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HSBC Customers Impacted by FATCA: What You Need to Know

As a valued customer of HSBC, you may be affected by the Foreign Account Tax Compliance Act (FATCA), which aims to prevent US taxpayers from using offshore accounts to avoid paying taxes. To comply with this legislation, we may need to request additional information and documentation from certain customers.

What is FATCA?

FATCA is a US law that requires financial institutions like HSBC to report information about accounts held by US persons or foreign entities with substantial US ownership. This information includes personal details such as name, address, and taxpayer identification number, as well as financial information like account balances and values.

What Do I Need to Do?

We will be communicating with affected customers in the coming months to provide further guidance on FATCA documentation requirements. You may need to complete US tax forms or self-declarations of FATCA status. We will also send you the necessary forms or direct you to a website where you can download them.

How Often Will I Be Engaged?

FATCA is an ongoing process, and we may need to engage with you from time to time to update your account information under FATCA. This may involve providing additional documentation or information about changes to your account status.

What Happens If I Don’t Provide the Required Information?

HSBC is committed to being fully FATCA compliant in all countries where we operate. If you choose not to comply with our requests for documentation, we may not open new accounts or offer additional products and services to you. In accordance with the regulations, we may also exit the relationship with customers who do not provide the necessary information and documentation within the regulatory timeframe.

What If I’m a US Person?

As a US person, you will need to engage with us from time to time to help us understand your tax status under FATCA. We recommend contacting a professional tax advisor for guidance on your personal tax situation.

Where Can I Get More Information?

For more information about FATCA and how it may affect you, please visit the IRS website or consult with a professional tax advisor.

By working together, we can ensure compliance with FATCA regulations and maintain our strong relationship. If you have any questions or concerns, please don’t hesitate to reach out to us.