FATCA Information


The Foreign Account Tax Compliance Act (FATCA) is a new US law aimed at foreign financial institutions (FFIs) and other financial intermediaries to prevent tax evasion by US citizens and residents through the use of offshore accounts.

The Czech Republic and the United States of America signed an agreement on 4th August 2014 to improve international tax compliance and to implement FATCA. Under the condition that the FATCA agreement is passed by the House of Commons and the parliament and is ratified by the president, Czech institutions will be subject to the agreement and subsequent legislative changes as of 1 January 2015.

WOOD & Company Financial Services a.s. has recognised the importance of FATCA and is now registered with the IRS. To view our details, you may visit the FATCA Foreign Financial Institutions (FFI) List Search and Download Tool on the IRS website.

For your convenience, you can also view our details in the table below:

Headquarter/Branch GIIN Status
WOOD&Co. Prague 3AFX5L.00001.ME.203 Reporting Model 1 FFI
WOOD&Co. London 3AFX5L.00001.BR.826 Reporting Model 1 FFI
WOOD&Co. Warsaw 3AFX5L.00001.BR.616 Reporting Model 1 FFI
WOOD&Co. Milan 3AFX5L.00001.BR.380 Reporting Model 1 FFI
WOOD&Co. Bratislava 3AFX5L.00001.BR.703 Reporting Model 1 FFI
WOOD&Co. Bucharest 3AFX5L.00001.BR.642 Reporting Model 1 FFI

 

Under the FATCA agreement, it will be WOOD & Company's obligation to conduct due diligence for new and existing accounts to classify account holders or investors as either US or non-US.

When individuals or firms fail to provide the appropriate documentation they will be subjected to withholding 30% in US taxes.

To download the W9 and W-8BEN forms, please go to the IRS website: http://www.irs.gov/pub/irs-pdf/fw9.pdf and http://www.irs.gov/pub/irs-pdf/fw8ben.pdf.

You may direct your questions regarding FATCA to WOOD & Company's Compliance Department at compliance@wood.cz.