What is FATCA and how does it affect me?
The Foreign Account Tax Compliance Act (FATCA) requires New Zealand Financial Institutions (like ASB) to collect and share the account information of persons from the United States (US), US entities and New Zealand entities controlled by US persons with the New Zealand Inland Revenue (IRD). The IRD in turn then pass this information on to the US Internal Revenue Service (IRS).
FATCA is US legislation that aims to reduce tax evasion of US citizens, tax residents and entities that have bank accounts outside of the US.
ASB has a regulatory requirement to comply with the Foreign Account Tax Compliance Act (FATCA).
If you are unsure about your US tax obligations we would recommend you seek professional advice from an independent tax advisor.
You can find out more about FATCA and the type of information we may require from you or see the Inland Revenue’s website for more information.
If you have questions about FATCA you can also give our Foreign Revenue Enquiries team a call on 0800 111 373 (or +64 9 337 4564 if calling from overseas) or via email on ForeignRevenueEnquiries@asb.co.nz
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