What is the Foreign Account Tax Compliance Act (FATCA)?Wed Dec 10 10:58:00 GMT 2014 Back to results
FATCA is a United States (U.S.) law designed to tackle tax evasion by U.S. citizens living outside the U.S.
FATCA now applies in Ireland. This means that Irish financial institutions (including Aegon Ireland) are obliged to determine whether their customers have a U.S. connection and report to the Irish Revenue Commissioners, on an annual basis, customers who are or who might be U.S. citizens and/or U.S. tax residents.
Aegon Ireland's Global Intermediary Identification Number is YJ60CN/00003/ME/372.
All references to taxation are based on our understanding of current taxation law and practice in the United Kingdom and Ireland, which may change.
The means that during the new business process, we're obliged to check whether an applicant has a U.S. connection. We do this through declarations in our application forms. If a U.S. connection is confirmed to us, we can't proceed with the application.
For existing business, we're required to carry out checks where we've reason to believe an existing policy has a possible U.S. connection. If a U.S. connection is confirmed to us, or if we don't receive a response to checks we carry out, we're obliged to include this policy in our annual report to the Irish Revenue Commissioners.
Need more information?
You can get more information on FATCA by contacting a financial adviser or alternatively, by visiting the website of the Irish Revenue Commissioners: www.revenue.ie(Opens new window)