Password must be 8-15 alphanumeric characters with these requirements
- Minimum one number (0-9)
- Minimum lowercase letter (a-z)
- Minimum one uppercase letter (A-Z)
- Minimum one special character "#?!@$%^&*-+<=>"
- Example password 99azTR?!@
FATCA is an American tax law that entered into force on July 1 of 2013 and means the Foreign Account Tax Compliance Act. The IRS and the Treasury Department drafted the FATCA Act to oblige all banking entities in the world to report on the movements that Americans have in foreign banks. The FATCA law requires natural and / or legal persons of American nationality to inform the IRS and the treasury department through the Form W-9 declaring a bank account opened abroad, either in an offshore or onshore jurisdiction. In the event that the physical or legal person considered FATCA does not complete the W-9 form, the bank will be responsible for breach of the law and could be sanctioned for not cooperating with the United States. The bank is responsible for sending an annual report to the IRS with the movements of the American residents. The consequence of not complying with the FATCA LAW is a penalization by the IRS and the American Treasury Department. The banking and insurance entities that do not comply with the FATCA law are not able to carry out any activity on American territory.
The FATCA law affects people who are considered American and fall under art least one of these categories:
FATCA is a law impelled by the American government to collect taxes from considered American residents around the world. The numerous scandals of the bank UBS in Switzerland and the millions in fines imposed by the IRS have managed to intimidate all the financial entities of the world to comply with this law. Currently many entrepreneurs who are not Americans or residents of the United States and have formed an American company, are seeing how the banking entities are declining and canceling their bank accounts for possible legal actions by the IRS and the treasury department.
You can read and download the free W-9 FATCA form in English to submit to the IRS in the event that you are considered American, according to the points described above.