IRS Logo
Print - Click this link to Print this page

YouTube video text script - FATCA Registration-Change FI Type to Single or Lead

WELCOME TO THE IRS FOREIGN ACCOUNT TAX COMPLIANCE ACT OR FATCA ONLINE REGISTRATION VIDEO SERIES.

IF YOU ARE A MEMBER FINANCIAL INSTITUTION, OR FI, IN APPROVED OR LIMITED CONDITIONAL STATUS, YOU MAY CHANGE YOUR FI TYPE TO SINGLE.

IF YOU ARE A SINGLE FI TYPE IN APPROVED STATUS, YOU MAY CHANGE YOUR FI TYPE TO LEAD.

DIRECT REPORTING NON-FINANCIAL FOREIGN ENTITIES SHOULD FOLLOW THESE INSTRUCTIONS FOR FI's.

YOU CAN EDIT YOUR FI TYPE BY SELECTING THE "CHANGE FI TYPE" LINK UNDER THE AVAILABLE ACCOUNT OPTIONS ON YOUR HOME PAGE.

IF YOU ARE A MEMBER, YOU WILL ONLY HAVE THE OPTION TO CHANGE TO A SINGLE FI TYPE.

IF YOU ARE CHANGING FROM "MEMBER" TO "SINGLE" OR FROM "SINGLE" TO "LEAD", THE REST OF THE PROCESS IS EXACTLY THE SAME.

AFTER CLICKING THE RADIO BUTTON, CLICK CONTINUE.

YOU WILL BE ASSIGNED A NEW FATCA ACCOUNT WITH A NEW FATCA ID AND TEMPORARY ACCESS CODE.

YOUR NEW ACCOUNT STATUS WILL BE THE SAME AS YOUR CURRENT ACCOUNT STATUS.

IF YOUR CURRENT ACCOUNT STATUS IS APPROVED, YOU WILL BE ASSIGNED A NEW GLOBAL INTERMEDIARY IDENTIFICATION NUMBER, OR GIIN.

YOU WILL NO LONGER HAVE ACCESS TO YOUR CURRENT ACCOUNT.  

IF YOUR FINANCIAL INSTITUTION IS CURRENTLY ON THE IRS FOREIGN FINANCIAL INSTITUTION, OR FFI, LIST, YOUR CURRENT GIIN WILL REMAIN VALID AND REMAIN ON THE LIST FOR A LIMITED PERIOD OF TIME.

NOTE, THERE WILL BE A SHORT PERIOD IN WHICH YOUR NEW AND PREVIOUS GIINS WILL APPEAR ON THE FFI LIST.

AFTER REVIEWING THIS INFORMATION AND HOW YOUR ACCOUNT WILL BE AFFECTED, SELECT "CHANGE FI TYPE" OR "CANCEL."

YOUR NEW FATCA ID AND TEMPORARY ACCESS CODE ARE DISPLAYED ON THE CONFIRMATION PAGE.

RECORD THIS INFORMATION AND CLICK THE "OK" BUTTON.

YOU CAN FIND MORE INFORMATION ON CHANGING YOUR FI TYPE AT IRS.GOV/FATCA-REGISTRATION.

Page Last Reviewed or Updated: 18-Nov-2015