Top of main content

FATCA overview

Commercial Banking – South Africa

The Foreign Account Tax Compliance Act (FATCA) is a new piece of legislation by the United States Department of Treasury (Treasury) and the US Internal Revenue Service (IRS) to counter tax evasion in the US by preventing US persons from using non-US financial organisations and foreign entities, to avoid US taxation on their income and assets. HSBC is proud of our commitment to being fully FATCA compliant in all countries where we operate, in accordance with the legislative timeline.

In South Africa, the principles of FATCA have been incorporated into our local law. This means that HSBC may need to provide information on US accounts to the local tax authority, the South African Revenue Service (SARS).

In order to establish your tax status, we need to obtain certain documents. These documents are HSBC declarations and/or IRS tax forms that will enable you to declare and confirm your tax status to us for the purposes of FATCA.

Please send the completed document to us at this address: HSBC Bank plc, Central Documentations Unit, Private Bag X785434, Sandton, 2146, South Africa; or hand it in at one of our offices located in Johannesburg, Cape Town or Durban. Should you have problems printing the form you need, please call us on +27 11 676 4200.

Please read the information carefully and select the document that you need to confirm your tax status to us. Please note that HSBC cannot provide tax advice. For tax related questions, including which document to select, please contact your professional tax advisor.

Non-profit declaration: This is an HSBC document, aimed at non-profit organisations, which you may be able to sign to confirm non-US tax status, in place of one of the US tax forms (IRS W forms). Please read the document carefully to ensure you meet the relevant conditions. If you are not satisfied that you meet the relevant conditions, then please select an alternative from the US tax forms provided.

Active non-financial foreign entity declaration: This is an HSBC document, aimed at non-US trading businesses and companies, which you may be able to sign to confirm non-US tax status, in place of one of the US tax forms (IRS W forms). Please read the document carefully to ensure you meet the relevant conditions. If you are not satisfied that you meet the relevant conditions, then please select an alternative from the US tax forms provided.

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

W-8 forms: This is a link to the withholding certificates referred to as ‘W-8s’ on the IRS website. This is a series of forms that are completed to confirm non-US tax status.

In order to provide customers with further support when completing IRS W forms, we have provided some additional customer guidance for the forms W-9, W-8BEN and W-8BEN-E.

(Page last updated July 2014)