Archive for category: Legal Notes

US taxpayers who own accounts outside of the United States should remember that, in order to open a new account (even if you already have an existing account), foreign banks throughout the world require the submission of various documents pursuant to FATCA. In this legal note, I am providing a list of the documents required by a standard HSBC Bangladesh FATCA Letter for opening a new joint account in a context where an old joint account was already opened with HSBC Bangladesh.

HSBC Bangladesh FATCA Letter for Opening a New Account: Introduction

After standard greetings, HSBC Bangladesh FATCA Letter would state that they checked their records and found a certain number of forms that need to be replaced in order to open a new joint Non Resident Bangladeshi (BDT) savings/current account. Additionally, there will be documents that need to be updated. In other words, HSBC Bangladesh FATCA Letter will ask for update of: (a) documents and (b) forms.

HSBC Bangladesh FATCA Letter: Update of Documents

A standard HSBC Bangladesh FATCA letter will list the following documents to be updated in order to open a new account (this is almost the precise copy of the letter, except those parts where I tried to eliminate mistakes and inaccuracies):

“1) Copy of valid US passports of both Account Holders (with the copy of ‘No Visa Required For Bangladesh’);
2) Copy of a valid Driving License for both Account Holders;
3) Copy of a valid passport of the Nominee- attested by both Account Holders;
4) Four copies of a passport-size color photograph of Nominee (attested by both Account Holders on the back side of the photo);
5) Four copies of a passport-size color photograph of the guardian of the Nominee (attested by both account holders on the back side of the photo);
6) Four copies of passport-size color photographs of both account holders;
7) Copy of a document confirming the Source of Funds in Bangladesh [i.e. Rental Deed copy, Land Sale Documents];
8) Copy of Proof of US Income [i.e Employment certificate with Pay slip, Employment Contract mentioning monthly income & validation of contract, etc.];
9) Copy of Bangladesh E-TIN (Tax Identification Number) Certificate- if applicable (attested by both account holders);
10) Copy of a Personal Bangladesh Income Tax Return (including IT-10B and Acknowledgment Receipt) of both account holders (make photocopies of those forms & documents which contain the signature & seal of Income Tax authority);
11) Copy of a valid US Tax Return;
12) W-9 Form of both Account Holders – duly filled & signed;
13) Address Proof of Correspondence Address, Present Residential Address and Permanent Address of both account holders, Nominees and guardian of nominees [if those are not mentioned in valid passport / Driving License); up-to-date (i.e. not more than two month old) Govt. Utility Bill copy where address is clearly mentioned with holding number. The copies of such documents should be accompanied by a declaration and signature of the customer (with holding number) stating “No Reservation from the Account Holders’ in case HSBC Bangladesh contacts the address for any reason). In case of the Present Residential Address Proof, declaration and signature of customer (with holding number) should contain a statement that the customer presently resides in the mentioned address.”

HSBC Bangladesh FATCA Letter: Update of Documents

A standard HSBC Bangladesh FATCA letter will list the following forms to be updated in order to open a new account:

“1) Signature Card (Joint Account);
2) Personal Account Opening Form;
3) Personal Information Form (PIF)- 02 Sets (separate forms are required for both account holders);
4) Personal Information Form (PIF) Addenda- 02 Sets (separate forms are required for both account holders);
5) Form for Updating Documents;
6) Account Terms and Conditions;
7) Probable Transaction Profile Form;
8) E-TIN Confirmation/ Update Form;
9) Self-Declaration from Dependent House Wife Home Maker regarding Income;
10) Change of TMD (003-216231-102) Maturity Instruction (to link with current/ savings BDT account);
11) Secrecy Waiver Form – 02 Sets (signed by both the account holders).”

HSBC Bangladesh FATCA letter would normally require that a black ball point pen is used to sign and fill the forms.