Am I liable to tax in the United States?

As a licensed bank we're required to report directly to the IRS information about financial accounts held by U.S. taxpayers according to FATCA, a legislation designed by the US Department of Treasury and the U.S. Internal Revenue Service to encourage better tax compliance by preventing U.S. Persons from using foreign banks and other financial organizations in order to avoid U.S. taxation on their income and assets.

You can find more information about FATCA here(new tab)

In the context of FATCA, a U.S. Person is defined as, among other things:

  • A citizen of the United States (including dual citizens)
  • A resident in the United States, for example as a holder of a valid U.S. Green Card or as a person who passes the “Substantial Presence Test” (see below).

If you're unsure as to how to determine whether you're a U.S. Person, please consult a tax advisor.

Substantial Presence Test” means:

  • That you've been physically present in the U.S. 183 days or more in the current calendar year

OR

  • That you have been physically present in the U.S. 183 days or more over the last three calendar years, to be calculated as follows:

(31 days or more in the current calendar year) + (the number of days physically present in the U.S. last year) divided by 3 + (the number of days physically present in the U.S. the year before last) divided by 6.

 In addition, if your account shows any of the following:

  • U.S. citizenship or U.S. residence
  • U.S. place of birth
  • U.S. mailing or residence address, including U.S. PO boxes
  • U.S. telephone number
  • Standing instructions to a U.S. address or an account maintained in the US

we're still obliged to treat you as a U.S. Person, unless we receive the following from you: 

  • A W-8BEN or similar agreed self-certification form and
  • A non-U.S. passport or other government-issued identification evidencing your citizenship or nationality in a country other than the U.S.
  • In case you were born in the US, a copy of your Certificate of Loss of Nationality of the US.