What is FATCA?
The Foreign Account Tax Compliance Act (FATCA) is a legislation which was passed in 2010 by the US Congress to combat tax evasion by US taxpayers who maintain foreign financial accounts.The implementation of this legislation is regulated by the Department of Treasury of the United States of America and the authority of the Internal Revenue Service (IRS).
Starting from July 1, 2014, banks and other participating financial institutions in Albania in compliance with FATCA are obliged to implement identification and due diligence measures and to provide periodic reports to the American Tax Authority (IRS) in regards to certain data of US taxpayers (individuals and specific categories of entities with substantial US owners) and the financial accounts that they maintain.
The process of data collection, processing and reporting for FATCA purposes is performed in full compliance with Law no. 9887 dated 10.3.2008 "On Personal Data Protection".
Any individual customer who is a US citizen, US national, US taxpayer or US tax resident and any entity registered in U.S.A., branch of an entity registered in U.S.A. or entity that during a financial year has more than 50% of its income from passive sources, must complete the necessary data in the forms listed below.
More information can be found in the official page of Internal Revenue Service (IRS):
https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca
Below are the applicable forms and documents in regard to FATCA:
W-9 Form
W-8-BEN Form
W-8BEN-E Form
Declaration of Consent