Instructions For Form 8966 (2015) (Page 4 of 13) in pdf

or organized. All units, businesses, or offices of a PFFI

NFFE will be issued only one GIIN, irrespective of where it

located in a single country (or jurisdiction), including all

maintains branches.

disregarded entities located in such single country (or

Limited branch. In the case of a PFFI, a limited branch

jurisdiction), must be treated as a single branch.

means a branch described in Regulations section

Branch that maintains an account. A branch,

1.1471-4(e)(2)(iii). With respect to a Reporting Model 2

including a disregarded entity, maintains an account if the

FFI, a limited branch is a branch of the Reporting Model 2

rights and obligations of the account holder and the FFI

FFI that operates in a jurisdiction that prevents such

with regard to such account (including any assets held in

branch from fulfilling the requirements of a PFFI or

the account) are governed by the laws of the country of

deemed-compliant FFI and that is treated as a

the branch or disregarded entity.

nonparticipating FFI.

Direct reporting NFFE. A Direct Reporting NFFE is an

Limited FFI. A limited FFI means an FFI described in

NFFE that has elected to report its substantial U.S.

Regulations section 1.1471-4(e)(3)(ii). With respect to a

owners to the IRS pursuant to Regulations section

Reporting Model 2 FFI, a limited FFI is a related entity that

1.1472-1(c)(3).

operates in a jurisdiction that prevents the entity from

fulfilling the requirements of a PFFI or deemed-compliant

Deemed-compliant FFI. A deemed-compliant FFI

FFI and that is treated as a nonparticipating FFI.

means an FFI that is treated, pursuant to section 1471(b)

(2) and Regulations section 1.1471-5(f), as meeting the

Model 1 IGA. A Model 1 IGA means an agreement

requirements of section 1471(b).

between the United States or the Treasury Department

and a foreign government or one or more foreign agencies

Excepted NFFEs. Excepted NFFEs include NFFEs that

to implement FATCA through reporting by financial

are QIs, WPs, and WTs, certain publicly traded

institutions to such foreign government or agency thereof,

corporations (including certain affiliates of such

followed by automatic exchange of the reported

corporations), certain territory entities, active NFFEs,

information with the IRS. For a list of jurisdictions treated

excepted nonfinancial entities, Direct Reporting NFFEs,

as having an IGA in effect, see

and Sponsored Direct Reporting NFFEs as described in

resource-center/tax-policy/treaties/Pages/FATCA-

Regulations section 1.1472-1(c)(1).

Archive.aspx.

Exempt beneficial owner. An exempt beneficial owner

Model 2 IGA. A Model 2 IGA means an agreement or

is any person described in Regulations section

arrangement between the United States or the Treasury

1.1471-6(b) through (g) and includes any person treated

Department and a foreign government or one or more

as an exempt beneficial owner under an applicable Model

foreign agencies to implement FATCA through reporting

1 IGA or Model 2 IGA.

by financial institutions directly to the IRS in accordance

Financial institution (FI). A financial institution is any

with the requirements of the FFI agreement, as modified

institution that is a depository institution, custodial

by an applicable Model 2 IGA, supplemented by the

institution, investment entity, insurance company (or

exchange of information between such foreign

holding company of an insurance company) that issues

government or agency thereof and the IRS. For a list of

cash value insurance or annuity contracts, or a holding

jurisdictions treated as having an IGA in effect, see

company or treasury center that is part of an expanded

resource-center/tax-policy/treaties/

affiliated group of certain FFIs, and includes a financial

Pages/FATCA-Archive.aspx.

institution as defined under an applicable Model 1 IGA or

Non-consenting U.S. account. For purposes of a

Model 2 IGA. See Regulations section 1.1471-5(e)(1).

Reporting Model 2 FFI, a non-consenting U.S. account

Foreign financial institution (FFI). Except as otherwise

shall have the meaning that it has under an applicable

provided for certain foreign branches of a U.S. financial

Model 2 IGA. For purposes of this form, a non-consenting

institution or Territory Financial Institution, a foreign

U.S. account is treated like a recalcitrant account holder.

financial institution means a financial institution that is a

Non-financial foreign entity (NFFE). A non-financial

foreign entity. The term foreign financial institution also

foreign entity (NFFE) is a foreign entity that is not a

includes a foreign branch of a U.S. financial institution with

financial institution. An NFFE includes a territory NFFE as

a QI Agreement in effect.

defined in Regulations section 1.1471-1(b)(132) and a

Foreign reportable amount. The term “foreign

foreign entity treated as an NFFE pursuant to a Model 1

reportable amount” means the aggregate amount of

IGA or Model 2 IGA.

foreign source payments described in Regulations section

Nonparticipating FFI. A nonparticipating FFI is an FFI

1.1471-4(d)(4)(iv).

other than a PFFI, a deemed-compliant FFI, or an exempt

Global intermediary identification number (GIIN). A

beneficial owner.

global intermediary identification number or GIIN means a

Nonreporting FI. A nonreporting FI means an entity that

number assigned to a PFFI, Reporting Model 1 FFI,

is resident in or established in a jurisdiction that has in

Reporting Model 2 FFI, RDC FFI, and certain other

effect a Model 1 IGA or Model 2 IGA and that is treated as

registering entities (e.g., a Direct Reporting NFFE). A

a nonreporting FI in Annex II of the applicable Model 1

separate GIIN will be issued to the FFI to identify, among

IGA or Model 2 IGA or that is otherwise treated as a

other things, each jurisdiction where the FFI maintains a

deemed-compliant FFI or an exempt beneficial owner

branch not treated as a limited branch. A Direct Reporting

under Regulations sections 1.1471-5 or 1.1471-6.

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Instructions for Form 8966 (2015)

Instructions For Form 8966 (2015) Page 4

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