If you are a U.S. person, you are required to fill out Form W-9.

Form W-9 is a confirmation of the American tax residency status. All foreign banks participating in FATCA (80 countries and counting) must obtain a written statement from their clients confirming whether they are American citizens (If there is any indication that the account holder is directly or indirectly connected to the United States).

This is not a request for proof of compliance from you. The bank will use your completed W-9 form to prove their compliance with FATCA. Please fill out the form, sign it, and send it to the bank. However, you should also be ready for the next step of the process: you will receive a letter from the bank asking for proof of your compliance with the U.S. tax code.

Suppose you are already in the process of preparing a tax return to apply for the Streamlined Procedure. In that case, we will draft a letter to your bank confirming your compliance with the U.S. tax code once your Streamlined Procedure application package is complete. If you are currently delinquent, the time to catch up is now. We can help you get on top of filing your taxes and will guide you through every process step.

If you are not a U.S. person, you are required to fill out Form W-8.

Form W-8 confirms your status as a non-U.S. person to the withholding agent. If you are a resident of a country with a tax treaty with the U.S., you may be able to claim a reduced tax withholding rate on Form W-8 based on the conditions of the tax treaty.

Suppose you are a resident of a country that does not have a tax treaty with the U.S. by filing form W-8. In that case, you will eliminate tax withholding on certain types of income from U.S. sources (i.e., bank interest or capital gains from the disposition of U.S. stocks).