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FATCA overview

Retail Banking and Wealth Management – United States

The Foreign Account Tax Compliance Act (FATCA) is a new piece of legislation administered by the United States Department of Treasury (Treasury) and the US Internal Revenue Service (IRS) to counter tax evasion by US persons. FATCA will ensure that US taxpayers holding financial assets outside the United States will report those assets and related income to the IRS as required.

HSBC is committed to being fully FATCA compliant in all countries where we operate.

In order to comply with FATCA, HSBC in the US is required to have an updated IRS W-8 series form and (in certain cases) additional documentation from all non-US individuals (W-8BEN form) and non-US entities (W-8BEN-E form).

In addition, HSBC will have to withhold up to 30% US tax from certain income payments when required and report additional information to the IRS.

If you have any questions, please consult with your local tax advisor or visit the IRS FATCA website.

Additional information

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.

Written explanation of US connections (Attachment X): A completed Attachment X is also required for any non-US individuals who complete a W-8BEN form and who have a US mailing address; and/or a permanent US address; and/or a US phone number (without having any foreign phone numbers).

US persons are subject to US taxation on their worldwide income and may be subject to tax and other filing obligations with respect to their US and non-US accounts. US persons should consult a tax advisor for more information.

Deposit products are offered in the United States by HSBC Bank USA, N.A. Member FDIC.

(Page last updated: April 2022)