FATCA (Foreign Account Tax Compliance Act) are USA law which are meant to prevent tax evasion by USA taxpayers. Icelandic financial institutions are required to react to FATCA by gathering information on assets which USA taxpayers, individuals and legal entitites, keep in custody with Icelandic financial institutions. 

Arctica Finance is obligated to check if its clients have USA characteristics and inter alia call for information on the basis of FATCA. USA characteristics are:

  • USA citizenship, including those with dual citizenship.
  • Permanent residence in the USA.
  • The Green Card.
  • Registered address in the USA, including a registered PO Box.
  • Regular instructions on payments to the USA.
  • Authorized signatory has an address in the USA.
  • The client receives income from the USA which he intends to use in its business.