The Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) were introduced to help fight tax evasion and protect tax systems worldwide.
Under the FATCA and CRS, we must check where our customer may be paying tax (often referred to as where you are a 'tax resident').
FATCA and CRS are separate regulations but there are some similarities. FATCA is applicable to the US and CRS to over 100 participating countries around the globe.
Who is affected by FATCA and CRS?
Whether you're an individual customer or you have a business relationship with us, FATCA and/or the CRS may affect you. The impact will depend on things like:
- the type of account or product you have with us
- where you live or operate as a business.
How do FATCA and CRS impact Santander and our customers?
We must identify reportable customers and accounts and share this information on an annual basis with Her Majesty's Revenue and Customs ('HMRC') who may share the information with other tax authorities around the world.
What should Santander customers do?
We'll contact you if we think you're affected by FATCA or CRS to collect some further information from you. We'll do this by asking you to complete and return a form to us.
- If you think that the information we hold may be incorrect or out of date you can complete the Self-Certification form (pdf) available for download below with your up to date details
- It's important that you let us know about any changes to your circumstances as soon as possible.
Who is reportable?
If you're a tax resident in another participating country outside the UK, then we'll share the information about you and your accounts with HMRC, which may then be shared with the tax authority where you are tax resident.
What information is required?
In line with the FATCA and CRS requirements, we'll need to collect your:
- Country of birth
- Date of birth
- Country(ies) and jurisdiction(s) of tax residence
- Taxpayer identification number(s)* (for example, US Social Security Number)
* this doesn't apply in all participating countries/jurisdictions and is subject to local law requirements.
If you need further help on FATCA and the CRS and your tax position, please contact a tax adviser, as we can't provide tax advice. You may also find useful guidance on the HMRC AEOI website and the OECD Portal