Passive NFFE definition

Passive NFFE means any NFFE that is not (i) an Active NFFE, or (ii) a withholding foreign partnership or withholding foreign trust pursuant to relevant U.S. Treasury Regulations.

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Passive NFFE means any NFFE that is not an Active NFFE.

Passive NFFE means any NFFE that is not (i) an Active NFFE or (ii) a withholding foreign partnership or withholding foreign trust pursuant to relevant U.S. Treasury Regulations.

Examples of Passive NFFE in a sentence

• If the entity account holder is a Passive NFFE, the Reporting [FATCA Partner] Financial Institution must identify the Controlling Persons as determined under AML/KYC Procedures, and must determine whether any such person is a citizen or resident of the United States on the basis of a self- certification from the account holder or such person.

• With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Financial Institution must determine whether the Account Holder is: (i) a Specified Person; (ii) a Non-Resident Entity which is a Financial Institution; (iii) a Non-Reporting Financial Institution; (iv) an exempt beneficial owner; (v) an Active NFFE or Passive NFFE.

• The Reporting [FATCA Partner] Financial Institution must determine whether the account holder is: (i) a Specified U.S. Person; (ii) a [FATCA Partner] Financial Institution or Partner Jurisdiction Financial Institution; (iii) a participating FFI, a deemed-compliant FFI, an exempt beneficial owner, or an excepted FFI, as those terms are defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE.

• With respect to New Entity Accounts not described in paragraph A of this section, the Reporting Singaporean Financial Institution must determine whether the Account Holder is: (i) a Specified U.S. Person; (ii) a Singaporean Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE.

• If the Account Holder is a Passive NFFE, the Reporting Singaporean Financial Institution must identify the Controlling Persons as determined under AML/KYC Procedures, and must determine whether any such person is a U.S. citizen or resident on the basis of a self-certification from the Account Holder or such person.

More Definitions of Passive NFFE

Passive NFFE means any Entity that is not a U.S. Person or a Financial Institution, and is not

Passive NFFE means any NFFE that is not -

Passive NFFE the term means any NFFE that is not an Active NFFE.

Passive NFFE. (under FATCA) means any Entity that, being a NFFE, is not an Active NFFE nor is a withholding foreign partnership neither a withholding foreign trust (per U.S. Treasure Regulations).

Passive NFFE means any NFFE that is not (i) an Active NFFE, or (ii) a withholding foreign partnership or withholding foreign trust pursuant to relevant U.S. Treasury Regulations. Registered Deemed- compliant FFI Under the IRS Regulations, the term registered deemed-compliant FFI, means an FFI registers with the IRS to declare its status, and includes: 1) Local FFIs 2) Non-reporting members of participating FFI groups 3) Qualified collective investment vehicles 4) Restricted funds 5) Qualified credit card issuers 6) Sponsored investment entities and controlled foreign corporations. Under the Luxembourg IGA, there are not registered deemed compliant statuses, all deemed compliant status are non-reporting and therefore do not need to register with the IRS.

Passive NFFE as defined below*; OR “Active NFFE” as defined below, of the following type (check any that apply to the Subscriber): active trade or business – less than 50% of the Subscriber’s gross income is “passive income” and less than 50% of its assets produce “passive income” a corporation with shares that regularly trade on an established securities market, or a related entity a government or international organization (or agency thereof) a tax-exempt charitable organization or non-profit organization under the ITA other: Controlling Persons: (To be completed only if the Subscriber is a “Passive NFFE”) There is no individual who is a “Controlling Person” (as defined below) of the Subscriber There is no individual who is a “Controlling Person” (as defined below) of the Subscriber and who is a U.S. citizen or a U.S. resident individual for the purposes of the U.S. Internal Revenue Code Each individual who is a “Controlling Person” (as defined below) of the Subscriber and who is U.S. citizen or a U.S. resident individual for the purposes of the U.S. Internal Revenue Code, is named below (together with that individual’s relationship to the Entity, residential address, individual’s Canadian social insurance number (SIN) and U.S. taxpayer identification number (TIN))

Passive NFFE means any Entity that is not a U.S. Person or a Financial Institution and is not