Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) is a regulatory requirement for tax authorities to obtain financial account information of US Persons.

Why am I requested to submit FATCA?

Under FATCA, financial institutions in Singapore are required to:

  • Conduct due diligence procedures.
  • Disclose financial account information of account holders who are US Persons, regardless of age or employment status, to the Inland Revenue Authority of Singapore (IRAS).

The primary objective of FATCA is to address perceived tax evasion by US persons using offshore accounts. It aims to gather information about accounts held by:

  • US citizens and tax residents
  • US entities
  • Passive investment holding entities that are non-US but substantially owned by US persons
You may be asked to submit FATCA information based on various factors. Rest assured that this is a necessary administrative requirement for financial institutions to comply with.

How to submit FATCA online

Online Form

Prepare the following before proceeding to certify your tax residency information online:

  • Ensure your mobile number is updated in our system. An OTP will be sent to your mobile number for confirmation. If your mobile number is not updated, learn more on how to Update Mobile Number.
  • Taxpayer Identification Number (TIN)
Follow the below steps to submit your Self-Certification on your tax residency status with us:
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1
Step 1
Log in using your your ID/Passport, ATM/Debit Card details and PIN. Click Submit to get started.
2
Step 2
Click on Get OTP via SMS and input the 6-digit SMS OTP.
3
Step 3
Click on Update or No Change.
Note: The option you see will depend on your current tax residency status.
4
Step 4
Click on + Add Another Tax Residency Status.
Note: Your existing status will be updated once you submit a new Tax Residency Status.
5
Step 5
Under I am a tax resident of, select the country and input your Taxpayer Identification Number (TIN)/ Social Security Number. If you do not have a TIN number, select No, I don’t and click Save.
6
Step 6
Your new Tax Residency Status country will be shown. Click Next.
7
Step 7
Verify your personal information and click Next.
8
Step 8
Select your Residential Address Country, enter your residential address details and click Next.
9
Step 9
Click on + Upload your document and provide a copy of your Identity Card / Passport or Work Permit or a Document from your Tax Authority as evidence.
10
Step 10
Read the terms and agreement and click Continue.
11
Step 11
Verify your updated tax residency details and click Continue to submit the change.
You will receive confirmation letter once we process your submission.

Frequently Asked Question

You can update your personal details online. You can refer to the following step-by-step guides to:
In the event you are below 18 years of age or do not have a valid DBS/POSB ATM or Debit Card, you can download the Self-Certification Form and;
  • Mail to:
    2 Changi Business Park Crescent
    #07-05, DBS Asia Hub Lobby B
    Singapore 486029 (AH0011)
    • OR
  • Visit any POSB/DBS Branch with the completed form and your NRIC/Passport for verification.

For more information on FATCA, refer to IRS or FATCA Fact Sheet issued by the Association of Banks in Singapore (ABS).

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