms in the W-8 series were revised in 2014 to incorporate the certifications required for FATCA purposes and can now be found at the following link: Form & Pubs.  See Treas. Reg. § 1.1471-3(c) for rules regarding reliance on a pre-FATCA Form W-8. 

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Q6. What should a withholding agent do if an entity account holder indicates that box 9a of Form W–8BEN–E is too small to accommodate the entity’s GIIN?
Box 9a generally accommodates 19 characters, and instructing the entity to use of a smaller font should solve any potential difficulty entering 19 characters.  In addition, please note that a substitute form may be used in place of Form W–8BEN–E if the substitute form is substantially similar to Form W–8BEN–E. See Treas. Reg. § 1.1441-1(e)(4)(vi). Additionally, as provided in the Instructions for the Requester of Forms W–8BEN, W–8BEN–E, W–8ECI, W–8EXP, and W–8IMY, a withholding agent “may accept a GIIN that is indicated and clearly identified on the form rather than provided as required in box 9a or another box permitted in the Instructions for Form W–8BEN–E if the GIIN is clearly identified as being furnished with respect to the box.”  A hand-written GIIN located just outside of box 9a with a corresponding arrow pointing to box 9a is one example of a properly-provided GIIN for purposes of box 9a.

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Q7. Notice 2014-33, 2014-21 I.R.B. 1033, provides that a withholding agent or FFI may treat an obligation as a preexisting obligation if the obligation (i) is issued, opened, or executed on or after July 1, 2014, and before January 1, 2015, and (ii) is held by an entity.  How does this provision of Notice 2014-33 apply when the recipient of a payment made under the obligation is a flow-through entity or intermediary?
A withholding agent may treat an obligation held by an entity (including an entity acting as an intermediary with respect to the obligation or a flow-through entity) as a preexisting obligation to the extent permitted in Notice 2014-33.  Therefore, an obligation held by an intermediary or flow-through entity is treated as a preexisting obligation if it is issued, opened, or executed before January 1, 2015.  In such a case, the withholding agent may rely on a pre-FATCA Form W-8 to document the holder of the obligation throughout 2014.  If the flow-through entity or intermediary provides the withholding agent with a withholding statement allocating a portion of a payment to a chapter 4 withholding pool of recalcitrant account holders or NPFFIs (or payee-specific information for such persons), then the withholding agent is required to apply chapter 4 withholding to the portion of the payment allocated to each such pool of payees (or each such payee), even though it is not yet required to document the chapter 4 status of the flow-through entity or intermediary.  However, a withholding agent must determine the chapter 4 status of a flow-through entity or intermediary as a PFFI or RDCFFI when provided with a withholding statement allocating a portion of a payment to a chapter 4 withholding rate pool of U.S. payees that the withholding agent reports on Form 1042-S as made to the pool rather than requiring payee-specific documentation for each payee in the pool or withholding and reporting in accordance with the applicable presumption rules.

If the withholding agent receives documentation from a flow-through entity with respect to an interest holder in the entity or from an intermediary with respect to its account holder and confirms (in writing) that the intermediary or flow-through entity treats the obligation as a preexisting obligation (including under Notice 2014-33, if applicable), the withholding agent may treat the obligation as a preexisting obligation provided that the withholding agent does not have documentation showing the interest holder or account holder to be an NPFFI.  The preceding sentence would apply, for example, to documentation provided with respect to a passive NFFE that is an account holder in an intermediary and that does not provide the information or certification described in Treas. Reg. § 1.1471-3(d)(12)(iii) with respect to its owners.  

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Q8. Annex I of the IGA provides that, for certain purposes, a self-certification may be made on an IRS Form W-8 or other “similar agreed form.”  What would be considered a similar agreed form?
Substitute Withholding Certificate: In General

A similar agreed form may include, for example, a substitute Form W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, or W-8IMY if its content is substantially similar to the IRS’s official Form W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, or W-8IMY (see the instructions to the requestor of Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, and W-8IMY), and the partner jurisdiction does not decline such treatment.  You may develop and use a substitute form that is in a foreign language, provided that you make an English translation of the form and its contents available to the IRS upon request.  You may combine Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, and W-8IMY into a single substitute form.  

You may choose to provide a substitute form that does not include all of the chapter 4 statuses provided on the Form W-8, but the substitute form must include any chapter 4 status for which withholding may apply, such as the categories for a nonparticipating FFI or passive NFFE.  See Treas. Reg. § 1.1471-3(c)(6)(v)(A).  You may also provide with the form an alternative certification that reflects the requirements under an applicable IGA instead of the certification of chapter 4 status otherwise required by the form.  See the Instructions for the Requester of Forms W–8BEN, W–8BEN–E, W–8ECI, W–8EXP, and W–8IMY and the Instructions for Form W-8BEN-E for the requirements to use alternative certifications with respect to Form W-8BEN-E, which also apply to a substitute version of the form.

You are also required to furnish instructions for the substitute form to the extent and manner provided in the official instructions for the official form.

You may incorporate a substitute Form W-8 into other business forms you customarily use, such as account signature cards, provided the required certifications are clearly set forth.  However, you may not:

  1. Use a substitute form that requires the payee, by signing, to agree to provisions unrelated to the required certifications, or
  2. Imply that a person may be subject to 30% withholding or backup withholding unless that person agrees to provisions on the substitute form that are unrelated to the required certifications.

A substitute Form W-8 is generally valid only if it contains the same penalties of perjury statement and certifications as the official forms and the required signature.  However, if the substitute form is contained in some other business form, the words “information on this form” may be modified to refer to that portion of the business form containing the substitute form information, including any alternative certification under an applicable IGA provided with the substitute form.  The design of the substitute form must be such that the information and certifications that are being attested to by the penalties of perjury statement clearly stand out from any other information contained on the business form.

Substitute Withholding Certificate: Non-IRS Form for Individuals

A similar agreed form may also include a non-IRS form used in place of a Form W-8BEN (for individuals).  The substitute form must include the information required in Treas. Reg. § 1471-3(c)(6)(v), and the form must  be signed, dated, and also certified under penalties of perjury unless the form is accompanied by documentary evidence that supports the individual’s claim of foreign status.  For a case in which a withholding certificate is required to be associated with a payment subject to chapter 3 withholding or reportable amount under Treas. Reg. § 1.1441-1(e)(3)(vi), however, see the requirements for a beneficial owner withholding certificate under Treas. Reg. § 1.1441-1(e)(2).

Documenting an Entity’s Chapter 4 Status with a Written Statement

You may use a written statement described in Treas. Reg. § 1.1471-3(c)(4) to document an entity account holder or payee.  Such a written statement is valid only to the extent that it is permitted to be used based on the requirements of Treas. Reg. § 1.1471-3(d).  Also see Treas. Reg. § 1.1471-3(d) for when a written statement must be supported by documentary evidence of the payee’s foreign status.  The written statement may incorporate, rather than a chapter 4 status described in Treas. Reg. § 1.1471-3(d), a certification of status as determined under the requirements of an applicable IGA.

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Q9. What is an acceptable self-certification for purposes of the Annex I due diligence procedures for preexisting and new accounts?  Does the self-certification form have to be agreed with the United States?
In addition to a self-certification described in General Compliance Q8, a self-certification would be an acceptable self-certification for purposes of the Annex I due diligence procedures for preexisting and new accounts and would not need to be agreed between an IGA jurisdiction and the United States if it (i) is signed (or otherwise positively affirmed), (ii) is dated (at the latest at the date of receipt), and (iii) solicits, at a minimum, the following information:

(i) name;
(ii) residence address for tax purposes;
(iii) jurisdiction(s) of residence for tax purposes (note that a U.S. citizen is considered a U.S. tax resident even if the person is also a tax resident of another jurisdiction);
(iv) taxpayer identification number (If taxpayer has both a U.S. TIN and a foreign TIN, the U.S. TIN must be provided, and the foreign TIN may be provided);
(v) in the case of an entity, the entity’s status (an entity’s FATCA status would include its status as a Nonparticipating FFI, Participating FFI, Reporting Model 1 FFI, Reporting Model 2 FFI, Nonreporting IGA FFI, Active NFFE, Passive NFFE, etc.); and
(vi) in the case of a Passive NFFE, the name, residence address for tax purposes, and taxpayer identification number with respect to any Controlling Person that is a Specified U.S. Person.

For purposes of enforcement and administration with respect to the implementation of FATCA by withholding agents, FFIs, and other entities with chapter 4 responsibilities, the IRS will take into account the transition period for calendar years 2014 and 2015.  See Notice 2014-33 for additional information.  

An IGA jurisdiction planning to implement the OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters (the Common Reporting Standard) may want the self-certification form to also require date of birth.  With this additional information, the self-certification form would be consistent with the Common Reporting Standard and the multilateral understanding of a valid self-certification.    

This FAQ does not address what would be an acceptable beneficial owner withholding certificate for purposes of chapter 3.  For an acceptable beneficial owner withholding certificate for purposes of chapter 3 reporting and withholding responsibilities, see §1.1441-1(e)(2)(ii).

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Q10. If a Reporting Model 1 FFI or a Reporting Model 2 FFI that is applying the due diligence procedures in section III, paragraph B, of Annex I of the IGA cannot obtain a self-certification upon the opening of a New Individual Account, can the FFI open the account and treat it as a U.S. Reportable Account?
No.  Pursuant to section III, paragraph B, of Annex I of the IGA, the FFI must obtain a self-certification at account opening.  If the FFI cannot obtain a self-certification at account opening, it cannot open the account.

Added: 02-02-2015

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Q11. Has a Form W-8 that has been completed and signed by a payee, scanned into an image or portable document format (PDF), and uploaded to a third-party repository been scanned and received electronically by a withholding agent for purposes of sections 1.1441-1(e)(4)(iv) and 1.1471-3(c)(6)(iv) if the payee, upon request from the withholding agent for a Form W-8 to document its status for purposes of chapters 3 and 4, sends the withholding agent an email with a link to the third-party repository site that allows the withholding agent to download the image or PDF of the form that is stored on the repository for such purpose (or the payee otherwise authorizes the withholding agent to access the specific form from the third-party repository in a similar manner).
Yes. The Form W-8 will be considered to have been scanned and received electronically by the withholding agent, provided that the withholding agent does not know that the email containing the link to the third-party repository has been transmitted by someone other than the payee or an agent of the payee.  Also, because the withholding agent has obtained the form at the payee’s direction, the form will be treated as having been furnished by/provided by the payee (see sections 1.1441-1(e)(1)(ii)(A)(1) and 1.1471-3(c)(1)).  A withholding agent is still required to determine whether the form is valid and may be relied upon for purposes of chapter 3 or 4 and whether a change in circumstances affects its continuing reliance on the form.

This FAQ has been superseded by Treasury Regulations Section 1.1441-1(e)(4)(iv)(E).

Updated: 07-25-2017

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Q12. My courier requires a physical mailing address for delivery service.  What is the physical mailing address for Forms 8966 and Form 1042?

Form Submission Processing Center Address
Form 8966 Austin - Internal Revenue Submission Processing Center 3651 S IH35, Austin, TX 78741
Form 1042 Ogden - Internal Revenue Submission Processing Center 1973 Rulon White Blvd., Ogden, UT 84201

Added: 12-07-2015

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Q13. I am an American citizen living abroad and my foreign bank is requesting my social security number, do I have to comply and if so, why?
Due to the implementation of FATCA, foreign banks are required to document all U.S. persons and report certain financial information to the Internal Revenue Service.  A U.S citizen choosing not to provide their Tax Identification Number ("TIN") (often a Social Security number) may result in the foreign bank closing their accounts or applying withholding on any payments made to the U.S. Person.

Added: 12-07-2015

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Q14. How do I submit a request for an initial or additional extension of time to file Forms 8966 for tax year 2015?
Use Form 8809-I to request an initial or additional extension of time to file Form 8966 for the current tax year. File Form 8809-I as soon as you know an extension of time to file is necessary, but not before January 1 of the filing year. Form 8809-I must be filed by the Form 8966 due date (generally, March 31 of the year following the reporting year of the return). If you are requesting an additional hardship extension, Form 8809-I must be filed by the first extended due date of Form 8966.

Note: Under the terms of their applicable IGAs, reporting Model 2 Foreign Financial Institutions (FFI) aren't entitled to an extension of time for aggregate reporting on non-consenting U.S. accounts or non-consenting non-participating FFIs. Entities that are located in a Model 1 jurisdiction and reporting on behalf of themselves (or any entities that are reporting on behalf of another entity that is located in a Model 1 Jurisdiction) may not request an additional extension of time to file Form 8966 from the IRS because they must report directly to the Model 1 jurisdiction's tax authority.

The automatic extension of time to file Form 8966 is 90 days from the original due date. The IRS may grant an additional 90-day extension of time to file Form 8966 under the hardship exception. Requests for an additional extension of time to file Form 8966 aren't automatically granted. Generally, requests for additional time are granted only where it is shown that extenuating circumstances will prevent filing by the date granted by the first request.

Filers may be subject to a late filing penalty if Form 8966 is filed late and you haven't applied for and received an approved extension of time to file.

Where To File
Mail a paper Form 8809-I to:
Internal Revenue Service
FATCA, Stop 6052 AUSC
3651 South IH 35
Austin, Texas 78741

Added: 12-07-2015

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Q15. How do I submit a request to waive the requirement to file Forms 8966 electronically for tax year 2015?
Filers who are requesting a waiver from filing Form 8966 electronically should file Form 8508-I. You should file Form 8508-I at least 45 days before the due date of the Form 8966. Form 8966 is due March 31 of the year following the reporting year, unless you are an FFI reporting under a Model 2 IGA with a different reporting date specified in the applicable Model 2 IGA. Waiver requests will be processed beginning January 1st of the calendar year the return is due.

Note: See Treasury regulations section 301.1474-1(a) for additional information.

If you are required to file electronically but fail to do so and you do not have an approved waiver on record, penalties under Code sections 6721 through 6724 may apply.

Where To File
Mail a paper Form 8508-I to:
Internal Revenue Service
FATCA, Stop 6052 AUSC
3651 South IH 35
Austin, Texas 78741

Added: 12-07-2015

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Q16. What title should the RO include when indicating their business title in the RO information section of the registration?
The RO should indicate their corporate business title such as President, Vice-President, Treasurer etc., and not the name of the business.

Added: 12-07-2015

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Q17. How many Global Intermediary Identification Numbers (GIINs) should a single FI have?
A Single FI that is not a sponsoring entity should only have one GIIN.  Duplicate or Multiple Registrations attempting to correct errors should be cancelled by the appropriate RO.

Added: 12-07-2015

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Q18. What are the registration and GIIN requirements for bulk acquisition and merger events?
In general, the Registration User Guide contains guidance on registration.  Specific guidance on some common bulk acquisition and merger scenarios are provided below:

B acquires A,  A’s operations are subsumed into B, and B retains name.

Under this fact pattern, Entity B would not need to change its existing registration or acquire a new GIIN.   If Entity A had previously registered for FATCA, it would need to terminate its registration.  

B acquires A,  A’s operations are subsumed into B, and B alters/changes its name

Under this fact pattern, Entity B would need to update its registration for the name change, but would not need a new GIIN.  If Entity A had previously registered for FATCA, it would need to terminate its registration.

B acquires A, and A wishes to become a member entity

There are different ways for Entity A to become a member of Entity B.  For example, Entity A can terminate its existing registration, and Entity B can update its registration to include Entity A as its member.  Upon this registration, Entity A would be issued a new GIIN.  Alternatively, if Entity B is a Lead FI, Entity A may initiate a transfer and become a member of Entity B.  Upon the transfer, Entity A would be issued a new GIIN.  Under this scenario, Entity A would not need to terminate its registration.  For more information on the transfer function please see the user guide.

Added: 05-03-2016

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Q19. What do I need to do if I haven’t received a response to my submission of Form 8809-I when I requested an additional 90 Day Extension to file Form 8966?
You should wait 45 days from the date you mailed your Form 8809-I to contact the IRS about your additional extension to file Form 8966.  If it has been over 45 days please call the IRS at 1-267-941-1000 (not a toll-free number) for information about your request.

Added: 07-01-2016

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Q20. Under what circumstances is a withholding agent required to collect a foreign TIN or date of birth on a beneficial owner withholding certificate?
A withholding agent must obtain a foreign TIN on a beneficial owner withholding certificate in the following circumstances:

(1) For a foreign person claiming a reduced rate of withholding under an income tax treaty if the foreign person does not provide a U.S. TIN and the income is a type to which the TIN requirement apples (see Treas. Reg. § 1.1441-6); and

(2) Except as otherwise provided in  Treas. Reg. §1.1441-1T(e)(2)(ii)(B), for a foreign person that is an account holder (as defined in Treas. Reg. § 1.1471-5(a)(3)) of a financial account (as defined in Treas. Reg. §1.1471-5(b)) maintained at a U.S. branch or office of the withholding agent, but only if the withholding agent is a financial institution (as defined in Treas. Reg. § 1.1441-1(b)(50)).

Added: 04-06-2017

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Q21. Is a beneficial owner withholding certificate invalid under  Treas. Reg. §1.1441-1T(e)(2)(ii)(B) (published on January 6, 2017, in TD 9808) during calendar year 2017 if it does not include a foreign TIN or date of birth for the beneficial owner identified on the certificate?
For calendar year 2017, a withholding agent is not required to treat an otherwise valid beneficial owner withholding certificate as invalid when it does not include a foreign TIN because, in the absence of actual knowledge otherwise, the withholding agent may assume that the foreign person does not have a foreign TIN.

For beneficial owner withholding certificates obtained by a withholding agent on or after January 1, 2017, the withholding agent must collect a date of birth on a beneficial owner withholding certificate for an individual beneficial owner.  However, if the withholding agent has the beneficial owner’s date of birth in its files, it may use that information for reporting purposes and will not be required to treat a Form W-8BEN as invalid because it did not include a date of birth.

Added: 04-06-2017

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Q22. How is a withholding agent permitted to obtain  a foreign beneficial owner’s foreign TIN that is not included on an otherwise valid beneficial owner withholding certificate for purposes of satisfying the requirements of Treas. Reg. §1.1441-1T(e)(2)(ii)(B)? 
In such a case, a withholding agent is permitted to obtain the foreign beneficial owner’s foreign TIN on a written statement provided by the beneficial owner (including a written statement transmitted by email) that indicates that the foreign TIN is to be associated with the beneficial owner withholding certificate.  A withholding agent is similarly permitted to obtain the reasonable explanation for the absence of a foreign TIN referred to in Treas. Reg. §1.1441-1T(e)(2)(ii)(B) in this manner.

Added: 04-06-2017

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Reporting

Q1. Are filers of Form 8966 required to file a nil report?
A direct reporting NFFE (and a sponsoring entity of a direct reporting NFFE) is required to file a Form 8966 to declare that it has no substantial U.S. owners for the calendar year.

For additional information, please read FAQ C20 on the IDES FAQ page.

Updated: 02-02-2016

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Q2. When is Form 8966 due for reporting with respect to calendar year 2014 for participating FFIs and Reporting Model 2 FFIs?
Under an FFI Agreement, the Form 8966 is due on or before March 31 of the year following the end of the calendar year to which the form relates.  Under the Instructions for Form 8966, for reporting with respect to calendar year 2014 only, an automatic 90-day extension of time to file Form 8966 is provided to filers of Form 8966 (paper and electronic).  This automatic extension of time is provided without the need to file any form or take any action.  The Instructions for Form 8966 state that the automatic 90-day extension of time is not available for Reporting Model 2 FFIs reporting on a Non-Consenting U.S. Account.  Accordingly, a filer (other than Reporting Model 2 FFIs reporting on a Non-Consenting U.S. Account) with a filing deadline of March 31, 2015, has until June 29, 2015, to submit Forms 8966.  

Reporting Model 2 FFIs reporting on a Non-Consenting U.S. Account should refer to the applicable Model 2 IGA for the due dates for those filings.  The IRS recognizes that FFIs will be using the IDES system for the first time and FFIs are currently testing and adapting to the new system.  Therefore, with respect to calendar year 2014, Reporting Model 2 FFIs filing Form 8966 with respect to Non-Consenting U.S. Accounts will not be treated as being in significant non-compliance under their applicable Model 2 IGAs as long as such FFIs are making good faith efforts to comply with their reporting obligations and reporting is completed within 90 days after the applicable filing deadline (taking into account any other extensions already provided).

Up-to-date answers to frequently asked questions as well as links to useful information relating to using IDES is available on the IRS website at FATCA IDES Technical FAQs.  Additional information can be found on the IDES support page, and sample data preparation files can be found on GitHub.

Added: 03-24-2015

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Request for Additional Extension of Time to File Form 8966 for Tax Year 2014

Q1. How do I submit a request for additional extension of time to file Forms 8966 for tax year 2014?
Follow the instructions to use the template entitled Request for Additional Extension of Time to File Form 8966 for Tax Year 2014.  The deadline for submitting your request is June 29, 2015.  Note:  You must submit a separate request for each filer (for example, if you are requesting an additional extension of time to file Form 8966 both on behalf of yourself and with respect to reporting on behalf of a sponsored entity, you must submit two requests).  Further, for tax year 2014 only, an additional 90-day extension of time will be automatically approved for eligible filers who submit a request.  You will not receive a response from the IRS. 

Added: 06-9-2015

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Request for Waiver from Filing Form 8966 Electronically for Tax Year 2014

Q1. How do I submit a request to waive the requirement to file Forms 8966 electronically for tax year 2014?
Follow the instructions to use the template entitled Request for Waiver From Filing Form 8966 Electronically for Tax Year 2014.  The deadline for submitting your request is August 13, 2015.  However, if you need an additional extension of time to file, you must submit a separate request for the extension by June 29, 2015. Note: You must submit a separate request for each filer (for example, if you are requesting a waiver from electronic filing of Form 8966 both on behalf of yourself and with respect to reporting on behalf of a sponsored entity, you submit two requests). Further, if you do not receive a response from the IRS within 45 days of the date you mail your request, you may treat the request as granted.

Added: 06-9-2015

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FATCA Registration Self-Help

The FATCA Registration System support team cannot respond to questions regarding FATCA regulations, your FATCA Registration account, or FATCA Related Forms.  

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FATCA Registration System Technical Support:

If you need system support for the online FATCA Registration, including help with login problems, error messages and other technical issues, please contact FATCA Registration System Technical Support.

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Comment on FATCA Compliance

If you have additional  comments about FATCA compliance, please submit your comments.

NOTE: Do not provide any personal identification information such as your name, taxpayer identification number, social security number, address, or telephone number.

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Additional Support

If you need additional information please visit the FATCA Compliance and FATCA FAQs which are updated regularly.  

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Page Last Reviewed or Updated: 25-Jul-2017