What is the Foreign Account Tax Compliance Act (FATCA)?Wed Dec 10 10:58:00 GMT 2014 Back to results
FATCA is a United States (U.S.) law designed to tackle tax evasion by U.S. citizens living outside the U.S.
In December 2012, the Irish Government agreed to amend its laws to implement FATCA. This means that from 1 July 2014, Irish financial institutions (including Aegon Ireland) are obliged to determine whether their customers have a U.S. connection and report to the Irish Revenue Commissioners, on an annual basis, customers who are or who might be U.S. citizens and/ or U.S. tax residents.
Irish financial institutions are required to submit their first annual report to Irish Revenue by the 30 June 2015.
Aegon Ireland's Global Intermediary Identification Number is YJ60CN/00003/ME/372.
The means that during the new business process, we're obliged to check whether an applicant has a U.S. connection. We do this through declarations in our application forms. If a U.S. connection is confirmed to us, we can't proceed with the application.
For existing business, we're required to carry out checks where we've reason to believe an existing policy has a possible U.S. connection. If a U.S. connection is confirmed to us, or if we don't receive a response to checks we carry out, we're obliged to include this policy in our annual report to the Irish Revenue Commissioners.
Need more information?
You can get more information on FATCA by contacting a financial adviser or alternatively, by visiting the website of the Irish Revenue Commissioners: www.revenue.ie(Opens new window)