What does the Foreign Account Tax Compliance Act (FATCA) stand for, and what does it mean for me?
The Foreign Account Tax Compliance Act (FATCA) is a U.S. federal law combating tax evasion and applying to non-U.S. financial Institutions, such as Pliant and its partner bank. FATCA requires them to report on the foreign assets held by the U.S. persons.
In case you are subject to FATCA, Pliant will ask you to provide the information required under the tax act (e.g. Form W-9).
Pliant and its partner bank are required to share your information with the tax authorities.
Does FATCA apply to me?
FATCA reporting requirements apply if you are a U.S. Person (NB: applicable even for a 6-month internship).
You are a U.S. person if you either:
were born in the USA
are a U.S. citizen
are a resident of the USA
hold a green card from the USA
apply with a partnership or corporation incorporated under U.S. law