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Foreign Account Tax Compliance Act

Home / Foreign Account Tax Compliance Act

What is FATCA?

The Foreign Account Tax Compliance Act (“FATCA”) was enacted by United States (“US”) in March 2010 to target non-compliance with US tax laws by US persons using foreign accounts. FATCA is intended to increase transparency with respect to US persons investing and earning income through non-US institutions by requiring US persons to file yearly reports on their non-US financials.

Following the signing of the Intergovernmental Agreement by Singapore and US in 2014, the revised Regulations on the Income Tax Act was issued on 17 March 2016. Non-US (foreign) financial institutions (FFIs), including Etiqa Insurance Pte. Ltd. (“Etiqa”), are required to report on assets and identities of such persons base on indicia used to identify US person-status.

FATCA imposes tax withholding where the applicable documentation and reporting requirements are not met.

Who is affected?

The FATCA affects all Etiqa customers (Individuals and Entities), but the extent of impact depends on:

  • the type of insurance policy(ies) you have with us
  • your tax residency, i.e. where you live or operate as a business

If you have any questions regarding your tax residency, please refer to the rules governing tax residence that have been published by each national tax authority on the Organisation for Economic Cooperation and Development (“OECD”) website (http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers/). You may also wish to consult your tax advisor if you require any tax advice or assistance in completion of FATCA declaration.

How does FATCA affect you?

Etiqa Customers shall have to provide a declaration on US tax residency statuses. US persons shall have to complete a Form W-9 / Form W-8BEN / Form W-8BENE. You may also be required to furnish additional information and supporting documents.

You shall inform us where there are changes in circumstances that may impact your tax residency(ies). If you require Form W-9 / Form W-8BEN / Form W-8BENE forms, you may obtain it from your Financial Adviser Representative or US IRS website (www.irs.gov).

You shall ensure that the information provided is complete and accurate. Etiqa assumes no responsibility for the independent verification of any information provided on FATCA declarations and will rely on such information as being complete and accurate in all material respects. Etiqa is also under no obligation to accept FATCA declarations if we have either reason to know, believe or have actual knowledge that the information provided is invalid or incorrect. Etiqa, when requesting for FATCA declaration, will operate under the regulations applicable to its local tax jurisdiction or country where the Account Holder is located, if applicable.

Additional Information

US Person

The term “US person” means:

  • A US citizen or resident individual
  • A partnership or corporation organized in the United States or under the laws of the United States or any State thereof
  • A trust if a court within the United States would have authority under applicable law to render orders or judgments concerning substantially all issues regarding administration of the trust, and one or more US persons have the authority to control all substantial decisions of the trust
  • An estate of a decedent that is a citizen or resident of the United States

US Indicia

The term “US Indicia” means:

  • Identification of the Account Holder as a U.S. citizen or resident
  • Unambiguous indication of a U.S. place of birth
  • Current US mailing or residence address (including a U.S. post office box)
  • Current US telephone number
  • Standing instructions to transfer funds to an account maintained in the United States
  • Effective power of attorney or signatory authority granted to a person with a US address
  • An “in-care-of” or “hold mail” address that is the sole address theReporting Singaporean Financial Institution has on file for the Account Holder

Reportable Account

An account is reportable if it is held by one or more US persons or a non-US entity that is controlled by specified US persons. An account holder is reportable if the person named as the owner or the beneficiary entitled to receive future payments from a cash value insurance is a US persons.

For more information on FATCA, please visit the US FATCA website (https://www.irs.gov).

Common Reportable Standard

The Common Reporting Standard (“CRS”) and FATCA are both tax initiatives introduced to reduce tax evasion and improve tax transparency and accountability. While both the CRS and FATCA might require similar information from customers, additional information might still be requested under the CRS even if you have already provided information under FATCA.

The CRS is an internationally agreed standard for regular exchange of financial account information between jurisdictions, with the objective of detecting and deterring tax evasion by taxpayers. Under the CRS, Singapore based financial institutions, including EIPL, are required to establish the tax residence(s) of all customers. Depending on the type of insurance policy(ies) held with EIPL, customers would be required to provide information and supporting documents on tax residency, which would be submitted to IRAS for transmission to tax authorities in other jurisdictions under the various bilateral exchange agreements.

For more information on CRS, please click here.

Information is accurate as at 3 March 2017.

Thank you for your application. Congratulations on insuring your new home! Please note that this complimentary home insurance policy is only successfully incepted when you receive your Policy Schedule and Welcome Letter from us. If you’d like to stack a higher coverage for your new home and a greater peace of mind, purchase Tiq Home Insurance with an exclusive 25% off with TIQRENO promo code.

Marketing Consent Terms & Conditions

  1. I consent to Etiqa and its related, its agents, authorised service providers and marketing partners collecting, using, disclosing, and/or processing my personal data, in order to contact me about products and services marketed by Etiqa or its partners as well as benefits, promotions and rewards, via the modes mentioned or selected, and using my contact particulars which Etiqa may have in its records from time to time (including where applicable my Singapore telephone number(s));
  2. I confirm and agree that my consents granted herein do not supersede or replace any other consents which I may have previously provided to Etiqa in respect of my personal data, and are additional to any rights which Etiqa may have at law to collect, use or disclose my personal data, unless my consent is withdrawn and notified to Etiqa.
  3. I can choose to withdraw my consent by submitting the Marketing Withdrawal Form at www.etiqa.com.sg or email to customer.service@etiqa.com.sg.

Personal Data Protection Terms & Conditions

I expressly authorise and consent to Etiqa, its officers and employees at their sole discretion, to disclose any and all information relating to me, including my personal particulars, my transactions and dealings and my policies of insurance with Etiqa, to any of the following persons, whether in Singapore or elsewhere:

  1. Etiqa’s related corporations or affiliates;
  2. Any of Etiqa’s contractors or third party service providers;
  3. Any regulatory, supervisory or other authority, court of law, tribunal or person, in any jurisdiction, where such disclosure is required by law, regulation, judgement or order of court or order of any tribunal or as a matter of practice;
  4. Any actual or potential assignee(s) or transferee(s) of any rights and obligations of Etiqa under or relating to my policy or policies for any purpose connected with the proposed assignment or transfer; and
  5. Any credit bureau, insurer or representative, for such purpose(s) that Etiqa in its reasonable opinion considers appropriate including but not limited to the purpose(s) of underwriting, customer servicing, investigation of Etiqa’s representatives and monitoring undesirable sales practices.

Eligibility Conditions

  1. The Insured, also known as the Applicant / Proposer, must be a Singapore citizen, Permanent Resident of Singapore or foreigner with a valid Work Pass, Student Pass, Dependant’s Pass or Long-Term Visit Pass.
  2. The Applicant/Proposer must be at least 18 years of age.
  3. For more information, please view our Policy Wording

Thanks for your interest.

Our Assurance Manager will reach out to you within 2 working days to assist you further.