Vietnamese
FATCA Guidance
FATCA Guidance at Shinhan Securities Vietnam (SSV)
The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that took effect on July 1, 2014. FATCA requires financial institutions worldwide to identify and report information to the U.S. Internal Revenue Service (IRS) regarding financial accounts held by U.S. tax residents, aiming to prevent tax evasion by U.S. Entities/Individuals through investment accounts at financial institutions outside the U.S.
The Government of Vietnam signed the Model 1B Intergovernmental Agreement (IGA) with the U.S. Government on FATCA compliance on April 1, 2016, which took effect on July 7, 2016. Following the effective date of the IGA, Vietnamese financial institutions, including Shinhan Securities Vietnam Co., Ltd. (SSV), are considered Vietnamese Reporting Financial Institutions and are obliged to comply with FATCA regulations.
Annually, banks and FATCA-compliant financial institutions are required to report information on financial accounts held directly or indirectly by U.S. tax residents. Therefore, SSV will review its customer database to determine FATCA status for reporting purposes. When necessary, SSV may contact customers to collect additional relevant information and documents.
Cases requiring FATCA information declaration:
(1) U.S. Individuals: U.S. citizens or residents of the United States.
(2) U.S. Entities: U.S. entities as defined by FATCA.
(3) Other reportable individuals: Non-U.S. individuals who have at least one of the following indicia: U.S. place of birth, U.S. mailing or permanent address, U.S. telephone number, standing instructions to transfer funds to an account maintained in the U.S. or regularly receiving funds from an account maintained in the U.S., currently effective power of attorney or signatory authority granted to a person with a U.S. address, or an "in-care-of" or "hold mail" address in the U.S.
(4) Other reportable entities: Including (1) foreign financial institutions as defined by FATCA, (2) a participating financial institution, a deemed-compliant financial institution, or an exempt beneficial owner, in accordance with FATCA provisions, (3) an active non-financial foreign entity, or (4) a passive non-financial foreign entity with a Controlling Person who is a U.S. citizen or resident.
Within 90 days from the account opening date, Customers identified as FATCA Reportable Subjects are obliged to supplement the forms regulated by FATCA according to the instructions in Section 4 of these Guidelines.
Upon expiration of the prescribed deadline, SSV will report your information to the State Bank of Vietnam based on your profile at SSV. Additionally, SSV will temporarily block transactions on your securities account (including both cash and securities transactions) and/or suspend the provision of new products and services offered by SSV to you.
- For Customers subject to FATCA reporting:
Please provide the U.S. tax forms according to the following instructions:
Step 1: Download and fill out the form
- Please download the corresponding form and complete the declaration according to the instructions on the website https://www.irs.gov (details here).
- Please provide SSV with the W-9 form if you are a U.S. individual/entity, the W-8BEN form if you are another reportable individual, and the W-8BEN-E form if you are another reportable entity.
Step 2: Submit documents to SSV
Please verify the accuracy of the declared information, print, sign, and send the hard copy to SSV at one of the two following addresses:
- At the Head Office: 18th Floor, The Mett Building, 15 Tran Bach Dang, An Khanh Ward, Ho Chi Minh City
- At the Hanoi Branch: 2nd Floor, Leadvisors Building, No. 41A Ly Thai To, Hoan Kiem Ward, Hanoi
- Hotline: 028 6299 8000
- For Customers needing to adjust FATCA information
If there are any changes to your FATCA information compared to the time of account opening, please use your registered email/phone number to contact SSV to update/supplement your declaration:
- Emai: cs_ssv@shinhan.com
- Hotline 028 6299 8000
- Contact SSV's Head Office/Branch for assistance.
SSV looks forward to receiving your information and cooperation.
