What do I need to know about FATCA (Foreign Accounts Tax Compliance Act) eligibility?
Go to DashboardIf customer nationality is other than Indian, then he/she needs to submit FATCA details. The mandatory requirements listed below to be submitted by Policy Holder under FATCA are :-
• Self Certification Form
• Overseas Address Proof
• Foreign Tax Identification Nunber. (If FTIN is unavailable, then a self written declaration stating that my country does not issue the FTIN number is required from the customer)
• Country of Residence Proof (If more than one country of tax residence, please provide Tax Identification No/Functional Equivalent #: on all countries of tax residence)
• Photo ID
• PAN (Optional)
In Budget 2023, the Government introduced a new penalty section 271FAA wherein any inaccuracy or non-reporting (Like FTIN, Foreign address, and place of birth) by the customer will attract a penalty of Rs 5,000/- per policy.