Owner-documented Foreign Financial Institutions
Owner-documented Foreign Financial Institutions
This status enables the “Owner-documented FFI” (ODFFI) to delegate its FATCA reporting obligations to its bank, which is then responsible for reporting any information on US Persons to the IRS.
However, the ODFFI remains liable for any tax, interest and penalties resulting from a failure to meet its obligation under its ODFFI status or under any other FATCA obligations.
This status is obtained on the basis of an agreement between the Bank and the entity and is subject to fulfilment of the following conditions:
- The entity is an “investment entity” as defined for the purposes of FATCA.
- The entity should not be affiliated with a banking, financial or insurance group or act as intermediary.
- All of the entity's bank accounts must be held exclusively with financial institutions that are FATCA-compliant, such as Participating FFIs.
- The entity must provide the Bank, amongst others, with complete and exhaustive information on all of its US and non-US beneficial owners as well as the appropriate documentation required by FATCA: IRS Form W-9, a Consent to Report (if applicable) and/or IRS Form W-8BEN-E on each of its beneficial owners, whether US or not.
- The entity must immediately inform the Bank of any changes to its beneficial owners.
Given the administrative burden, this service will be provided in return for a fee, for a limited period, and accepted by the Bank if the entity concerned agrees to provide complete and exhaustive documentation on the entity and its beneficial owners as well as notifying the Bank of any changes in this respect.
Beneficial owner for US tax purposes (corporations & complex trusts)
Complete the below forms. Please note that the documents mentioned below will be renewed every three years.
Form W-8BEN-E
Select your Pictet Booking Centre
- Use this form if the entity holding the account is deemed to be the beneficial owner of income for tax purposes. This will generally be the case if the entity is liable to pay tax on its income (e.g. corporations, limited companies, complex trusts, etc.).
- Do not use this form if the entity is acting as an intermediary, a nominee or is a tax-transparent entity. Use form W-8IMY instead.
- Please note that the FATCA status of “Non-Participating Foreign Financial Institution” will not be accepted by the Bank.
Form ODFFI Reporting Mandate
Select your Pictet Booking Centre
- Agreement between the Bank and the entity in relation to the Owner-documented FFI status.
Form Tax Status for Individuals
Select your Pictet Booking Centre
- Complete this form for each individual listed in Appendix 1A of the ODFFI Reporting Mandate.
“Flow-through” entities for US tax purposes (grantor trust, simple trust or partnership)
Complete the below forms. Please note that the documents mentioned below will be renewed every three years.
Form W-8IMY
Select your Pictet Booking Centre
- Use this form if the account holder is a tax-transparent entity, such as a partnership, a grantor trust or simple trust.
Form ODFFI Reporting Mandate
Select your Pictet Booking Centre
- Agreement between the Bank and the entity in relation to the Owner-documented FFI status.
Form Tax Status for Individuals
Select your Pictet Booking Centre
- Complete one form for each beneficial owner that is an individual and listed in Appenix 1B of the ODFFI Reporting Mandate.
