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.
What is FATCA?
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.
Why is FATCA relevant for FYERS clients?
India is a participant in the FATCA intergovernmental agreement (IGA) with the U.S. This means:
- FYERS is legally obligated to comply with FATCA regulations
- Every client—whether a U.S. person or not—must declare their tax residency
- This information helps maintain accurate KYC records and regulatory reporting
How to submit FATCA details on FYERS?
You may be asked to declare or update FATCA details:
- During the account opening process
- While updating KYC or personal profile details
- If there is a change in your tax or residency status
Declarations are submitted online through the FYERS app or Web platform. No physical forms are required.
Keep your profile address and tax residency details up to date in FYERS to avoid compliance restrictions or reporting errors.
What If...
| 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
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