May we bring to your kind notice that the US Government has enacted a Federal Law, commonly known as the Foreign Account Tax Compliance Act (FATCA). This law requires all Foreign Financial Institutions (FFI), including MDB, to report to the Internal Revenue Service (IRS) of the US Government regarding accounts maintained by US Persons or Entities with Midland Bank Limited (MDB). Under the provisions of the FATCA, the following criteria may classify you as a “US Person or Entity”.
- A citizen of the US (including an individual born in the US, but resident in another country).
- A lawful resident of the US (including US Green Card holder).
- A person residing in the US (having US address, phone number, e-mail address, etc.).
- A person who has spent at least 183 days in the US during the last three years.
- U.S. corporations, estates and trusts.
- Any entity that has a linkage or ownership to the US or to US territories.
- Non-US entities that have at least one US person as a “substantial beneficial owner”.
- An US person who has been granted power of attorney or signing authority of an account.
- An US person who receives payments sourced from USA, such as interest, dividend, rent, payment for services (salaries) and any other fixed determinable annual periodical (FDAP) income.
If you or any of your entities falls within the above criteria, please update your FATCA status with your concerned MDB Branch. The bank will consider you as non “US Person or Entity”, if no response is received from your end within April 30, 2015.
Any failure on your part to provide accurate and timely information pursuant to the requirements of FATCA may result in reporting of the account to IRS of the US. For further information about FATCA you may also visit www.irs.gov.
The MDB FATCA Reporting Team