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The Foreign Accounts Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)

Two pieces of legislation whose principal objective is the prevention of tax evasion and to achieve global tax transparency.

What are FACTA and CRS?

FATCA

Foreign Account Tax Compliance Act

FATCA was introduced by the United States’ Department of Treasury and Internal Revenue Service (IRS) in 2010 and is designed to encourage better tax compliance by preventing US persons from using banks and other financial institutions to evade taxation on their overseas income and assets.

Even though Namibia has not signed an intergovernmental agreement (IGA) with the United States of America, Nedbank Namibia is part of the Nedbank Group and therefore they become, what is called a participating foreign financial institution (participating FFI).

Why does Nedbank ask for FATCA related information from me?

In order for Nedbank Group to remain compliant with FATCA, Nedbank Namibia must request their clients to provide all the relevant data to comply with this legislation and submit the data to the IRS because they form part of the ‘expanded affiliated group’ called Nedbank Group.

Read FAQ

FATCA was introduced by the United States’ Department of Treasury and Internal Revenue Service (IRS) in 2010 and is designed to encourage better tax compliance by preventing US persons from using banks and other financial institutions to evade taxation on their overseas income and assets.

Even though Namibia has not signed an intergovernmental agreement (IGA) with the United States of America, Nedbank Namibia is part of the Nedbank Group and therefore they become, what is called a participating foreign financial institution (participating FFI).

Why does Nedbank ask for FATCA related information from me?

In order for Nedbank Group to remain compliant with FATCA, Nedbank Namibia must request their clients to provide all the relevant data to comply with this legislation and submit the data to the IRS because they form part of the ‘expanded affiliated group’ called Nedbank Group.

Read FAQ

CRS

Common Reporting Standards

CRS is part of a global standard proposed by the Organisation of Economic Cooperation and Development (OECD) in 2014. Countries around the world came together and agreed to exchange tax information in an effort to prevent individuals and entities from using banks and other financial institutions to evade taxation on their income and assets.

The following SADC countries are signatories to this agreement: Botswana, Eswatini, Lesotho, Namibia and South Africa.

By signing the agreement Botswana, Eswatini, Lesotho and Namibia underline their commitment to participate in international tax cooperation and exchange of information.

Why does Nedbank ask for CRS related information from me?

Countries can sign up to the multilateral agreement relatively quickly which would result in Nedbank Namibia having to go back and ask for the required CRS information from each of their clients.

Even though Nedbank Namibia is not yet a signatory, adherence (or alignment) to CRS is strategically important for several reasons:

  • Aligning with CRS demonstrates Nebank’s commitment to international standards and thus reducing the risk of being perceived as a tax haven. This fosters trust amongst global investors and financial institutions.
  • CRS helps prevent individuals and entities from hiding assets offshore. By adopting CRS, Nedbank strengthens its ability to detect illicit financial flows and protect its tax base. 
  • Many jurisdictions require CRS compliance for correspondent banking and investment relationships. Non-adherence could limit Nedbank’s access to global financial markets and increase compliance costs for local institutions.

This means local clients are asked for tax residency details even if Nedbank hasn’t signed the CRS agreement. 

Read FAQ

CRS is part of a global standard proposed by the Organisation of Economic Cooperation and Development (OECD) in 2014. Countries around the world came together and agreed to exchange tax information in an effort to prevent individuals and entities from using banks and other financial institutions to evade taxation on their income and assets.

The following SADC countries are signatories to this agreement: Botswana, Eswatini, Lesotho, Namibia and South Africa.

By signing the agreement Botswana, Eswatini, Lesotho and Namibia underline their commitment to participate in international tax cooperation and exchange of information.

Why does Nedbank ask for CRS related information from me?

Countries can sign up to the multilateral agreement relatively quickly which would result in Nedbank Namibia having to go back and ask for the required CRS information from each of their clients.

Even though Nedbank Namibia is not yet a signatory, adherence (or alignment) to CRS is strategically important for several reasons:

  • Aligning with CRS demonstrates Nebank’s commitment to international standards and thus reducing the risk of being perceived as a tax haven. This fosters trust amongst global investors and financial institutions.
  • CRS helps prevent individuals and entities from hiding assets offshore. By adopting CRS, Nedbank strengthens its ability to detect illicit financial flows and protect its tax base. 
  • Many jurisdictions require CRS compliance for correspondent banking and investment relationships. Non-adherence could limit Nedbank’s access to global financial markets and increase compliance costs for local institutions.

This means local clients are asked for tax residency details even if Nedbank hasn’t signed the CRS agreement. 

Read FAQ

How does this impact us and our clients?

information

Our clients are directly impacted because they need to provide the required information in order to be FATCA- and CRS-compliant.

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Nedbank is required to ensure that all our clients are FATCA- and CRS-compliant and must obtain the required FATCA- and CRS-relevant information from all our clients. This is required for all individual clients as well as entity clients.

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Nedbank is required under law to report all reportable accounts to the relevant tax authority to ensure we are compliant under the FATCA and CRS requirements.

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We, as Nedbank, will do the following

Request information or documentation from you in the following circumstances:

  • As part of the onboarding (account opening) process if you are a new client.
  • If you are an existing client of Nedbank for whom we do not hold the necessary information.
    • Essentially, a change in circumstance refers to any change that results in the addition or alteration of client information or changes to controlling person information linked to that client.
  • If you have your account during the current year, Nedbank will still be required to confirm whether your account is reportable for FATCA and CRS purposes and its details need to be included in Nedbank's FATCA and CRS submission to the relevant tax authority for that period.

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What you as our client need to do?

  • Provide the FATCA and CRS information, as requested, when you open a new account, or when visiting a branch. Your relationship manager may also contact you.
  • Please respond to our communications when we request you to provide certain information or IRS W-forms.
    • Note: Some of the IRS W- forms expire after three years and new forms must be completed, dated and signed.
  • Advise us when there is a change in your circumstances, e.g. a change of address.

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The importance of self-certification

  • Nedbank will ask you to confirm your FATCA and CRS status through the completion of a self-certification form and a IRS W-form where applicable.
  • Some clients may have to complete a form for each relationship type. In other words, some clients will self-certify in:
    • their individual capacity;
    • their capacity as a controlling person, e.g. a guardian of a minor’s account; or
    • as a controlling person of a legal entity, e.g. a trustee of a trust, shareholder of a company.
  • The self-certification form will indicate to you whether an IRS W-form is required.

Please note: If you do not self-certify, we are required under the legislation to restrict your account and report your non-compliance to the relevant tax authority that may take further action.

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How will Nedbank assist our clients?

We wish to assure our clients of our continued service and support. Should you have any questions, please contact your relationship manager or visit your nearest branch.

  • You can phone our dedicated contact centre from 08:30 to 17:00 (Monday to Friday) and 08:30 to 11:00 (Saturday) on + 264 295 2222 orsend an email to ServicePlus@Nedbank.com.na.
  • Please note: Nedbank is required by law to obtain the required information and/or documentation from you our clients. We will try to assist you, although Nedbank employees are not tax advisors and will not be able to provide tax advice. For this you may wish to consult an independent tax advisor.

Where to find the forms

form

IRS W-8BEN-E

This form is used by entities only where the client has US indicators.

For instructions on how to complete this form click here.

Download form
form

IRS W-8BEN

This form is used by individuals only where the client has US indicators.

For instructions on how to complete this form click here.

Download form
form

IRS W-9

This form is used for BOTH individuals and entities that are US persons, being US citizens (including resident aliens) or US entities.

For instructions on how to complete this form click here.

Download form
form

IRS W-8ECI

This form is used for individuals that are not US citizens, but earn income from the US through the conduct of a trade or business.

For instructions on how to complete this form click here.

Download form

Access our FATCA and CRS FAQs and information

Learn more