Retail Banking and Wealth Management – China
There are a number of substantial changes being made by financial regulators, governments and banks to ensure the protection and long-term safety of both the financial system and our customers’ interests.
One of these regulations is the Foreign Account Tax Compliance Act (FATCA) effective from 1 July 2014. This legislation administered by the United States Government encourages better tax compliance by preventing US Persons from using non-US financial organisations and foreign entities to avoid US taxation on their income and assets.
Impact to HSBC and our customers
HSBC is proud of our commitment to becoming fully FATCA compliant in all countries where we operate. Other banks and financial organisations will also be affected. However their approach to adopting FATCA may differ to that of HSBC.
We are currently reviewing the effect of the legislation for our customers in order to identify where we need to report information to the IRS or local tax authority. We may be contacting you to request further information or documentation in order to verify your tax status under FATCA.
Please note that you may receive more than one request for information if you have multiple relationships with different members of the HSBC Group. Therefore, it is important that you respond to all requests, even if you believe you have already supplied the requested information.
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.
W-8: 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.
(Page last updated June 2015)