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FATCA

FATCA or Foreign Account Tax Compliance Act is an ACT enacted by the US government to prevent tax evasion by its citizens who are investing in other countries.

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FATCA is an Act enacted by the United States government to get information from foreign countries about the investment made by US citizens in their countries. The goal is to detect and prevent offshore tax evasion by U.S. persons.

FATCA Impact on NRI Mutual Funds

Under the Act, it is mandatory for all financial institutions to share the investment details involving US citizens, including NRIs based in the US. The AMC or the Mutual Fund company where you are investing must comply with FATCA regulations and report about your investments as per the process outlined.

NRIs investing in mutual funds are expected to provide details such as their country of tax residence, tax identification number, country of birth and country of citizenship at the time of opening the mutual fund folio.

 

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