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Foreign Account Tax Compliance Act
The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that requires US persons, including individuals who live outside the US, to report their financial accounts held outside of the US, and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their US clients.
How does Norway comply with FATCA?
- Norway has entered into a Model 1 Intergovernmental Agreement (IGA) with the US tax authorities (IRS) in 2013.
- The Norwegian tax authorities and the IRS agreed to exchange information about US persons having accounts with financial institutions in Norway.
- Link to the IGA (PDF)
- The IGA has been transposed into Norwegian law.
- The regulation is available here (in Norwegian) and the guidance is available here (PDF) (in Norwegian)
Who is impacted by FATCA?
- Foreign Financial Institutions and US persons worldwide.
- Asset managers in Norway: SKAGEN as an FFI has to comply with FATCA and report their US clients to the Norwegian Tax Authorities (and they in turn to the IRS).
- US persons: all US persons with accounts outside the US (including US persons living outside the US) have to report their financial accounts to the US Tax Authorities.
What is SKAGEN's FATCA status?
- SKAGEN is fully FATCA compliant
- SKAGEN AS, the management company, is a Sponsoring Entity under FATCA
- SKAGEN is a reporting Model 1 FFI (a reporting foreign financial institution under a Model 1 IGA)
Do SKAGEN's funds have GIINs?
- SKAGEN's funds are Sponsored Entities and received a GIIN after registering with the IRS
- The GIINs for SKAGEN's funds are:
- SKAGEN Global: ZFN02A.00001.SF.578
- SKAGEN Kon-Tiki: ZFN02A.00004.SF.578
- SKAGEN Vekst: ZFN02A.00005.SF.578
- SKAGEN Focus: ZFN02A.00017.SF.578
- SKAGEN m2: ZFN02A.00012.SF.578
- SKAGEN Avkastning: ZFN02A.00006.SF.578
- SKAGEN Select 100: ZFN02A.00018.SF.578
- SKAGEN Select 80: ZFN02A.00019.SF.578
- SKAGEN Select 60: ZFN02A.00020.SF.578
- SKAGEN Select 30: ZFN02A.00021.SF.578
- SKAGEN Select 15: ZFN02A.00022.SF.578
- The GIIN for SKAGEN AS is: ZFN02A.00000.SP.578
- SKAGEN's branches do not have GIINs
Whom in SKAGEN can I contact with my questions?
- All questions can- be directed to the following email address: firstname.lastname@example.org