Top of main content

FATCA Overview

Commercial Banking – Turkey

The Foreign Account Tax Compliance Act (FATCA) is a new piece of legislation by the United States Department of Treasury and the US Internal Revenue Service (IRS) to counter tax evasion in the US. HSBC is committed to becoming fully FATCA-compliant in all countries where we operate in accordance with the legislative timeline. After Inter-Governmental Agreement between United States and Turkey  has been signed, FATCA regulations will be part of our local legislation which means that Banks and Financial Institutions may need to provide information on US accounts to the US Tax authority, the Internal Revenue Service (IRS).

In order to establish your tax status, we need to obtain certain documents. These documents are HSBC Bank A.Ş. declarations and /or US tax forms that will enable you to declare and confirm your tax status to us for the purposes of FATCA. We also need your formation documents, for example certificate of incorporation or similar document confirming your place of incorporation.

Please send the completed document to your branch. Should you have problems printing the form(s) you need, please contact your branch.

Please read the information carefully and select the document that is appropriate to your company.  If you are unsure, you should seek advice from a tax adviser. HSBC Bank A.Ş. cannot provide tax advice.

W-9: This is a link to the withholding certificate referred to as a 'W9' on the IRS website. This form is completed to confirm US tax status. For the dual language form in Turkish, as well as the customer guidance created to assist in completing this form, please refer to the related content section.

W-8 forms: This is a link to the withholding certificates referred to as 'W8s' on the IRS website. This is a series of forms that are completed to confirm non US tax status. For the dual language form in Turkish, as well as the customer guidance created to assist in completing this form, please refer to the related content section.

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

Non-Profit  Declaration and additional notes: This is an HSBC form aimed at non-profit organisations to sign in place of one of the US W8 series tax forms. Please read the form carefully to ensure you meet the relevant conditions. If you are not satisfied that you meet the relevant conditions, then please alternatively select from the available US tax forms (W-forms).

Active Non-Financial Foreign Entity Declaration and additional notes: This is an HSBC form aimed at non-US trading businesses and companies, in place of one of the US W8 series tax forms. Please read the form carefully to ensure you meet the relevant conditions. If you are not satisfied that you meet the relevant conditions, then please alternatively select from the available US tax forms (W-forms).

Turkish Republic of Northern Cyprus

Since Turkish Republic of Northern Cyprus (TRNC) branches FATCA implementation is not clear yet as per agreed content of Inter-Governmental Agreement that will be signed between Turkey and United Stated, HSBC TRNC branches will comply to FATCA as Limited Financial Foreign Institution (LFFI).

As LFFI procedures are being followed, we will not be able to open accounts for Specified USPs* and  NPFFIs** who are not resident in TRNC until this subject has been cleared within IGA content

 

* Specified USPs, US Owned Passive NFFE
** Non-Participating Foreign Financial Institution (NPFFI) including Limited Foreign Financial Institutions

(Last updated July 2014)