The Foreign Account Tax Compliance Act (FATCA) is a U.S. law introduced in 2010 and effective starting July 1st, 2014 to assist the U.S. Internal Revenue Service (IRS) in detecting and discouraging tax evasion by U.S. taxpayers holding undeclared accounts and investments with foreign financial institutions.
FATCA requires the imposition of a 30% withholding tax on certain U.S. source payments (including insurance or reinsurance premium) unless the recipients of such payments provide documentation to support their exemption from this withholding tax. We are committed to being fully FATCA compliant in all countries where we operate.
Under the provisions of FATCA, payers making payments to legal entities within the Validus Group may need to obtain certain documentation from the Validus recipients of those payments (IRS Forms W-8 or W-9). Typically, Form W-8BEN-E or W-8IMY is provided by non-U.S. entities and Form W-9 is provided by U.S. entities. If you are making insurance or reinsurance premium payments, you can download a copy of all applicable Forms through the links below. Note that these Forms may be updated from time to time.
Any questions regarding FATCA should be sent to FATCA@validusholdings.com
Information on FATCA can also be obtained from the following IRS site: http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA
Please consult your advisor for any tax advice in connection with all Forms provided through the links above.