SADAD is compliant with the requirements of FATCA and CRS, where applicable.
Foreign Account Tax Compliance Act (FATCA) is United States (US) Tax Law aimed at curbing tax evasion by US citizens and residents through the use of offshore accounts maintained outside the United States. It requires Foreign (non-US) Financial Institutions (FFIs) to identify their US clients (both individual and entities) and report on their account information to the Internal Revenue Service (IRS).
Common Reporting Standard (CRS) is a commonly used term for Automatic Exchange of Information (AEOI) in Tax Matters. CRS is published by Organization for Economic Co-operation and Development (OECD) and supported by G20 countries. Article 6 of the Convention on Mutual Administrative Assistance in Tax Matters provides a legal framework for its implementation globally. The main objective of CRS is to improve tax transparency through information sharing about financial assets of tax residents of a country in other jurisdictions participating in the CRS program.
| # | Indicia | Status | Instructions |
|---|---|---|---|
| 1 | USA Citizenship (Nationality/Passport) | US Person | Customer to provide W9 Form |
| 2 | Green Card Holder | US Person | Customer to provide W9 Form |
| 3 | US Tax Resident | US Person | Customer to provide W9 Form |
| 4 | Place of Birth USA | non-US Person - US Indicia | Customer to provide W8 BEN Form along with renuciation of US citizenship certificate |
| 5 | Residency in USA | non-US Person - US Indicia | Customer to provide W8 BEN Form |
Kingdom of Bahrain
More Than 850 kiosks Around Bahrain
SADAD market penetration is 98%
Our system allows us to process one payment in 1.5 milliseconds
