CONTENTS What is FATCA? Objectives of FATCA Who is affected by FATCA? What should I do if I am a U.S. person/ entity? What documentation should I provide.

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Presentation transcript:

CONTENTS What is FATCA? Objectives of FATCA Who is affected by FATCA? What should I do if I am a U.S. person/ entity? What documentation should I provide to JMMB if I am a U.S. Person/ Entity? Does FATCA affect me if I am not a U.S. person/ entity? When does FATCA take affect? Where can I get more FATCA facts? Frequently Asked Questions Contact Us

What is FATCA? FATCA stands for Foreign Account Tax Compliance Act. It aims to identify U.S. persons, in order to ensure that they meet their U.S. tax obligations, while placing their assets in foreign (non-U.S.) accounts - either directly or indirectly. FATCA is part of the Hiring Incentives to Restore Employment (HIRE) Act, signed into law on March 18, 2010, in the United States (U.S.).

Objectives of FATCA FATCA is aimed at: identifying U.S. persons with financial assets outside of the United States of America by requiring U.S. taxpayers and non-US financial institutions to identify account holders and other payees that may be U.S. persons. ensuring that U.S. individuals/entities meet their U.S. tax obligations while investing via financial institutions and investment vehicles outside of the U.S.

Who is affected by FATCA? FATCA affects individuals and entities who are defined as a U.S. person/ entity.

Who is a U.S. Person/ Entity? A U.S. person or entity is: A citizen of the U.S. (including an individual born in the U.S. but resident in another country, who has not renounced U.S. citizenship); A lawful resident of the U.S. (including a U.S. green card holder); A person residing in the U.S. or spending a significant number of days in the U.S. ; and U.S. corporations, estates and trusts.

What should I do if I am a U.S. person/ entity? If you are U.S. person/ entity you should: identify yourself to a JMMB representative; and provide additional information, such as completed Internal Revenue Service (IRS) Form W-9 (Request for Taxpayer Identification Number (TIN) and Certification). These documents will be kept on file by the respective JMMB company of which you are a client. provide additional information, such as completed Internal Revenue Service (IRS) Form W-9 (Request for Taxpayer Identification Number (TIN) and Certification). These documents will be kept on file by the respective JMMB company of which you are a client.

What documentation should I provide to JMMB if I am a U.S. Person/ Entity? If you are a U.S. person/ entity you will be asked to provide relevant documentation including: completed (IRS) form W-9 (Request for Taxpayer Identification Number and Certification); and U.S. Taxpayer Identification Number (TIN)

Does FATCA affect me if I am not a U.S. person/ entity? No, you will not be affected. The JMMB Group of companies may, however, make changes to its policies and procedures and therefore, ask you to update or provide additional information as a result of FATCA.

Does FATCA affect me if I am not a U.S. person/ entity? If you have a U.S. indicia on any of your accounts (such as citizenship, nationality, address, telephone number et al) you will be asked to submit additional information.

When does FATCA take effect? FATCA will take effect on July 1, 2014, and will affect new and existing clients of financial institutions JULY

Additional FATCA Facts See our FAQs for additional information at or visit the IRS website.

Frequently Asked Questions Please see the FAQs on the website at Please see the FAQs on the website at

Contact Us For Jamaica: Clients of JMMB Limited, JMMB Insurance Brokers, JMMB Merchant Bank Limited, JMMB Fund Managers Limited may contact us via: Telephone: (1 876) (JMMB) Monday to Friday, 8:00 a.m. to 7:00 p.m. or Saturday, 9:00 a.m. to 7:00 p.m.

Contact Us For Trinidad and Tobago Clients of IBL Trust & Merchant Bank Limited and IBL Bank Limited may contact us via: Telephone: (1 868) Ext. 268/ 204 Monday to Friday, 9:00 a.m. to 4:30 p.m.

Contact Us For Trinidad and Tobago Clients of JMMB Investments (Trinidad & Tobago) Limited may contact us via: Telephone: (1 868) (office) Monday to Friday, 8:00 a.m. to 4:00 p.m.

FATCA Tip The JMMB Group of companies reminds our clients who are U.S. persons or entities, that it may be necessary to speak with a tax expert or an accountant with expertise in these matters, to obtain further details and to discuss your options.