The United States has defined a Foreign Financial Institution (FFI) for FATCA purposes to be any entity that:
• Accepts deposits in their ordinary course of business
o Depository institutions (for example, banks)
• Holds as a substantial portion of it’s business, financial assets for the account of others
o Custodial institutions (for example, trusts)
• Is engaged in investing, reinvesting or trading of securities
o Investment entities (for example, hedge funds or private equity funds)
• Are Insurance Companies (or the holding of Insurance Company) that issue contracts with an investment component.
Financial Institutions operating within the Federation of St. Kitts and Nevis that have registered with the United States Internal Revenue Service (IRS) to report under FATCA, are required to submit information to the St. Kitts and Nevis FATCA Competent Authority for onward transmission to the IRS. Information must be submitted using the St. Kitts and Nevis FATCA Portal. FFIs must first ensure they are registered with the IRS as information received upon IRS FATCA registration will be required for the St. Kitts and Nevis Portal Enrolment, including the Global Intermediary Identification Number (GIIN).
FFIs can also contact the St. Kitts and Nevis Competent Authority via email at fatca@sknird.com.
Click here for more information published by the United States Internal Revenue Service (IRS)