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Foreign Account Tax Compliance Act (FATCA)

As a result of the US tax law FATCA (Foreign Account Tax Compliance Act), approximately 100 countries and the US have agreed to exchange information. Because of this, financial institutions are required to identify and report the aggregated amounts on accounts held by US persons to the local tax authorities, who will then report to the US Internal Revenue Service (IRS). In Russia and Switzerland, financial institutions report directly to the IRS.

US persons are defined as persons who reside in the US, have US citizenship (including dual citizenship) or hold a US permanent residence permit (Green Card) or are corporations registered in the US.

If you have received a letter from us saying that you need to provide us with information regarding this, you will need to fill in a form. Use the links below to open the forms. The documents you reach from these links replaces the earlier used forms W-8BEN, W-8BEN-E and W9.

Customer

Form

Information

Individuals Self certification DK (pdf, 395 KB) - replaces earlier used forms W-8BEN and W9 Instructions for how to fill in the form are found inside the form.
Individuals Self certification NO (pdf, 403 KB) - replaces earlier used forms W-8BEN and W9 Instructions for how to fill in the form are found inside the form.
Individuals Self certification FI (pdf, 385 KB) - replaces earlier used forms W-8BEN and W9 Instructions for how to fill in the form are found inside the form.
Individuals Self certification SE (pdf, 378 KB) - replaces earlier used forms W-8BEN and W9 Instructions for how to fill in the form are found inside the form.
Entities Self certification DK (pdf, 1 MB) - replaces earlier used forms W-8BEN-E Instructions for how to fill in the form are found inside the form.
Entities Self certification NO (pdf, 1 MB) - replaces earlier used forms W-8BEN-E Instructions for how to fill in the form are found inside the form.
Entities Self certification FI (pdf, 1 MB) - replaces earlier used forms W-8BEN-E Instructions for how to fill in the form are found inside the form.
Entities Self certification SE (pdf, 1 MB) - replaces earlier used forms W-8BEN-E Instructions for how to fill in the form are found inside the form.

If you need another form, you can find all forms on the IRS homepage.

If you have any questions, please see the Frequently Asked Questions below or contact your local Contact Centre:

Please note that Nordea is unable to offer tax advice in relation to FATCA. For tax-related questions please contact your professional tax advisor or search the IRS website

Foreign Account Tax Compliance Act

FATCA is the US Foreign Account Tax Compliance Act intended to counter tax evasion in the US. The Nordic countries have all agreed to implement the FATCA requirements into local law, including provisions stipulating that financial institutions must identify US Reportable Persons among their customers. Similar agreements have been entered into by a significant number of countries worldwide. FATCA has or will be implemented into local law in all Nordic and Baltic countries.
As a result of FATCA, financial institutions are under an obligation to identify those of their customers that are US persons and subsequently report information about financial accounts held by these customers, directly or indirectly, on an annual basis. The financial institutions report to the local tax authorities in their respective countries (except in some countries where they report directly to the IRS).

Since FATCA has or will be implemented into local law in each Nordea country except Russia (where Nordea has signed an agreement of compliance directly with the IRS), Nordea must be fully compliant in each country and must therefore review all current customers, and all customers coming into the bank, to confirm their FATCA status. Where necessary, Nordea will contact customers for further information.

Nordea must also withhold on US source FDAP payments to certain financial institutions that do not comply with FATCA.
No, all financial institutions are required to comply with the requirements of FATCA, however, their approach may differ from the one taken by Nordea.
Financial institutions may have different approaches to how they collect information from customers in order to verify their FATCA status; therefore the forms may differ between banks. Nordea cannot advise you on your FATCA classification or US tax status; so if you need further support, you should consult a tax professional.
Financial institutions may have different approaches to how they collect information from customers in order to verify their FATCA status; therefore the forms may differ between banks. Nordea cannot advise you on your FATCA classification or US tax status; so if you need further support, you should consult a tax professional.
No, FATCA (the laws implemented locally) only regulates the customer due diligence and reporting that financial institutions must perform. It does not affect the tax laws you as a person must consider.

Nordea recommends you to consult a tax professional if you have any questions regarding tax rules.
No, FATCA (the laws implemented locally) only regulates the customer due diligence and reporting that financial institutions must perform. It does not affect the tax laws you as a person must consider.

Nordea recommends you to consult a tax professional if you have any questions regarding tax rules.
No, FATCA (the laws implemented locally) only regulates the customer due diligence and reporting that financial institutions must perform. It does not affect the tax laws you as a person must consider.

Nordea recommends you to consult a tax professional if you have any questions regarding tax rules.
Are only US companies affected?

No, FATCA has a wider impact that goes beyond just US companies. Nordea will contact many customers worldwide to determine their FATCA status in order to be able to classify each customer. This may take place using Nordea forms or US tax forms, depending on what information is needed.

Are only US companies affected?

Since you own a large part of the shares in a company, you are most likely a beneficial owner/controlling person in that company. Nordea may be required to report information about you, but that depends on the business your company is conducting. If your company’s business is “passive”, Nordea must report information about you if you are a beneficial owner/controlling person in that company. A company may be seen as passive if for instance more than 50 percent of the income of the company consists of interest or dividends.
Nordea will contact affected customers and provide full details as to what information is needed and what forms must be completed for FATCA purposes. These forms may include self-certification forms or US tax forms or withholding certificates (so-called “W forms”).
Nordea will contact affected customers and provide full details as to what information is needed and what forms must be completed for FATCA purposes. These forms may include self-certification forms or US tax forms or withholding certificates (so-called “W forms”).
Under the FATCA regulations, financial institutions are under an obligation to treat customers who do not provide the information requested as US reportable persons. This means that Nordea will report the same information about such customers to the local tax authorities as it will about those having provided documentation confirming their status as US persons.

In some exceptional circumstances, financial institutions may be required to withhold tax on certain US source payments coming into accounts held by customers who have not provided the information requested.