FATCA compliance is a regulatory requirement during account opening with FYERS. Even if you're not a U.S. citizen or taxpayer, you must submit a FATCA declaration to confirm your tax residency status. This helps ensure global tax transparency and prevent evasion under international agreements.
FATCA stands for the Foreign Account Tax Compliance Act, a U.S. law enacted in 2010. It requires financial institutions worldwide to identify and report accounts held by U.S. persons—including citizens, residents, or entities with U.S. links.
Under FATCA, brokers and depository participants like FYERS must collect self-declared tax residency information and submit it to Indian authorities, who in turn share it with the IRS under a bilateral agreement.
India is a participant in the FATCA intergovernmental agreement (IGA) with the U.S. This means:
You may be asked to declare or update FATCA details:
Declarations are submitted online through the FYERS app or Web platform. No physical forms are required.
| Scenario | What You Should Do |
|---|---|
| I am not a U.S. citizen or tax resident | You still need to declare your FATCA status during onboarding to confirm this. |
| I missed submitting FATCA | You may face account restrictions. Submit the declaration from your FYERS profile section immediately. |
| My residency status changes later | Update your FATCA declaration on the FYERS platform to remain compliant. |
Last updated: 29 Jul 2025