"FATCA" is the Foreign Account Tax Compliance Act, which is a United States law designed to combat tax evasion by U.S. persons (individuals or entities) that fail to report income related to non-U.S. accounts. FATCA requires some of PayPal's non-US subsidiaries to collect information from their account holders to determine whether accounts are held by U.S. persons (as defined by FATCA).
What is FATCA?
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What FATCA documentation does PayPal collect and how do I provide it? Its country of incorporation. Its business type or classification under FATCA . A certification stating, among other things, whether the entity is or isn't considered a “Specified U.S. Person” (as the term defined by FATCA).What does FATCA require PayPal to report? If we determine that an account is reportable under FATCA (based on its analysis of account holder information), we must either report information to the local tax authority of the account, or to the IRS if the applicable account balance has reached a certain threshold. The reportable information generally consists of customer information (e.g. name, address, and tax identification number (TIN) and account balance information. FATCA requires reporting on an annual basis in most jurisdictions.Who is impacted by FATCA? FATCA impacts holders of accounts that are outside the United States, and it requires us to collect tax documents or certifications from account holders stating whether or not they're . This includes, but isn't limited to, business entities and some individuals that open accounts outside the United States.What happens if I don't provide the FATCA information PayPal requests? If you're a new account holder, you'll be required to complete the certification we requested to comply with FATCA within 90 days of opening your account. If the certification isn't completed within 90 days, you'll no longer be able to send funds from, or receive funds into your account.What should I do if my account is restricted because I didn't provide the requested FATCA information? Even if your account is restricted, you'll be able to log in and access the FATCA information. From your account, you can start the certification process by answering a few questions or providing the applicable forms. The certification process is complete when you've:
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