FATCA/CRS

FATCA

National Bond Corporation Sole Proprietorship P.S.C. is registered with IRS for FATCA Compliance and carries a Global Intermediary Identification Number (GIIN): 0L7U0L.99999.SL.784. As a regulated financial institution, we are fully committed to comply with the requirements of FATCA.

The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 by the US Government to target non-compliance by US taxpayers who use foreign financial institutions. The UAE Government has expressed its support for FATCA's underlying policy goals, and it has been implemented in the UAE, effective July 1, 2014.

All financial institutions in the UAE are impacted by FATCA. However, their approach may differ from that adopted by National Bonds. As for our customers, we may contact them to request additional information or documentation to verify their reportable status under FATCA to keep their status updated.

For any enquiries regarding tax position or implications of FATCA on your reportable income, please contact your tax advisor, as we are unable to provide you with tax advice.

CRS

The Common Reporting Standard (CRS) was developed in response to the G20 request and approved by the Organisation for Economic Co-operation and Development (OECD) on 15 July 2014.

Under the CRS requirements, the UAE Government outlined its commitment to exchange information from 2018. Accordingly, the CRS requirements were implemented and have been effective from 1 January 2017.

As a regulated Financial Institution, we are fully committed to complying with the requirements of CRS. As per the requirements, we will obtain information about your tax residency status through self-certification and additional documentation, wherever required.

If you are a tax resident outside the UAE, we will provide your information, including details relating to your accounts, to the UAE Government through our regulator. The UAE Government will then exchange information relating to your accounts with the tax authorities in the countries where you are considered resident for tax purposes.

It is essential that you respond to all requests for information or documentation, even if you have already provided such information or are certain about your tax residency status.

For any enquiries regarding your tax residency status, please visit the OECD Automatic Exchange of Information Portal and read through our FAQs. For specific enquiries, please contact your tax advisor, as we are unable to provide tax advice.