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This document provides comprehensive Guidance Notes on the implementation of the Foreign Account Tax Compliance Act (FATCA) under the Intergovernmental Agreement (IGA) between the United Arab Emirates and the United States. It details classification, due diligence, registration, and reporting requirements for UAE entities, with specific chapters dedicated to the banking, insurance, and financial services sectors.
Guidance Notes on the requirements of the Intergovernmental Agreement between the United Arab Emirates and the United States UAE FATCA Guidelines Notes 6 July 2015 | Updated: 30 June 2015 DISCLAIMER: These notes should always be read in conjunction with the UAE Intergovernmental Agreement ("IGA") . It should be noted that the Guidance Notes do not have the force of law. If you are in any doubt as to your obligations under the law you should seek independent professional advice.
Contents 1. CHAPTER 1 - GENERAL INTRODUCTION
1.1. OUTLINE OF THIS PART
1.2. CONTENTS OF THIS PART
1.3. What is FATCA and how will it be applied in the UAE?
1.4. How will FATCA affect banking entities, insurance companies, financial services companies and asset managers?
1.5. How will FATCA affect UAE Unregulated Entities?
1.6. What if an entity or account holder does not comply with the UAE IGA?
1.7. Purpose and outline of these Guidance Notes
2. CHAPTER 2 - Guidance Notes for Banking Sector
NO YES NO YES NO YES NO YES Is the entity an NFFE? SEE SECTION 8 The entity will be an NFFE SEE FLOWCHART 2 & SECTIONS 8 - 10[G1] Is it a REPORTING Financial Institution? SEE SECTION 2 Is it a NON-REPORTING Financial Institution? SEE SECTION 3 Does it maintain FINANCIAL ACCOUNTS? SEE SECTION 4 It will have minimal compliance obligations SEE PART 3 – CHECKLIST ON COMPLIANCE PROCEDURES What REPORTING requirements need to be met? SEE SECTION 7 Are they US REPORTABLE accounts? SEE SECTIONS 5 & 6 What COMPLIANCE PROCEDURES need to be followed? SEE PART 3 – CHECKLIST ON COMPLIANCE PROCEDURES NO YES NO YES Is the entity an NFFE? See SECTION 8 The entity will be a FINANCIAL INSTITUTION SEE FLOWCHART 1 AND SECTIONS 2 - 7 Is it an ACTIVE NFFE? SEE SECTION 9 Is it a PASSIVE NFFE? SEE SECTION 10 What COMPLIANCE PROCEDURES need to be followed? SEE PART 3 – CHECKLIST ON COMPLIANCE PROCEDURES YES NO YES NO . YES NO YES NO YES NO Was the account "pre-existing" as at 30 June 2014? Is the account value < $50,000? Is the account value < $50,000? No Due Diligence Required Is the account value > $50,000 and < $1,000,000? No Due Diligence Required Request evidence from account holder as to whether US resident ELECTRONIC RECORD SEARCH by 30 June 2016 for US indicia ELECTRONIC RECORD SEARCH possibly PAPER SEARCH and further ENQUIRY by 30 June 2015 Is account holder a US person? REPORT account No further obligations Are US indicia present? Request evidence to rebut US indicia from account holder and elect to apply it if not REPORT account No further obligations YES NO YES NO YES NO YES NO YES NO YES NO NO YES YES NO Was the account "pre-existing" as at 30 June 2014? Is the account value < $250,000 and < ($1,000,000 at 31 Dec 2015)? Is the account value < $50,000? No Due Diligence Required Review date on existing client file by 30 June 2016 (or within 6 months of end of calendar year value exceeds $1,000,000) and review GIIN list No Due Diligence Required Review procedure same as with pre-existing accounts Does US indicia suggest the account holder is US individual/ relationship /entity? REQUEST evidence to Rebut US indicia from account Holder and FI must elect to apply cure provisions – if not REPORT Is the account holder a UAE FI or an FI in another country that has an IGA? Is the account holder an NPFI? Is the account holder an NFFE? REPORT on payments to the NPFI annually Acquire GIIN and no further reporting obligations No further obligations Is the account holder a passive NFFE? REQUEST evidence as to whether US persons, consider publically available information REPORT if controlling persons are US persons No further obligations NO YES NO YES NO YES NO YES Is the entity a Financial Institution? SEE SECTION 1 The entity will be an NFFE SEE FLOWCHART 2 & SECTIONS 8 - 10 Is it a REPORTING Financial Institution? SEE SECTION 2 Is it a NON-REPORTING Financial Institution? SEE SECTION 3 Does it maintain FINANCIAL ACCOUNTS? SEE SECTION 4 It will have minimal compliance obligations SEE PART 3 – CHECKLIST ON COMPLIANCE PROCEDURES What REPORTING requirements need to be met? SEE SECTION 7 Are they US REPORTABLE accounts? SEE SECTIONS 5 & 6 What COMPLIANCE PROCEDURES need to be followed? SEE PART 3 – CHECKLIST ON COMPLIANCE PROCEDURES NO YES NO YES Is the entity an NFFE? See SECTION 8 The entity will be a FINANCIAL INSTITUTION SEE FLOWCHART 1 AND SECTIONS 2 - 7[G4] Is it an ACTIVE NFFE? SEE SECTION 9 Is it a PASSIVE NFFE? SEE SECTION 10 What COMPLIANCE PROCEDURES need to be followed? SEE PART 3 – CHECKLIST ON COMPLIANCE PROCEDURES NO YES NO YES NO YES Is the entity an Insurance Company or holding company of an Insurance Company? SEE SECTION 11 Refer to Flowcharts 1 and 2 for classification Does it hold Cash Value Insurance Contracts or Annuity Contracts? SEE SECTION 2 AND 11 The entity will be a FINANCIAL INSTITUTION (a Specified Insurance Company) if it is a non-US entity SEE FLOWCHART 1 AND SECTIONS 2 - 7 AND 11[G5] Is the Entity Otherwise a Financial Institution? SEE SECTION 2 AND 11 SEE FLOWCHART 1 AND SECTIONS 2 - 7 AND 11[G6] It is an NFFE if it is a non-US entity SEE FLOWCHART 2 AND SECTION 8 Insurance Company YES NO YES NO . YES NO YES NO YES NO Was the account "pre-existing" as at 30 June 2014? Is the account value < $50,000? Is the account value < $50,000? No Due Diligence Required Is the account value > $50,000 and < $1,000,000? No Due Diligence Required Request evidence from account holder as to whether US resident ELECTRONIC RECORD SEARCH by 30 June 2016 for US indicia ELECTRONIC RECORD SEARCH possibly PAPER SEARCH and further ENQUIRY by 30 June 2015 Is account holder a US person? REPORT account No further obligations Are US indicia present? Request evidence to rebut US indicia from account holder and elect to apply it if not REPORT account No further obligations YES NO YES NO YES NO YES NO YES NO YES NO NO YES YES NO Was the account "pre-existing" as at 30 June 2014? Is the account value < $250,000 and < ($1,000,000 at 31 Dec 2015)? Is the account value < $50,000? No Due Diligence Required Review date on existing client file by 30 June 2016 (or within 6 months of end of calendar year value exceeds $1,000,000) and review GIIN list No Due Diligence Required Review procedure same as with pre-existing accounts Does US indicia suggest the account holder is US individual/ relationship /entity? REQUEST evidence to Rebut US indicia from account Holder and FI must elect to apply cure provisions – if not REPORT Is the account holder a UAE FI or an FI in another country that has an IGA? Is the account holder an NPFI? Is the account holder an NFFE? REPORT on payments to the NPFI annually Acquire GIIN and no further reporting obligations No further obligations Is the account holder a passive NFFE? REQUEST evidence as to whether US persons, consider publically available information REPORT if controlling persons are US persons No further obligations NO YES NO YES NO YES NO YES Is the entity a Financial Institution? SEE SECTION 1 The entity will be an NFFE SEE FLOWCHART 2& SECTIONS 8 - 10[G10] Is it a REPORTING Financial Institution? SEE SECTION 2 Is it a NON-REPORTING Financial Institution? SEE SECTION 3 Does it maintain FINANCIAL ACCOUNTS? SEE SECTION 4 It will have minimal compliance obligations SEE PART 3 – CHECKLIST ON COMPLIANCE PROCEDURES Are they US REPORTABLE accounts? SEE SECTIONS 5 & 6 What REPORTING requirements need to be met? SEE SECTION 7 What COMPLIANCE PROCEDURES need to be followed? SEE PART 3 – CHECKLIST ON COMPLIANCE PROCEDURES NO YES NO YES Is the entity an NFFE? See SECTION 8 The entity will be a FINANCIAL INSTITUTION SEE FLOWCHART 1 AND SECTIONS 2 - 7[G11] Is it an ACTIVE NFFE? SEE SECTION 9 Is it a PASSIVE NFFE? SEE SECTION 10 What COMPLIANCE PROCEDURES need to be followed? SEE PART 3 – CHECKLIST ON COMPLIANCE PROCEDURES YES NO YES NO . YES NO YES NO YES NO Was the account "pre-existing" as at 30 June 2014? Is the account value < $50,000? Is the account value < $50,000? No Due Diligence Required Is the account value > $50,000 and < $1,000,000? No Due Diligence Required Request evidence from account holder as to whether US resident ELECTRONIC RECORD SEARCH by 30 June 2016 for US indicia ELECTRONIC RECORD SEARCH possibly PAPER SEARCH and further ENQUIRY by 30 June 2015 Is account holder a US person? REPORT account No further obligations Are US indicia present? Request evidence to rebut US indicia from account holder and elect to apply it if not REPORT account No further obligations YES NO YES NO YES NO YES NO YES NO YES NO NO YES YES NO Was the account "pre-existing" as at 30 June 2014? Is the account value < $250,000 and < ($1,000,000 at 31 Dec 2015)? Is the account value < $50,000? No Due Diligence Required Review date on existing client file by 30 June 2016 (or within 6 months of end of calendar year value exceeds $1,000,000) and review GIIN list No Due Diligence Required Review procedure same as with pre-existing accounts Does US indicia suggest the account holder is US individual/ relationship /entity? REQUEST evidence to Rebut US indicia from account Holder and FI must elect to apply cure provisions – if not REPORT Is the account holder a UAE FI or an FI in another country that has an IGA? Is the account holder an NPFI? Is the account holder an NFFE? REPORT on payments to the NPFI annually Acquire GIIN and no further reporting obligations No further obligations Is the account holder a passive NFFE? REQUEST evidence as to whether US persons, consider publically available information REPORT if controlling persons are US persons No further obligations
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