Entity clients

1. What is an entity?

2. When is an entity a US person?

3. What entity clients are impacted by both Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)?

4. Are only US entities affected by the Foreign Account Tax Compliance Act (FATCA)?

5. Why is correct entity classification so important?

6. What should a client do if they are unsure of what their entity classification is under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)?

7. What is the definition of a controlling person in terms of the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)?

8. What is control?

9. What is a foreign financial institution?

10. What does 'managed by' mean in terms of an investment entity being managed by another financial institution?

11. What is a participating foreign financial institution (FFI) in terms of the Foreign Account Tax Compliance Act (FATCA)?

12. What is a Global Intermediary Identification Number (GIIN)?

13. What is a non-financial [foreign] entity?

14. What is an active non-financial [foreign] entity?

15. What is a passive non-financial [foreign] entity?

16. What is passive income?

17. Does the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) replace existing tax rules that my entity already follows?

18. How frequently will my entity have to provide information regarding the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)?

19. Under what circumstances would Nedbank need to report the Common Reporting Standard (CRS) information about my entity’s account to the relevant tax authority?

20. What entities are US reportable accounts?

21. What information will Nedbank report to the US Internal Revenue Service (IRS) and the relevant tax authority#?

22. Is a local entity with only a Nedbank account, and that is 100% owned by local citizens, all of whom are non-US persons and do not have foreign tax obligations, subject to either the Foreign Account Tax Compliance Act (FATCA) or the Common Reporting Standard (CRS)?

23. Is a shareholder of an entity who is a local citizen and resident in the country of onboarding, and who has a US Green Card, but owns less than 10% of the entity that has an account with Nedbank, subject to the Foreign Account Tax Compliance Act (FATCA)?

24. Is a "stokvel" viewed as an entity or group of individuals?

Give us your suggestions

Contact Us

+266 2228 2100

Send Us Feedback

Important Links

FATCA and CRS

Customer Due Diligence (KYC)

Personal

Business

Corporate

About Us

Useful links & Contacts

Give us your suggestions

Contact Us

+266 2228 2100

Send Us Feedback

Important Links

FATCA and CRS

Customer Due Diligence (KYC)

Personal

Business

Corporate

About Us

Accessibilty Links

Your menu has
collapsed

Entity clients

1. What is an entity?

2. When is an entity a US person?

3. What entity clients are impacted by both Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)?

4. Are only US entities affected by the Foreign Account Tax Compliance Act (FATCA)?

5. Why is correct entity classification so important?

6. What should a client do if they are unsure of what their entity classification is under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)?

7. What is the definition of a controlling person in terms of the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)?

8. What is control?

9. What is a foreign financial institution?

10. What does 'managed by' mean in terms of an investment entity being managed by another financial institution?

11. What is a participating foreign financial institution (FFI) in terms of the Foreign Account Tax Compliance Act (FATCA)?

12. What is a Global Intermediary Identification Number (GIIN)?

13. What is a non-financial [foreign] entity?

14. What is an active non-financial [foreign] entity?

15. What is a passive non-financial [foreign] entity?

16. What is passive income?

17. Does the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) replace existing tax rules that my entity already follows?

18. How frequently will my entity have to provide information regarding the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)?

19. Under what circumstances would Nedbank need to report the Common Reporting Standard (CRS) information about my entity’s account to the relevant tax authority?

20. What entities are US reportable accounts?

21. What information will Nedbank report to the US Internal Revenue Service (IRS) and the relevant tax authority#?

22. Is a local entity with only a Nedbank account, and that is 100% owned by local citizens, all of whom are non-US persons and do not have foreign tax obligations, subject to either the Foreign Account Tax Compliance Act (FATCA) or the Common Reporting Standard (CRS)?

23. Is a shareholder of an entity who is a local citizen and resident in the country of onboarding, and who has a US Green Card, but owns less than 10% of the entity that has an account with Nedbank, subject to the Foreign Account Tax Compliance Act (FATCA)?

24. Is a "stokvel" viewed as an entity or group of individuals?

Contact Us

Important Links

Contact Us

Important Links

Accessibilty Links

Your menu hascollapsed

Entity clients

1. What is an entity?

2. When is an entity a US person?

3. What entity clients are impacted by both Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)?

4. Are only US entities affected by the Foreign Account Tax Compliance Act (FATCA)?

5. Why is correct entity classification so important?

6. What should a client do if they are unsure of what their entity classification is under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)?

7. What is the definition of a controlling person in terms of the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)?

8. What is control?

9. What is a foreign financial institution?

10. What does 'managed by' mean in terms of an investment entity being managed by another financial institution?

11. What is a participating foreign financial institution (FFI) in terms of the Foreign Account Tax Compliance Act (FATCA)?

12. What is a Global Intermediary Identification Number (GIIN)?

13. What is a non-financial [foreign] entity?

14. What is an active non-financial [foreign] entity?

15. What is a passive non-financial [foreign] entity?

16. What is passive income?

17. Does the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) replace existing tax rules that my entity already follows?

18. How frequently will my entity have to provide information regarding the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)?

19. Under what circumstances would Nedbank need to report the Common Reporting Standard (CRS) information about my entity’s account to the relevant tax authority?

20. What entities are US reportable accounts?

21. What information will Nedbank report to the US Internal Revenue Service (IRS) and the relevant tax authority#?

22. Is a local entity with only a Nedbank account, and that is 100% owned by local citizens, all of whom are non-US persons and do not have foreign tax obligations, subject to either the Foreign Account Tax Compliance Act (FATCA) or the Common Reporting Standard (CRS)?

23. Is a shareholder of an entity who is a local citizen and resident in the country of onboarding, and who has a US Green Card, but owns less than 10% of the entity that has an account with Nedbank, subject to the Foreign Account Tax Compliance Act (FATCA)?

24. Is a "stokvel" viewed as an entity or group of individuals?

Contact Us

Important Links

Contact Us

Important Links

Your menu has
collapsed