Legal
Section of documents, regulations and legal policies related to the Inteligo SAB field.
What is FATCA?
FATCA is the acronym for the Foreign Account Tax Compliance Act, a law approved by the US Congress on March 18, 2010.
The purpose of FATCA is to enhance oversight mechanisms for investments that individuals classified as "US Persons" maintain outside the United States and, consequently, to facilitate tax collection for that country. The definition of US Persons in FATCA is broad and includes, among others, citizens, residents, or tax residents of the United States, as well as companies created or organized in the United States or under its laws.
As a financial institution, INTELIGO SAB is committed to complying with the provisions of the FATCA standard and has registered as a Reporting Institution Model 1 FFI with the Internal Revenue Service (IRS).
The purpose of FATCA is to enhance oversight mechanisms for investments that individuals classified as "US Persons" maintain outside the United States and, consequently, to facilitate tax collection for that country. The definition of US Persons in FATCA is broad and includes, among others, citizens, residents, or tax residents of the United States, as well as companies created or organized in the United States or under its laws.
As a financial institution, INTELIGO SAB is committed to complying with the provisions of the FATCA standard and has registered as a Reporting Institution Model 1 FFI with the Internal Revenue Service (IRS).
What is the impact of FATCA for clients?
In general, FATCA will not have any impact on individuals or entities that are not US Persons. To confirm non-US status, clients must certify when requested and have no indications suggesting otherwise.
If a client is a US Person, INTELIGO SAB will ask them to present IRS form W-9, as well as a special authorization form required by INTELIGO SAB for the reporting of their information.
If a client is a US Person, INTELIGO SAB will ask them to present IRS form W-9, as well as a special authorization form required by INTELIGO SAB for the reporting of their information.
When did FATCA come into effect?
FATCA came into effect on July 1, 2014.