This blog was last updated on June 26, 2021
The IRS has published the 2017 draft of the Instructions for Form 8957, Foreign Account Tax Compliance Act (FATCA) Registration. The purpose of this publication is to provide guidance to Financial Institutions and Direct Reporting Non-Financial Foreign Entities (NFFEs) in registering themselves and their branches (if applicable) as one of the following:
- Participating Foreign Financial Institution (PFFI) (or Reporting FI under a Model 2 IGA)
- Registered Deemed-Compliant Foreign Financial Institution (RDCFFI) (or Reporting FI under a Model 1 IGA)
- Sponsoring Entity
- Direct Reporting NFFE
- Trustee of a Trustee-Documented Trust
Upon registration, the entity or institution will receive a Global Intermediary Identification Number (GIIN) to be used when transmitting FATCA returns.
There are two revisions to the registration instructions that should be noted:
- Removal of limited FFI and limited branch statuses: FIs may no longer designate themselves as limited FFIs or limited branches due to the expiration of the transitional period that provided for these FATCA classifications.
- Renewal of QI, WP, and WT agreements: This form will no longer be used for the renewal of QI, WP, and WT Agreements, beginning with 2017 renewals. Instead, renewals will be executed using the QI/WP/WT Application and Account Management System.
