There are a number of substantial changes being made by financial regulators, governments and banks to ensure the protection and long-term safety of both the financial system and our customers’ interests.
One of these regulations is the Foreign Account Tax Compliance Act (FATCA), effective as of 1 July 2014. This legislation administered by the United States government encourages better tax compliance by preventing US persons from using non-US financial organisations and foreign entities to avoid US taxation on their income and assets.
Impact to HSBC and our customers
HSBC is proud of our commitment to being fully FATCA-compliant in all countries where we operate. Other banks and financial organisations are also affected. However their approach to adopting FATCA may differ to that of HSBC.
FATCA affects many of HSBC’s customers. The impact on customers will depend on factors such as:
the type of account you hold with HSBC,
the type of policy agreement you have with HSBC,
the countries where you or your business have a relationship with HSBC
Find out more about FATCA in your country
To find out more about FATCA in your country (including relevant tax forms and guidance), and how it affects you, please select the appropriate business line (and country, if relevant) from the navigation headings above.
Country pages will continue to be updated with the most recent information as it becomes available.
We may be contacting you to request further information or documentation in order to verify your tax status under FATCA. Please note that you may receive more than one request for information if you have multiple relationships with different members of the HSBC Group. It is important that you respond to all requests for tax information even if you believe you have already supplied the requested information. If you have any further queries regarding FATCA or local legislation and your tax position, please contact a professional tax advisor, as HSBC is unable to provide tax advice.