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Foreign Account Tax Compliance Act
The Foreign Account Tax Compliance Act (FATCA) was introduced by the United States of America (US) and became law as part of the Hiring Incentives to Restore Employment Act on March 18th, 2010.
Its aim is to tackle offshore tax evasion by US taxpayers by increasing the transparency for the US Internal Revenue Service (IRS) with respect to US persons that may be investing and earning income through Non US institutions. To this end, it requires Foreign Financial Institutions (FFIs) such as the First Citizens Group (the Group) to provide information annually on US accounts which it holds either directly to the US Internal Revenue Service (IRS) or through a local competent authority.


How has FATCA impacted on Trinidad and Tobago?
On the 19th August, 2016 Trinidad and Tobago entered into a Model 1A Inter-Governmental Agreement (IGA) with the US and brought same into the our local laws by passage of the Tax Information Exchange Agreements (United States of America) Act, 2017 (TIEAA).
By virtue of the TIEAA, all reporting financial institutions within Trinidad and Tobago are required to provide the competent authority with the required account information on US persons for the purpose of FATCA reporting. The Board and Inland Revenue (BIR) has been designated the competent authority. In this regard, the BIR would forward information received from the Group on the reportable US accounts and submit same to the IRS.


What does this mean to the First Citizens customer?
Notwithstanding the advent of FATCA, The Group remains committed to preserving its customer information in the strictest manner. In our response to the competent authorities we would continue to abide by our local privacy rules to ensure customer confidentiality.
It is also important to note that pursuant to section 13 of the TIEAA the Group is not required to obtain customer consent prior to meeting its reporting obligations under FATCA.


How does FATCA and the TIEAA impact on First Citizens Bank Limited?
The First Citizens Group intends to meet all of its legal obligations imposed by FATCA and the TIEAA. This includes providing reports to the competent authority on an annual basis commencing September 30th, 2017 on accounts held by:
• US Persons
• US Entities
• Non-US Entities with substantial US ownership
• Passive Non-Financial Foreign Entities with substantial US ownership; and
• Non-Participating Foreign Financial Institutions
• The Group will also be required to report on recalcitrant customers who have failed to provide sufficient information or declare their status as a US person.
Who is a “US Person”?
• Citizens and residents of the United States of America, including green card holders
• Corporations and partnerships created under the laws of the US
• Estates and trusts created under the laws of the US

As a customer of the Group you will be required to declare whether or not you are a US Person by completing our Customer Declaration Form (to be signed in presence of Bank Officer). You will also be required to notify the Group whether there are any changes affecting your status as a US Person.
If you are unable to determine if you are a US Person, we recommend that you seek advice from an independent tax advisor.


Where can I get more Information?
For further information on FATCA, please click on the following or email us at

We will also keep you informed by posting updated information on our website.
In light of the above, we urge you to co-operate with us to avoid the consequences of non-compliance.

  • paper order
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  • Point of Sale Terminal
  • Classic Credit Card “Shopping”