The US Foreign Account Tax Compliance Act (FACTA)
FATCA became law in March 2010 and came into effect on 1st July 2014. FATCA applies to insurance premiums coming from the US to foreign entities. Such premiums would have a 30% withholding tax applied unless the foreign insurer demonstrates its exempt FATCA status. The Club evidences its exempt FATCA status through the IRS W-8BEN-E form.
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