• FATCA was introduced by the United States’ Department of Treasury and Internal Revenue Service in 2010 and is designed to encourage better tax compliance by preventing US persons from using banks and other financial institutions to evade taxation on their overseas income and assets.
• Even though Zimbabwe has not signed an intergovernmental  agreement (IGA) with the United States of America, Nedbank Zimbabwe is part of the Nedbank Group and  therefore they become, what is called a participating foreign financial  institution (participating FFI).

• Our clients are directly impacted because they need to provide the required information in order to be FATCA- and CRS-compliant.
• Nedbank is required to ensure that all our clients are FATCA- and CRS-compliant and must obtain the required FATCA- and CRS-relevant information from all our clients. This is required for all individual clients as well as entity clients.
• Nedbank is required under law to report all reportable accounts to the relevant tax authority to ensure we are compliant under the FATCA and CRS requirements.

• Provide the FATCA and CRS information, as requested, when you open a new account, or when visiting a branch. Your relationship manager may also contact you.
• Please respond to our communications when we request you to provide certain information or IRS W-forms.
  • Note: Some of the IRS W- forms expire after three years and new forms must be completed, dated and signed.
• Advise us when there is a change in your circumstances, eg a change of address.

• IRS W-8BEN-E
  • Click here to download this form.
  • For instructions on how to complete this form click here
• IRS W-8BEN
  • Click here to download this form.
  • For instructions on how to complete this form click here
• IRS W-9
  • Click here to download this form.
  • For instructions on how to complete this form click here
• IRS W-8ECI
  • Click here to download this form.
  • For instructions on how to complete this form click here

• CRS is part of a global standard proposed by the Organisation of Economic Cooperation and Development (OECD) in 2014. Countries around the world came together and agreed to exchange tax information in an effort to prevent individuals and entities from using banks and other financial institutions to evade taxation on their income and assets.
• The following SADC countries are signatories to this agreement: Botswana, Eswatini, Lesotho, Namibia and South Africa.
• By signing the agreement Botswana, Eswatini, Lesotho and Namibia underline their commitment to participate in international tax cooperation and exchange of information.

• Request information or documentation from you in the following circumstances:
  • As part of the onboarding (account opening) process if you are a new client.
  • If you are an existing client of Nedbank for whom we do not hold the necessary information.
  • If you are an existing client and there is a change of circumstance on your account(s), which may indicate a change in your status for FATCA and CRS reporting purposes.

• Nedbank will ask you to confirm your FATCA and CRS status through the completion of a self-certification form. 
• Some clients may have to complete a form for each relationship type. In other words, some clients will self-certify in:
  • their individual capacity;
  • their capacity as a controlling person, eg a guardian of a minor’s account; or
  • as a controlling person of a legal entity, eg a trustee of a trust, shareholder of a company.
• The self-certification form will indicate to you whether an IRS W-form is required.
• Please note: If you do not self-certify, we are required under the legislation to restrict your account and report your non-compliance to the relevant tax authority that may take further action.

We wish to assure our clients of our continued service and support. Should you have any questions, please contact your relationship manager or visit your nearest branch.

• You can phone our dedicated contact centre from 08:00 until 16:00 (Monday to Friday) and 08:00 – 12:00 (Saturday) on + 263 242 254800 or +263 086 77008108  or email us on contactcentre@nedbank.co.zw.
• We will try to assist you as much as possible, however, we are not able to provide tax advice. For this you may wish to consult an independent tax advisor as Nedbank employees are not tax advisors.