This morning, the Internal Revenue Service issued long-awaited instructions for the new Form W-8BEN-E. This W-8BEN-E includes the relevant FATCA certifications that investment funds will need to obtain from certain non-U.S. entity investors, and — now that the form’s instructions are available — investment funds should be using them and obtaining completed updated Form W-8s from non-U.S. investors.
Fund managers should consider:
- Promptly sending the new Form W-8s (see below for a breakdown by investor type and links to the forms) to all non-U.S. July 1 subscribers on a stand-alone basis;
- Obtaining completed new Form W-8s in advance of any July 1 subscriptions; and
- Subsequent to the completion of all July 1 closings, coordinating with your attorney at Schulte Roth & Zabel to determine what updates your form subscription agreements will need in order to reflect this development and certain other changes resulting from FATCA and UK FATCA.
The new Form W-8s can be found here:
- Form W-8BEN (for non-U.S. individual investors that are beneficial owners):
- Form W-8BEN-E (for non-U.S. entity investors that are beneficial owners):
- Form W-8IMY (for non-U.S. intermediaries, such as nominees or pass-through entities):
- Form W-8EXP (for certain non-U.S. exempt entities, such as foreign governmental or international organizations):