This page contains some general information about FATCA along with a FATCA Form for customers as part of the bank’s account opening procedures.
Introduction to FATCA: FATCA stands for the Foreign Account Tax Compliance Act. FATCA is a U.S. legislation, first published in 2010 and implemented in early 2013 to counter tax evasion in the U.S. FATCA was introduced by the United States Department of Treasury and the U.S. Internal Revenue Service (IRS).Its purpose is to promote better tax compliance by preventing U.S. nationals from using banks and other financial institutions to avoid taxation on their worldwide income and assets
Inter-Governmental Agreements (IGAs):To help implement FATCA compliance worldwide, the U.S. Government has been concluding Inter-Governmental Agreements (IGAs) with many governments, including that of the United Arab Emirates. The UAE has entered into an IGA of type Model 1B. These IGAs have resulted in U.S. FATCA legislation becoming an embedded part of these countries’ local laws. UAB is a registered deemed compliant financial institution with the IRS and has obtained its GIIN (Global Intermediary Identification Number).
UAB’S GIIN: 65ZB6Y.00000.LE.784.
Impact of FATCA: The impact for banks and other financial institutions and their customers is that financial institutions are required to report, on an annual basis, information on financial accounts held directly or indirectly by U.S. nationals. In the case of UAE regulated banks, such reporting is done to the UAE Central Bank. FATCA impacts all customers of UAB, not just U.S. nationals, as UAB needs to actively identify each of its customers to determine whether or not they are U.S nationals.
UAB’s FATCA Customer Forms: To assist UAB in discharging its regulatory responsibilities, we politely request our customers to complete the necessary additional Customer Forms. They are part of our normal account opening procedures and are available for download below.
Individual Customer Forms
Entity Customer Forms
Additional Terms and Conditions Regulatory Information here.
UAB’s Withholding Certificate: UAB has duly completed and signed a Withholding Certificate in the form of IRS Form W-8BEN-E and is available for download below.
Tax Advice Important Note: UAB is not regulated to offer tax advice. For any tax related questions, you are advised please to contact your professional tax adviser or refer to the IRS website.
IRS Forms Available For Download
All U.S. Department of Treasury IRS Forms relating to FATCA and supporting user instructions that may be applicable to you can be downloaded on the IRS website. In particular, but without limitation, you can download the following forms which you may be required to complete in addition to the UAB FATCA Customer Forms. Each UAB Customer Form provides clear instructions as to whether or not any additional IRS Form needs to be completed.
For Non-U.S. Person Individuals
• Form W-8BEN
• Form W-8BEN Instructions
For Non-U.S. Person Entities
• Form W-8BENE
• Form W-8BENE Instructions
For U.S. Persons
• Form W-9
• Form W-9 Instructions
