9. What happens if a joint account is held by a US person and a non-US person?

A joint account that has one US owner is treated as a US account and the entire account is subject to the FATCA legislation. For example, if an account with a balance of $500 000 is held by a local citizen and a US person*, Nedbank will report the US person* and the entire account balance of $500 000 to the IRS and *.

*For any defined terms please see the Table of terms and definitions.