Foreign Account Tax Compliance Act (FATCA)
Your relationship with Frost is very important to us and we want you to be informed about a U.S. tax law that may affect your accounts.
The Foreign Account Tax Compliance Act (FATCA) is a U.S. law intended to promote better tax compliance by ensuring that U.S. citizens with assets held outside of the U.S. are appropriately complying with U.S. tax laws. FATCA also impacts foreign entities with accounts held in the U.S. Under FATCA regulations, foreign entities must certify their foreign status and, when necessary, report owner information in order to avoid 30% tax withholding on applicable payments.
FATCA impacts all U.S. banks and financial institutions, not just Frost. We appreciate your choosing Frost as a safe, sound place for you to do business. You are significant to us, and that is why we have been closely monitoring this law.
Frost is committed to being fully FATCA compliant. All new foreign accounts are required to complete new W-8 tax certification forms used to establish your foreign status. Additional documentation may be required to substantiate your account status if you use any U.S. indicators such as a U.S. address or phone number.
Forms of documentary evidence include a copy of one of the following:
- Current or unexpired visa (student, teacher or diplomatic)
- Current or unexpired non-U.S. passport or other form of government-issued identification supporting claim of citizenship in a country other than the U.S.
- Most current utility bill for a foreign residence
- Articles of Incorporation for organization
- Partnership or Trust Agreement
For existing accounts, you will receive a letter with information on how to re-certify your foreign status as your certification expires every three years. You may be required to re-certify if there are changes to your account.
We realize you may have questions about this law and what effect it may have on your accounts so we urge you to consult your tax or legal advisor regarding FATCA and your status under the law. While Frost is not legally able to provide you assistance with determining FATCA tax status or assist with the preparation of any tax forms, we are able to answer general questions about the law. If you would like to speak with us, please feel free to call us domestically at (800) 513-7678 or internationally at 001-800-204-4401.
We are committed to serving you and thank you for trusting Frost to assist you with your financial needs.
Below are links to the W-8 instructions and documents on the IRS website for you to complete if necessary.
|Instructions for completing documentation||Link to corresponding form|
Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)
Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)
Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting
Certificate of Foreign Government or Other Foreign Organization for United States Tax Withholding and Reporting
Certificate of Foreign Person's Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States