Foreign Account Tax Compliance Act (FATCA) FAQs

FATCA Overview

  • What is FATCA?
  • FATCA stands for the Foreign Account Tax Compliance Act. It is a law enacted in the United States of America (U.S.) and is aimed at addressing perceived tax abuse by U.S. Persons through the use of accounts maintained with Foreign Financial Institutions outside the U.S.

  • Will NBQ implement FATCA?
  • In compliance with UAE Central Bank requirements, NBQ will implement and comply with FATCA, including all its branches and subsidiaries.

  • Is NBQ the only Bank affected by FATCA?
  • No. All Banks and Financial Institutions in the UAE will be affected by FATCA. However, each financial institution will have its own approach for implementing FATCA.

  • When is the effective date of FATCA?
  • The effective date of FATCA is July 1st 2014.

  • Who is impacted by FATCA?
  • FATCA will impact individual customers who exhibit any one of the indicia of U.S. status, and certain business customers with U.S. owners. Such customers will be required to provide additional information/documentation to confirm their FATCA status.

  • What documentation will I be requested to submit for FATCA purposes?
  • NBQ may request you to submit a self-certification by completing one of the Internal Revenue Service (IRS) withholding certificates or similar forms to confirm whether or not you are a Specified U.S. Person, and to confirm if there are any U.S. Substantial Owners for business customers.

    NBQ may also request to view and submit copy of your passport(s) and/or other documents as mentioned in point 16 below.

  • Where can I find the form that I need to complete?
  • You may find it on the IRS website The forms can also be found at NBQ branches.

  • Where can I find more detailed information on FATCA?
  • For further information on FATCA, please visit:

  • What happens if I don’t provide the required forms?
  • If an NBQ customer has U.S. indicia, see item 13 below, and fails to confirm its U.S. status by providing a self-certification, the account will be considered as a Reportable Account, and as such information related to such account may be reported to the UAE Central Bank, or to any other local tax authority as mandated by the UAE Central Bank.

    Additionally, NBQ may refuse to open new accounts and may restrict the products and services offered to customers who choose not to provide the required documents.

  • How often do I have to provide information for FATCA purposes?
  • Customers are expected to provide updated personal information and account details to NBQ as and when there is a change to this information.

    In addition, customers may be expected to re self-certify their FATCA status periodically. E.g. every three years.

  • What information will NBQ report to the local authorities?
  • The account information reported to the local authority will include but will not be limited to: Name, Address, U.S. Taxpayer Identification Number, Account number, Account balance/Value, details on certain payments made to such accounts and details on substantial U.S. owners for entities.

  • Does FATCA replace existing US tax rules that I already follow?
  • No, FATCA does not replace the existing US tax rules but adds to them. It is recommended you contact a professional tax adviser for more information.

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