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FATCA overview

Commercial Banking – Mexico

The Foreign Account Tax Compliance Act (FATCA), which was introduced by the United States Department of Treasury (Treasury) and the US Internal Revenue Service (IRS), aims to report information on the financial assets held by US persons (both individuals and legal entities) to the tax authorities of their resident countries. HSBC is committed to the implementation of policies and procedures to help ensure the protection and long-term safety of the banking system.

In Mexico, the principles of FATCA have been brought into the local laws. Due to the inter-governmental agreement (IGA) signed between Mexico and the United States, this will therefore become a local regulation.

In order to establish your tax status under FATCA, HSBC needs to obtain certain information and documentation. This documentation may include US tax forms or declarations provided by HSBC.

We suggest you read the information carefully and select the document that is appropriate for your company. Please send the completed document to your account executive. If you are unsure, please contact your tax advisor, as HSBC is unable to provide tax advice.

W-9 form: This is the certificate referred to as a ‘W-9’ on the IRS website. This form is completed to confirm US tax status.

W8 Forms: These are a the certificates referred to as 'W8s'. This is a series of forms that are completed to confirm non US tax status. You choose the one that apply.

Inter-Governmental Agreement form (English version) (Spanish version): This is an HSBC document which you may be able to complete to confirm non-US tax status, in place of the W-8 series tax form. If you are not satisfied that you meet the relevant conditions, you should complete one of the the W-8 series tax forms instead.