FATCA for Private persons

The United States of America has introduced a new legislation to help prevent tax evasion by persons who are subject to U.S. taxes. This legislation is called the Foreign Account Tax Compliance Act (FATCA). FATCA requires financial institutions world-wide to report on U.S. taxpayers and some U.S.-owned entities, so called “U.S. Persons”.

This legislation applies to “U.S. Persons”, both private individuals and some legal entities. This page covers private individuals. Click the button below for information pertaining to U.S. businesses.

FATCA requires financial Institutions to:

  • Identify customers for whom one of the following U.S. indicia apply:
    U.S. citizenship or U.S. residency. This includes having a green card allowing the customer to permanently reside in the United States as an immigrant;
    Place of birth in the U.S.;
    At least one address (mailing, residence, post office box or care-of) in the U.S.;
    A U.S. telephone number;
    Standing instructions from their ING account to an account in the U.S.;
    Power of attorney on their account granted to a person with a U.S. address (mailing, residence, post office box or care-of).
  • Document customers with U.S. indicia. This means customers have to sign a form imposed by the Internal Revenue Service (“IRS”, the United States tax agency) to confirm or disprove their U.S. tax liability.
  • Report on:
    the identity of the U.S. Persons
    their accounts and account balances
    the financial income on these accounts.

     The first reporting will occur in 2015 and will cover the year 2014.

Luxembourg, like most European nations, has agreed to enter into an Inter-governmental Agreement (“IGA”) with the U.S. and to render FATCA applicable in its domestic legislation. As a consequence, Luxemburgish Financial Institutions must report this information to the "Administration des Contributions Directes (ACD)" (local fiscal authority). The ACD will supply this information to the IRS.

ING will contact all customers who meet one or more of the U.S. indicia listed above. Customers are required to confirm and provide evidence of their status:
If you are a U.S. Person with either U.S. citizenship or U.S. residency: a W-9 form (Request for Taxpayer Identification Number and Certification) has to be filled in.

Visit the IRS website for more information about W-9 form

  • If you wish to attest that you are not a U.S. Person:
     a W-8BEN form (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding) has to be filled in.

Visit the IRS website for more information about W-8BEN form

  •  addition, a Certificate of Loss of Nationality of the United States must be provided if an individual no longer has U.S. citizenship (thus also when born in the United States).

ING continues to provide services to U.S. citizens for accounts and savings as long as they are willing to deliver the required FATCA documentation.

New customers for whom U.S. indicia are found, will have to be documented before the relationship can be opened.

In the absence of the required documentation within a very specific timeframe, ING Luxembourg will be obliged to consider customers with U.S. indicia as U.S. Persons. As a consequence, these customers’ data and accounts must be reported to the IRS (via the local tax authorities).

For more detailed information on these new measures and their implications, please consult:

Foreign Account Tax Compliance Act (IRS.gov)

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