Citi requesting either a W-8BEN or W9 form

[Steady]

Hi, a search didn't show any previous posts containing "W-8BEN" so I though I would ask.

I have just returned from the US to find a letter from Citi advising I need to supply either a W-8BEN or a W9 within 30 days or backup withholding tax will be applied to my account. They also want a certified copy of my passport.

Is this normal following using a Citi Bank Visa Debit card in the US?

(when I call Citi they just keep telling me I have to fill it out)

 

[burmans]

Are we talking an Australian issued Debit Card or a US issued one?

 

[akeno]

Hi, a search didn't show any previous posts containing "W-8BEN" so I though I would ask.

I have just returned from the US to find a letter from Citi advising I need to supply either a W-8BEN or a W9 within 30 days or backup withholding tax will be applied to my account. They also want a certified copy of my passport.

Yes that's actually normal since 2014. They pretty much check anyone and even those who are not US citizens.

Check here: ATO Let's Talk | Guidance for the Foreign Account Tax Compliance Act – version 2.0 (October 2014)

 

[Steady]

Are we talking an Australian issued Debit Card or a US issued one?

an Australian issued visa debit card. They are telling me it is because I added a US contact number to my account - as they recommended when I advised them I was travelling.

 

[Steady]

Yes that's actually normal since 2014. They pretty much check anyone and even those who are not US citizens.

Check here: ATO Let's Talk | Guidance for the Foreign Account Tax Compliance Act – version 2.0 (October 2014)

I guess I must not be reading this correctly. I read it as a requirement for people both US and Non US who have earnt an income in the USA - so the US Gov gets their tax, fair enough. I don't understand why having a 2 week holiday (and adding a US contact number to my account) triggers this to be imposed on me.

it is what it is and I have sent the form off.

 

[Deleted member 6404]

I had something similar from my bank awhile back asking me to fill in a form something to do with FACTA I refused, then was told to better fill it in with the required information by end of April 2015 or they will have to blah blah blah. I didn't even open the form to see what information was required.
Long story short, I did not fill in the form, and never heard from them since.
I have No doubt that other sheep will comply.

 

[cjd600]

I guess I must not be reading this correctly. I read it as a requirement for people both US and Non US who have earnt an income in the USA - so the US Gov gets their tax, fair enough. I don't understand why having a 2 week holiday (and adding a US contact number to my account) triggers this to be imposed on me.

it is what it is and I have sent the form off.

As I understand it, every account needs to be classified as to their FATCA status (basically US or non-US person), so the US govt knows whom to pursue for tax.
By adding a US phone number to your account this would come up as "US indicia" against you even though you had been classified as non-US.
This requires them to re-validate that you are not a US person, and not reportable as such for tax purposes.
Bit rich that they are the ones that had you add the US number which triggered this requirement

 

[Steady]

OK - so I guess I should be expecting the same letter from both AMEX and my local Credit Union shortly, as once Citi advised me to provide them with a local number for my trip I then gave it to my other financial institutions.

 

[cjd600]

OK - so I guess I should be expecting the same letter from both AMEX and my local Credit Union shortly, as once Citi advised me to provide them with a local number for my trip I then gave it to my other financial institutions.

Depends if their 'checking' processes are as stringent as Citi's I guess.
FATCA is a strange new beast, each institution may approach it in potentially different ways as to their interpretation of the requirements

 

[Supersonic Swinger]

I've heard that in some cases banks are asking for those forms even if you no longer have any US contact details but your account used to have US contact details.

Supposedly the global cost of individuals and banks complying with the FATCA requirements far exceed the incremental revenue the US will generate - of course the costs not being borne by the US.

 

[deka2]

I have a loan account with HSBC on an Australian Commercial Property and after much head scratching i sent an email to our Bank Contact

For what its worth here is his reply

This is not advice and please DYOR, I take no responsibility.



I am not an expert on the forms and you can seek independent, however if you have no US interests, then I can quickly guide you through it if you have no US interests

• Complete page 1 with the entity details ( the following parts will suffice - part 1, 2, 4, 5, 6 7 )
• Tick part 40a ( and tick 40b)
• Sign the last page and tick that you have the capacity to sign for the entity
• send the original back

 

[Cynicor]

Do you not just use global roaming, Steady? Would have saved a heap of hassle apparently!

 

[Steady]

I grabbed a prepaid from Simcorner with unlimited 4G, US calls, text and landline calls to Oz - Telstra are not very compeditive with international roaming

 

[Cynicor]

No 2nd phone? I use Telstra but just roam with it to make sure I don't miss any calls/texts etc. I don't need a local number but would probably used a dual sim or other phone if I did. This way all financial institutions and important calls get through. Maybe a redirect on your mobile would work but I'm not sure if you can do this to an international number.

 

[Steady]

My mobile is a work phone - if I took it on holidays I wouldn't get a holiday and I would get calls throughout the night with the time difference

 

[Cynicor]

My mobile is a work phone - if I took it on holidays I wouldn't get a holiday and I would get calls throughout the night with the time difference

Ah I see your dilemma. Glad you got a holiday, hopefully catch you soon in PER!