The Foreign Account Tax Compliance Act (FATCA) is a 2010 United States federal law to enforce the requirement for United States persons including those living outside the US to file yearly reports on their non-US financial accounts to the Financial Crimes Enforcement Network (FinCEN).
Holvi currently does not support FATCA reporting. This means we can't offer accounts to customers that represent US indicia and might be liable for FATCA reporting (e.g. US citizens).
Who is affected by FATCA?
The Act applies to ‘US persons’ (US taxpayers), individuals and legal entities who meet any of the following US indicia:
Identification of the account holder as:
- US citizen or resident
- Unambiguous indication of a US place of birth
- Current US mailing or residence address (including a US post office box)
- Current US telephone number (with the prefix +1)
- Standing instructions to transfer funds to an account maintained in the United States
- Currently, effective power of attorney or signatory authority granted to a person with a US address
- An ‘in-care-of’ or ‘hold mail’ address that is the sole address the Reporting Finnish Financial Institution has on file for the account holder