From July 1, 2014, financial institutions worldwide are expected to comply with the U.S. Foreign Account Tax Compliance Act (FATCA).

FATCA is legislation enacted by the U.S. government in March 2010 to combat tax evasion by U.S. persons holding savings and investments in accounts outside the U.S.

Foreign Financial Institutions (FFI) like NCCU, will use seven (7) indicators provided by the U.S. to assist in identifying persons whose account information may have to be reported to the U.S. Internal Revenue service (IRS).

Individual U.S. person accounts with balances of US $50,000 and over and entity accounts of US$250,000 and over will
be reported to the IRS annually.

NCCU has chosen to comply with FATCA. This will allow us to continue to conduct transactions with U.S. banks and to avoid being taxed.

Click here to find out more about FATCA.