Retail Banking and Wealth Management – Mexico
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 as of 1 July 2014. This is US legislation, the purpose of which is to prevent US persons (both individuals and legal entities) from using foreign financial institutions to avoid taxation on their income and assets.
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.
Impact to HSBC and our customers
Mexico’s financial sector will adopt this norm in accordance with the local regulator.
We may be contacting you to request further information and documentation in order to verify your tax status.
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 the withholding certificate referred to as a ‘W-8BEN’ on the IRS website. This form is completed to confirm non-US tax status.
(Page last updated November 2014)