The Foreign Account Tax Compliance Act (FATCA) is a U.S. law aimed at preventing tax evasion by U.S. citizens, residents and corporations through the use of offshore accounts operated via Foreign Financial Institutions (FFIs) and other financial intermediaries.
The regulations apply a 30% withholding tax on all insurance and reinsurance premiums paid to non-FATCA compliant insurers and intermediaries with respect to any (re)insurance policy covering a U.S. sourced risk.
Price Forbes and Partners Ltd and Price Forbes and Partners (Bermuda) Limited are both FATCA compliant. Our W-8IMY certificates can be downloaded from here:
In passing data from an insurance company or other counterparty to third parties in the USA in order to comply with FATCA, Price Forbes and Partners Ltd. considers that it is acting in the role of “data processor” for the purpose of complying with the provisions of the Data Protection Act 1998.