FATCA

Frequently Asked Questions (FAQs)

1. What is the Foreign Account Tax Compliance Act (FATCA)?
FATCA is a U.S. law which requires all financial institutions (FIs) outside of the US (also known as Foreign Financial Institutions, or FFIs) to regularly submit information on financial accounts held by U.S. persons to the U.S. Internal Revenue Service (IRS). The U.S.’ intent of FATCA is to deter and detect U.S. tax evasion through the use of foreign financial accounts. Failure to comply with the reporting obligations under FATCA will result in the U.S. Government imposing a 30% withholding tax on certain gross payments made from the U.S. to non-compliant FFIs.

2. Who is considered as a US Person?
For the purpose of FATCA, a U.S. Person means:
(a) A citizen or lawful permanent resident (including US green card holder) of the U.S.;
or
(b) A partnership or corporation organised in the U.S. or under the laws of the US or any State thereof, or a trust if: (i) a court within the U.S. would have authority under the applicable law to render orders or judgments concerning substantially all issues regarding the administration of the trust; and (ii) one or more U.S. persons have the authority to control all substantial decisions of the trust, or an estate of a decedent that is a citizen or resident of the U.S.

3. How does the FATCA implementation impacts Aviva clients?
With effect from 1 July 2014, a new section on “Declaration of U.S. Indicia” will be added to application forms and affected post-policy documents of Cash Value Insurance Contract or an Annuity Contract offered by Aviva Ltd.

U.S. Indicias are indications that the client is a possible U.S. Person. Therefore, client who has one or more U.S. Indicias have complete Aviva “U.S. Person Declaration Form” to declare whether he/she is a U.S. person, and provide the completed relevant IRS Form (W-9 or W-8BEN or W-8BEN-E) together with the satisfactory documentary evidence (if applicable).

The U.S. indicias are;
  • U.S. Resident
  • U.S. Citizen
  • U.S. Place of Birth
  • U.S. Taxpayer ID number
  • U.S. Mailing or Residential Address
  • U.S. Contact Number

4. I am an existing Aviva client, how can I notify Aviva if I have one or more U.S. indicia?
You can contact Aviva directly if you have one or more U.S. indicia.
For a status change of U.S. Person to non U.S. Person, a completed “U.S. Person Declaration Form” to be accompanied by completed Form W-8BEN or W-8BEN-E with satisfactory documents evidence need to be submitted.
For a status change of non U.S. Person to U.S. Person, a completed “U.S. Person Declaration Form” to be accompanied by Form W-9 needs to be submitted.
These forms are available at here.

 Back to previous section

Contact Us

If you’re a journalist with a media enquiry, please contact us here.

If you are a customer, you can contact us here.