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US corporate indices
1. The place of its registration or organization in the United States of America
2. Its US address
What is the basic obligation of the Trust International Islamic Bank? Is customer obligated to disclose the accounts of US citizens to the US Tax Authority?
Trust International Islamic Bank is committed to verifying and identifying any customer who is classified as an American according to the American identity indicators for new and existing customers in accordance with FATCA law.
The bank is obligated to disclose to the local supervisory authority, based on the personal acknowledgment of customers in the account opening or data update form.
Are only US customers signing the personal declaration form?
No, signing the personal declaration form is mandatory for all types of accounts, regardless of nationality
Will the tax be applied to the monthly income only, or to the property as well? What is the minimum salary or income for the tax to apply?
The determination of the deduction is by the US Tax Authority and does not go beyond the role of the bank to disclose and provide accurate information about the accounts of US customers. We also inform you that the Trust International Islamic Bank will not be able to provide financial advice, please contact a financial advisor or a lawyer specialized in tax matters.
If I have an account with another bank, will FATCA apply to both accounts?
FATCA law applies to American citizens only. If there is evidence that the person is American, yes, it will apply to all customer accounts in all banks.
If a person was born in America and I do not hold US citizenship, does the law apply to customer when opening an account?
Yes, the bank is obligated to disclose financial accounts for individuals born in the United States, unless customer submits a certificate of renunciation of their citizenship.
I have an American passport and it is in the process of being revoked. Am I classified as subject to FATCA?
The bank is required to disclose your bank account details until a document is presented
Does the FATCA system apply to the American ID holder or the American passport holder?
Yes, as both are among the aforementioned US ID indicators.
How long is the personal declaration form valid?
The personal declaration form is valid for lifetime. It is the customer’s responsibility to inform the bank of any change
What is the action to be taken against clients who refuse to provide the necessary documents to whom the American identity indicators apply?
The customer is contacted to provide the proof documents within 90 days, and in the event that the customer does not provide the required documents, the customer is classified (non-cooperative) after the disclosure period has passed without submitting the required documents, and customer account will be disclosed as a law subject to customer account.
What information is the Trust International Islamic Bank expected to pass on the customer to the IRS by the local regulator?
The following statements include but are not limited to this information:
The name, address, and tax identification number of each account holder known to be a US citizen.
If the customer is a non-active offshore NFI/name, address, tax identification number and each partially beneficial owner (owns <10%) of such facility that interprets in a US citizen.
balance or account
Total receipts and total withdrawals or payments from the account (except as stated by the IRS)
Does FATCA increase taxes for those subject to it? What is the tax rate that will be applied to the US citizen?
FATCA is simply a control mechanism to ensure that US taxpayers outside the US comply with existing tax laws, and the information required by the law is the same information required by the US tax authorities for US taxable territories.
Does FATCA apply to a US citizen or green card holder who has relinquished their status?
No, but this person must provide proof of customer waiver of nationality or residency so that customer account will not be disclosed
I am a US citizen and have a joint account with a non-US citizen, will my joint account be treated as being owned by a US person for FATCA reporting purposes?
Yes, the joint account with a US owner is considered a US account and the entire account can be disclosed in application of FATCA law.
Does the Foreign Account Tax Compliance Act “FATCA” apply to US institutions only?
No, FATCA may also affect some non-US corporations whose primary owners are US citizens.
I am a shareholder/director/partner with 10% equity interest in a business that includes a number of non-US persons as joint owners, will the account of my jointly owned business be treated as a FATCA account for reporting purposes?
In the case of partially owned establishments, provided that this establishment is not a financial institution.