Early this year the Internal Revenue Service (“IRS”) announced that the cut-off-date for FATCA registration by Financial Institutions (“FIs”) is 25 October 2013. The IRS has indicated that an online registration portal will be accessible to FIs for registration purposes no later than 15 July 2013.
Although both Ireland and the United States signed an intergovernmental agreement (“IGA”) in December 2012, Irish FIs and Irish entities which qualify as Registered Deemed-Compliant FIs are still required to use the IRS’ FATCA registration portal to register with the IRS. The signing of the IGA does not exempt Irish FIs and Irish entities from the need to register with the IRS. Once registration is approved, an FI will receive a Global Intermediary Identification Number ("GIIN"). It is expected that GIINs will be assigned no later than 15 October 2013. Shortly thereafter the IRS will electronically post the first list of Participating FIs and Registered Deemed-Compliant FIs (expected to occur on 2 December 2013), this list will be updated monthly. To be included in the initial list, FIs must register by 25 October 2013.
Draft GIIN Registration Form
On 5 April 2013, the IRS released a draft FATCA registration form, Form 8957 for review and comment (not for use). It is expected that the IRS will release a final paper registration form in July 2013, but have indicated that they would prefer FIs to register online via the IRS portal once live. While the online registration process will look different to the paper registration form, it is expected that the questions will be very similar.
Regulations in support of the implementation of Ireland’s IGA are due to be published in the coming months and will clarify the position regarding Irish FATCA registration and its interaction with the US GIIN.