FATCA and AEI

In 2014 FATCA was implemented by the United States to prevent tax evasion by US taxpayers holding financial accounts outside of the US. Through Intergovernmental Agreements between the US and other countries and subsequent local legislation, Financial Institutions globally are required to comply with FATCA by performing due diligence on all their clients and reporting on US Persons to the IRS. Since the introduction of US FATCA our clients are required to provide us with additional documentation to establish their FATCA status. This documentation varies depending on the jurisdiction of the UBS contracting entity, the product and client type, but may include US tax forms, written statements or self-certification forms.

UBS will have to adjust its onboarding processes for new customers and introduce remediation procedures to assess existing account holders, who will be required to provide self-certification. Account holders who are individuals will be required to certify where they are tax residents, which will determine if their accounts are reportable. Entity account holders will be required to certify both their tax residence and their AEI classification, which will determine if the accounts are reportable. In the case of some non-operating companies and investment vehicles, it is necessary to look for individuals who are "controlling persons" in order to obtain details of their tax residency.

Custodial and depositary accounts are in scope of AEI, as are debt and equity interests in investment entities and cash value insurance contracts issued by insurance companies. Certain types of accounts such as tax-favored savings accounts are excluded, as are some categories of account holders including members of the legal profession holding client money and certain non-profit organizations.

As well as new account holders, existing account holders who have links to one or more reportable jurisdictions will be subject to AEI remediation. This will also apply to existing individual account holders with links to countries that enter into an exchange agreement with Switzerland under AEI after this date.

Personal data such as date of birth and address as well as account data and tax identification numbers (TIN).

AEI does not replace FATCA as the US has not adopted AEI. AEI will however replace some other bilateral tax arrangements such as those with the UK, Austria and the EU. Clients who have already been documented under FATCA may have to be processed again under AEI.

For Switzerland, the first exchange of information will take place by end of September 2018 for the tax year 2017.

Switzerland

Please refer to the Swiss AEI/FATCA site, if your UBS business relationship is in Switzerland.

All other locations

Addendum to UBS Self-certification Forms: Key definitions

Please click on "PDF" for additional explanations of AEI/FATCA terms used in the UBS Self-certification Forms.

Download PDF

AEI lists of reportable and participating jurisdictions 
for completion of UBS Self-certification Forms

Please click on the country(s) in which you maintain your UBS account(s) to check if your tax residence is in a reportable and/or participating jurisdiction.

Provided below are a number of documents aimed at supporting you as you confirm both your FATCA and AEI status.

Since 1 January 2016, UBS has been requesting new clients to complete a combined FATCA and AEI self-certification form below, as part of the account opening process.

Clients who are "Pre-existing account holders" for AEI (i.e. those with accounts opened prior to 1 January 2016 with UBS entities in early adopter countries such as UK and with accounts opened prior to 1 January 2017 in relation to second wave AEI countries such as Hong Kong and Singapore), who are in scope for AEI remediation, will be contacted to provide new tax documentation. Attached below are UBS forms which these clients will be asked to download and complete (together with supporting notes to assist in the completion of the forms).

Clients who are "Pre-existing account holders" for AEI in Switzerland (i.e. those with accounts opened prior to 1 January 2017 with UBS AG in Switzerland) who are in scope for AEI remediation will be contacted separately to provide new Swiss tax documentation. Attached below are UBS Switzerland forms which these clients will be asked to download and complete(together with supporting notes to assist in the completion of the forms).

Any client who completes a self-certification form (see below) may (if applicable), also be requested to return an updated IRS form (with both Chapter 3 and Chapter 4 status completed).

Forms can be returned via the following email address: aei_entity_remediation@ubs.com. Please note that this email address is for FATCA and AEI processing only. If you have any queries in relation to your accounts, please contact your UBS Relationship Manager.

Investment Bank AEI global self-certification forms

Investment Bank AEI Switzerland self-certification forms

AEI lists of reportable and participating jurisdictions 
for completion of UBS Self-certification Forms

Please click on the country(s) in which you maintain your UBS account(s) to check if your tax residence is in a reportable and/or participating jurisdiction.

IRS Forms

Factsheets for Institutional Clients

DE

AEI lists of reportable and participating jurisdictions 
for completion of UBS Self-certification Forms

Please click on the country(s) in which you maintain your UBS account(s) to check if your tax residence is in a reportable and/or participating jurisdiction.