Foreign Account Tax Compliance Act

If you've received a Tax Status Declaration Form and you need help completing it, we recommend you contact a professional and independent tax advisor. The Operational Tax Team doesn’t provide tax advice.

Isle of Man Bank is required to identify and report 'US person' for US tax purposes.

The term 'US person' includes, but isn't limited to, the following:

• A citizen of the US, including any person born in the US but living in another country (who has retained their US citizenship)
• A person living in the US, including US Green Card holders
• Certain people who spend a significant number of days in the US each year
• US corporations, US partnerships, US estates and US trusts

Rest assured that being classified a 'US person' will not affect your day-to-day banking service, but will help us identify customers whose account details may need to be shared with their local tax authority. If you're identified as a 'US person', we'll write to you for self-certification.

If you're an existing Isle of Man Bank customer, you may need to provide specific documentation, so we can apply the right FATCA classification to your accounts. If you are classified as a 'US person', we will be required to report information about you and your accounts to your local tax authority, every year.

Please note that Isle of Man Bank cannot offer any tax advice about FATCA, and we recommend you contact a professional and independent tax advisor to discuss your personal tax situation.

FATCA will have minimal impact on most customers, who won't need to take any action. However, Isle of Man Bank may still contact you to confirm your status as a 'non-US person'.

If your entity is classified as a 'US tax person' for tax purposes, we must pass on details of the entity's account(s) to the relevant tax authority.

For more information about FATCA please visit the IRS website.