Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) provisions of the Hiring Incentives to Restore Employment Act of 2010 (HIRE Act) were enacted on March 18, 2010, in order to address concerns with tax evasion by U.S. citizens using offshore accounts.   FATCA generally requires a foreign financial institution (FFI) to enter into an agreement with the Internal Revenue Service (IRS) to report information about certain accounts held by U.S. persons or foreign entities owned by U.S. persons.  The IRS website was redesigned in 2013 to help individuals, financial institutions and foreign governments comply with the Foreign Account Tax Compliant Act.  The Department of the Treasury FATCA website provides more information.

The FFI will request that a U.S. citizen who opens or holds a bank account certify their acknowledgement to the FATCA act and allow identification by supplying a TIN (taxpayer identification number) or Social Security number.

For general information on how to apply for a Social Security number, visit www.ssa.gov/ssnumber or contact the Federal Benefits Unit at the U.S. Embassy in Jerusalem.