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IRS.gov Website
Instructions for Form 8966
taxmap/instr2/i8966-004.htm#en_us_publink10005189

taxmap/instr2/i8966-004.htm#TXMP0d99ac79
Definitions(p3)

rule
For detailed information about definitions that apply for purposes of FATCA generally, see Regulations section 1.1471-1(b). A Reporting FI under a Model 1 IGA or Model 2 IGA should also refer to definitions that may apply under that agreement or apply pursuant to any applicable domestic law pertaining to its FATCA obligations. Solely for purposes of filing this Form 8966, the following definitions are provided to help guide filers through the process.
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Account/Financial account.(p3)
rule
An account or financial account means a financial account described in Regulations section 1.1471-5(b).
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taxmap/instr2/i8966-004.htm#TXMP719ed6be
Account holder. (p3)
rule
An account holder is the person who holds a financial account, as determined under Regulations section 1.1471-5(a)(3).
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taxmap/instr2/i8966-004.htm#TXMP70677f3c
Account maintained by a PFFI or Reporting Model 2 FFI.(p3)
rule
Account maintained by a PFFI or Reporting Model 2 FFI means an account that a PFFI or Reporting Model 2 FFI is treated as maintaining under Regulations section 1.1471-5(b)(5).
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taxmap/instr2/i8966-004.htm#TXMP3b24b091
Branch.(p3)
rule
A branch means a unit, business, or office of an FFI that is treated as a branch under the regulatory regime of a country or that is otherwise regulated under the laws of a country as separate from other offices, units, or branches of the FFI, and includes a disregarded entity of an FFI. A branch includes units, businesses, and offices of an FFI located in the country (or jurisdiction) in which the FFI is a resident as well as units, businesses, and offices of an FFI located in the country in which the FFI is created or organized. All units, businesses, or offices of a PFFI located in a single country (or jurisdiction), including all disregarded entities located in such single country (or jurisdiction), must be treated as a single branch.
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taxmap/instr2/i8966-004.htm#TXMP125280b6
Branch that maintains an account. (p3)
rule
A branch, including a disregarded entity, maintains an account if the rights and obligations of the account holder and the FFI with regard to such account (including any assets held in the account) are governed by the laws of the country of the branch or disregarded entity.
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taxmap/instr2/i8966-004.htm#TXMP65ab8932
Direct reporting NFFE. (p3)
rule
A Direct Reporting NFFE is an NFFE that has elected to report its substantial U.S. owners to the IRS pursuant to Regulations section 1.1472-1(c)(3).
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taxmap/instr2/i8966-004.htm#TXMP0f9b37be
Deemed-compliant FFI. (p3)
rule
A deemed-compliant FFI means an FFI that is treated, pursuant to section 1471(b)(2) and Regulations section 1.1471-5(f), as meeting the requirements of section 1471(b).
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taxmap/instr2/i8966-004.htm#TXMP74e0b145
Excepted NFFEs.(p3)
rule
Excepted NFFEs include NFFEs that are QIs, WPs, and WTs, certain publicly traded corporations (including certain affiliates), certain territory entities, active NFFEs, excepted nonfinancial entities, Direct Reporting NFFEs, and Sponsored Direct Reporting NFFEs as described in Regulations section 1.1472-1(c)(1).
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Exempt beneficial owner.(p3)
rule
An exempt beneficial owner is any person described in Regulations section 1.1471-6(b) through (g) and includes any person treated as an exempt beneficial owner under an applicable Model 1 IGA or Model 2 IGA.
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taxmap/instr2/i8966-004.htm#TXMP5f984e03
Financial institution (FI).(p3)
rule
A financial institution is any institution that is a depository institution, custodial institution, investment entity, insurance company (or holding company of an insurance company) that issues cash value insurance or annuity contracts, or a holding company or treasury center that is part of an expanded affiliated group of certain FFIs, and includes a financial institution as defined under an applicable Model 1 IGA or Model 2 IGA. See Regulations section 1.1471-5(e)(1).
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Foreign financial institution (FFI).(p3)
rule
Except as otherwise provided for certain foreign branches of a U.S. financial institution or Territory Financial Institution, a foreign financial institution means a financial institution that is a foreign entity. The term foreign financial institution also includes a foreign branch of a U.S. financial institution with a QI Agreement in effect.
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Foreign reportable amount.(p4)
rule
The term foreign reportable amount means the aggregate amount of foreign source payments described in Regulations section 1.1471-4(d)(4)(iv).
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taxmap/instr2/i8966-004.htm#TXMP668aced2
Global intermediary identification number (GIIN).(p4)
rule
A global intermediary identification number or GIIN means a number assigned to a PFFI, Reporting Model 1 FFI, Reporting Model 2 FFI, RDC FFI, and certain other registering entities (e.g., a Direct Reporting NFFE). A separate GIIN will be issued to the FFI to identify, among other things, each jurisdiction where the FFI maintains a branch not treated as a limited branch. A Direct Reporting NFFE will be issued only one GIIN, irrespective of where it maintains branches.
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Limited branch.(p4)
rule
In the case of a PFFI, a limited branch means a branch described in Regulations section 1.1471-4(e)(2)(iii). With respect to a Reporting Model 2 FFI, a limited branch is a branch of the Reporting Model 2 FFI that operates in a jurisdiction that prevents such branch from fulfilling the requirements of a PFFI or deemed-compliant FFI and that is treated as a nonparticipating FFI pursuant to section 1471(e)(1)(B).
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Limited FFI.(p4)
rule
A limited FFI means an FFI described in Regulations section 1.1471-4(e)(3)(ii). With respect to a Reporting Model 2 FFI, a limited FFI is a related entity that operates in a jurisdiction that prevents the entity from fulfilling the requirements of a PFFI or deemed-compliant FFI and that is treated as a nonparticipating FFI pursuant to section 1471(e)(1)(B).
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taxmap/instr2/i8966-004.htm#TXMP7cb2bc86
Model 1 IGA.(p4)
rule
A Model 1 IGA means an agreement between the United States or the Treasury Department and a foreign government or one or more foreign agencies to implement FATCA through reporting by financial institutions to such foreign government or agency thereof, followed by automatic exchange of the reported information with the IRS. For a list of jurisdictions treated as having an IGA in effect, see www.irs.gov/Businesses/Corporations/Information-for-Foreign-Financial-Institutions.
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Model 2 IGA.(p4)
rule
A Model 2 IGA means an agreement or arrangement between the United States or the Treasury Department and a foreign government or one or more foreign agencies to implement FATCA through reporting by financial institutions directly to the IRS in accordance with the requirements of the FFI agreement, as modified by an applicable Model 2 IGA, supplemented by the exchange of information between such foreign government or agency thereof and the IRS. For a list of jurisdictions treated as having an IGA in effect, see www.irs.gov/Businesses/Corporations/Information-for-Foreign-Financial-Institutions.
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taxmap/instr2/i8966-004.htm#TXMP48092805
Non-consenting U.S. account.(p4)
rule
For purposes of a Reporting Model 2 FFI, a non-consenting U.S. account shall have the meaning that it has under an applicable Model 2 IGA. For purposes of this form, a non-consenting U.S. account is treated like a recalcitrant account holder.
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Non-financial foreign entity (NFFE).(p4)
rule
A non-financial foreign entity (NFFE) is a foreign entity that is not a financial institution. An NFFE includes a territory NFFE as defined in Regulations section 1.1471-1(b)(132) and a foreign entity treated as an NFFE pursuant to a Model 1 IGA or Model 2 IGA.
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taxmap/instr2/i8966-004.htm#TXMP654f09b7
Nonparticipating FFI.(p4)
rule
A nonparticipating FFI is an FFI other than a PFFI, a deemed-compliant FFI, or an exempt beneficial owner.
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Nonreporting FI.(p4)
rule
A nonreporting FI means an entity that is resident in or established in a jurisdiction that has in effect a Model 1 IGA or Model 2 IGA and that is treated as a nonreporting FI in Annex II of the applicable Model 1 IGA or Model 2 IGA or that is otherwise treated as a deemed-compliant FFI or an exempt beneficial owner under Regulations sections 1.1471-5 or 1.1471-6.
taxmap/instr2/i8966-004.htm#en_us_publink10007471
taxmap/instr2/i8966-004.htm#TXMP5dad5fd6
Owner-documented FFI (ODFFI).(p4)
rule
An owner-documented FFI is an FFI described in Regulations section 1.1471-5(f)(3).
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taxmap/instr2/i8966-004.htm#TXMP7eb55067
Participating FFI (PFFI).(p4)
rule
A PFFI is an FFI, or branch of an FFI, that has in effect an FFI agreement with the IRS, and includes a Reporting Model 2 FFI.
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taxmap/instr2/i8966-004.htm#TXMP3a8a2e80
Passive NFFE.(p4)
rule
A passive NFFE is an NFFE that is not an excepted NFFE. With respect to a Reporting Model 2 FFI filing this Form 8966 to report its accounts and payees, a passive NFFE is an NFFE that is not an active NFFE (as defined in the applicable Model 2 IGA).
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taxmap/instr2/i8966-004.htm#TXMP0808bedc
Pooled reporting.(p4)
rule
For purposes of this form, an FFI is permitted to report recalcitrant accounts holders, non-consenting U.S. accounts, and certain nonparticipating FFIs on an aggregate basis in a reporting pool rather than report specific account holder information. With respect to recalcitrant account holders and non-consenting U.S accounts, a reporting pool consists of account holders that fall within a particular type described in Regulations section 1.1471-4(d)(6).
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taxmap/instr2/i8966-004.htm#TXMP36b20a51
Qualified Intermediary (QI), Withholding Foreign Partnership (WP), Withholding Foreign Trust (WT).(p4)
rule
A QI is a foreign entity (or foreign branch of a U.S. financial institution) that has entered into a QI agreement with the IRS. A WP is a foreign partnership that has entered into a withholding foreign partnership agreement with the IRS. A WT is a foreign trust that has entered into a withholding foreign trust agreement with the IRS.
taxmap/instr2/i8966-004.htm#en_us_publink10007476
taxmap/instr2/i8966-004.htm#TXMP7f3b0510
Recalcitrant account holder.(p4)
rule
A recalcitrant account holder is an account holder (other than an account holder that is an FFI) of a PFFI or registered deemed-compliant FFI that has failed to provide the FFI maintaining its account with the information required under Regulations section 1.1471-5(g).
taxmap/instr2/i8966-004.htm#en_us_publink10007477
taxmap/instr2/i8966-004.htm#TXMP5012a99f
Registered deemed-compliant FFI (RDC FFI).(p4)
rule
A registered deemed-compliant FFI is an FFI described in Regulations section 1.1471-5(f)(1), and includes a Reporting Model 1 FFI, a QI branch of a U.S. financial institution that is a Reporting Model 1 FFI, and a nonreporting FI treated as a registered deemed-compliant FFI under a Model 2 IGA.
taxmap/instr2/i8966-004.htm#en_us_publink10007478
taxmap/instr2/i8966-004.htm#TXMP34bc8baf
Reporting Model 1 FFI.(p4)
rule
A Reporting Model 1 FFI is an FI, including a foreign branch of a U.S. financial institution, treated as a reporting financial institution under a Model 1 IGA.
taxmap/instr2/i8966-004.htm#en_us_publink10007551
taxmap/instr2/i8966-004.htm#TXMP4dd706ff
Reporting Model 2 FFI.(p5)
rule
A Reporting Model 2 FFI is an FI or branch of an FI treated as a reporting financial institution under a Model 2 IGA.
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taxmap/instr2/i8966-004.htm#TXMP15e7c262
Specified U.S. person.(p5)
rule
A specified U.S. person is any U.S. person described in Regulations section 1.1473-1(c).
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taxmap/instr2/i8966-004.htm#TXMP2d2c8790
Sponsored direct reporting NFFE.(p5)
rule
A Sponsored Direct Reporting NFFE is a Direct Reporting NFFE that has a Sponsoring Entity perform due diligence and reporting requirements on behalf of the Sponsored Direct Reporting NFFE as described in Regulations section 1.1472-1(c)(5).
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taxmap/instr2/i8966-004.htm#TXMP52cbf81a
Sponsored FFI.(p5)
rule
A Sponsored FFI is an investment entity or an FFI that is a controlled foreign corporation having a Sponsoring Entity that performs certain due diligence, withholding, and reporting obligations on behalf of the Sponsored FFI.
taxmap/instr2/i8966-004.htm#en_us_publink10007555
taxmap/instr2/i8966-004.htm#TXMP28f301de
Sponsoring Entity.(p5)
rule
A Sponsoring Entity is an entity that has registered with the IRS to perform the due diligence, withholding, and reporting obligations of one or more Sponsored FFIs or Sponsored Direct Reporting NFFEs.
taxmap/instr2/i8966-004.htm#en_us_publink10007556
taxmap/instr2/i8966-004.htm#TXMP14015e2e
Substantial U.S. owner.(p5)
rule
A substantial U.S. owner is a specified U.S. person described in Regulations section 1.1473-1(b). For purposes of filing this form, a Reporting Model 2 FFI reporting an account held by a passive NFFE should substitute the term controlling person that is a specified U.S. person for substantial U.S. owner and refer to the applicable Model 2 IGA for the definition of controlling U.S. person. A territory NFFE that is not an excepted NFFE determines its substantial U.S. owners by applying the 10 percent threshold in Regulations section 1.1473-1(b)(1).
taxmap/instr2/i8966-004.htm#en_us_publink10007557
taxmap/instr2/i8966-004.htm#TXMP6863b2ee
Territory Financial Institution.(p5)
rule
A Territory Financial Institution is a financial institution that is incorporated or organized under the laws of any U.S. territory, excluding a territory entity that is a financial institution only because it is an investment entity.
taxmap/instr2/i8966-004.htm#en_us_publink10007558
taxmap/instr2/i8966-004.htm#TXMP6f71d62b
Territory Financial Institution treated as a U.S. person.(p5)
rule
A Territory Financial Institution may be treated as a U.S. person under Regulations sections 1.1471-1(131) and 1.1471-3(a)(3)(iv).
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taxmap/instr2/i8966-004.htm#TXMP4a4f08ed
Trustee-Documented Trust.(p5)
rule
A Trustee-Documented Trust is a trust described as such in a Model 1 IGA or Model 2 IGA.
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taxmap/instr2/i8966-004.htm#TXMP50b44946
U.S. account.(p5)
rule
A U.S. account is any account held by one or more specified U.S. persons. A U.S. account also includes any account held by a passive NFFE that has one or more substantial U.S. owners, or in the case of a Reporting Model 2 FFI, any account held by a passive NFFE that has one or more controlling persons that are specified U.S. persons. See Regulations section 1.1471-5(a) and an applicable Model 2 IGA.
taxmap/instr2/i8966-004.htm#en_us_publink10007561
taxmap/instr2/i8966-004.htm#TXMP6c113f98
U.S. branch treated as a U.S. person.(p5)
rule
A U.S. branch treated as a U.S. person is a U.S. branch of a PFFI, Reporting Model 1 FFI, Reporting Model 2 FFI, or RDC FFI that is treated as a U.S. person under Regulations section 1.1441-1(b)(2)(iv)(A).
taxmap/instr2/i8966-004.htm#en_us_publink10007562
taxmap/instr2/i8966-004.htm#TXMP40fbc38f
Withholding agent.(p5)
rule
With respect to a withholdable payment, a withholding agent is a person described in Regulations section 1.1473-1(d).
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taxmap/instr2/i8966-004.htm#TXMP7b75f7fe
Withholdable payment.(p5)
rule
A withholdable payment is a payment described in Regulations section 1.1473-1(a).