What FATCA documentation does PayPal collect and how do I provide it?
According to FATCA, the information that must be collected may include, but is not limited to, the account holder’s address and US TIN (if a U.S. person) or other TIN.
A business entity can be required to provide:
- Its country of incorporation.
- Its business type or classification under FATCA.
- A certification stating, among other things, whether the entity is or is not considered a “Specified US Person” (as the term defined by FATCA).
- Whether it has or does not have substantial US owners or controlling persons.
- If it does have substantial US owners or controlling persons, the names and addresses of those owners or persons.
PayPal must collect the necessary information through documentation such as a certification of non-U.S. status, a Form W-9 (Request for Taxpayer Identification Number and Certification) for U.S. entities or persons, or a Form W-8 BEN/BEN-E (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting) for non-U.S. entities or persons.
Here’s how to provide PayPal with your FATCA information.
- Go to your Account Summary.
- Click on the FATCA Alert.
- Follow the instructions provided.
You should read and review the certification or form before signing it with either your electronic or written signature. False statements may lead to penalties under applicable law. If you have any questions or concerns regarding the form, it may be beneficial to engage a tax counsel.