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FATCA overview

Retail Banking and Wealth Management – Hong Kong

There are a number of substantial changes being made by financial regulators, governments and banks across the world, 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 as of 1 July 2014. FATCA is US legislation that primarily aims to prevent tax evasion by US taxpayers using non-US financial institutions and offshore investment instruments.

The degree to which customers will be affected will vary, depending on the type of account or product they hold with HSBC.

Impact to HSBC and our customers

HSBC is committed to being 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 this legislation for our customers. To comply with the new regulations, HSBC may need to engage you from time to time to help us understand you better. If you have multiple relationships with us, you may be approached by different members or businesses of the HSBC Group. To help us serve you better and capture your information accurately, in light of different laws or regulations in different countries, your response to all our requests will be much appreciated.

Additional information

W-9 form: This is a link to 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 and W-8BEN.

S3 - Explanation of a US address: This is an HSBC document which you may be able to sign to provide a written explanation for any US address or US territory address found on your account.

(Last updated July 2015)