I have recently moved over to the states on my K1 visa, but have not yet completely adjusted my status (in the process of getting married atm etc). I received a letter from my bank back in Australia (Citibank). I have pasted it below. How have you all handled this? All of the money in it was earned in Australia and it is only there temporarily until i open my US bank account and transfer it over. Why do they need this information? I can no longer send them a certified copy of my passport etc as I'm not in the country anymore. Would it just be easier to get the money out and close the account. It states if I don't send it within 30 days of getting the letter they will start to charge me backup withholding tax, which is ridiculous as all the money was earned in Australia and I paid taxes on it.
In accordance with our obligations under the Foreign Account Tax
Compliance Act (FATCA), we have reviewed our records and identified that
you may have an association with the United States (US).
Citibank is required to collect the information on this form for the
purposes of complying with US tax laws (FATCA) and our internal global
The Foreign Account Tax Compliance Act (FATCA) is a US law aimed at
ensuring that income and assets held by a US person directly in accounts
outside the US, or indirectly through ownership of entities outside the
US, are reported to the U.S tax authorities (Internal Revenue Service -
IRS) via the Australian Tax Office (ATO).
US Person: A United States person is any of the following:
? a citizen of the United States
? an alien lawfully admitted for permanent residence
? an unincorporated association with a substantial number of members who
are citizens of the US or are aliens lawfully admitted for permanent
? a corporation that is incorporated in the US.
We require that you complete and return the W-8BEN to declare your
status as a non-US person.
Please also provide the following documentation to ensure our records
are correct and up to date;
? certified copy of your current Passport
? certificate of Loss of Nationality of the United States (if you are no
longer a US Person)