FATCA Law Regulation (USA)

Saks Global Agente de Valores S.A. is registered in the US IRS portal as a “Qualified Intermediary” “Foreign Financial Institution” reporting directly to the IRS under the “Global Intermediary Identification Number (GINN): “S09Y30.99999.SL.858”. Hence Saks Global follow the requirements of the FATCA law – “Foreign Account Tax Compliance Act”, as described in the terms of the regulation.

International Tax Compliance:

We support all efforts to harmonize international tax compliance and transparency, while maintaining high standards in client security and confidentiality. Please note that it is your responsibility to determine whether or not you may be liable for any taxes/duties in the country in which you reside during the term of any account opened with us or upon its closure. If you are unsure how or whether you will be affected, you should seek appropriate independent professional advice. Please note that Saks Global Agente de Valores S.A. cannot provide you with any advice.

Agreement on the application of Foreign Account Tax Compliance by Participant Foreign Financial Institutions.

The Uruguayan Government has not yet entered into an Intergovernmental Agreement (IGA) with the United States (US) to implement FATCA (Foreign Account Tax Compliance Act). FATCA is a law introduced by the United States Department of the Treasury and Internal Revenue Service (IRS). Requires non-US financial institutions to report information on financial accounts held by Specified Persons at Non-US Financial Institutions. Although a large majority of countries report under the different US IGA Models, where the local tax authority also participates, this is not the case of Uruguay.

The lack of this agreement between the US and Uruguay caused the financial entities to enter into a direct agreement with the IRS through a “Participant Foreign Financial Institution” agreement, which is the case and reporting model that Saks Global applies, all of them. Financial Institutions in Portugal, including us, are required to identify all account holders who are specified as US Persons for tax purposes and for the secure exchange of information with the Portuguese tax authorities with respect to these US account holders. and the accounts held by them.

This Act and agreement seeks that all Financial Institutions that enter into an agreement, including Saks Global, are required to identify all account holders who are specified as US Persons for tax purposes for the secure exchange of information regarding their accounts.

Clarifications or doubts about FATCA:

1. What is FATCA?

FATCA stands for the Foreign Account Tax Compliance Act. Colloquially it refers to some provisions included in the HIRE (Hiring Incentives to Restore Employment). Law enacted on March 18, 2010. A new chapter is added to the Internal Revenue Code (Chapter 4), intended to address the abuse of the tax received by United States persons through the use of foreign accounts. The new rules require foreign financial institutions (FFI’s) to provide the Internal Revenue Service (“IRS”) with information about US persons who invest in accounts outside the US. The FATCA Final Regulations were published by the US IRS on January 17, 2013.

2. Who is affected by FATCA?

Any entity that makes a payment of income from US sources must consider whether or not it is subject to FATCA. FATCA can apply to both financial and non-financial companies. US entities, both financial and non-financial, that make payments of most types of US-source income to non-US persons will also be affected, as they may now be required to withhold a 30% tax on that income paid to a non-American. This will require the US entity to have to maintain documentation on those non-US persons, as well as keep track of how the persons are classified under FATCA.

3. Saks Global is a Foreign Financial Institution. What does it mean?

An FFI is a foreign Financial Institution, outside the United States that:

1. Accepts deposits in the ordinary course of business. (Depositary Institution)

2. Maintains, as a substantial part of its business (more than 20%) financial assets for the benefit of one or other persons (Custodial Institution)

3. meets the requirements of points A, B or C (Investment Entity)

A. Principally (more than 50%) is carried on as a business with one or more of the following activities or operations on behalf of or for a client.

The negotiation of money market instruments (checks, bills and certificates of deposit, derivatives, etc.); foreign currency; foreign exchange interest rate instruments, and index; securities; or commodity futures;
Management of collective or individual portfolios;
Management of collective or individual portfolios;

B. Has gross income primarily (more than 50%) attributable to the investment, reinvestment or trading of financial assets and the entity is managed by any of the entities described above;

C. Operates or maintains itself as a collective investment vehicle, investment fund, exchange-traded fund, private equity fund, hedge fund, venture capital fund, leveraged buyout fund, or any similar investment vehicle established with a strategy of investing, reinvesting, or trading in financial assets;

4. Is a life insurance company (or a holding company that is a member of an expanded affiliated group that includes an insurance company) that issues cash value or annuity products (Specified Insurance Companies)

Generally, non-US entities, such as banks, brokers, dealers, insurance companies, pension funds, private equity funds, and any other investment vehicle, will be considered FFIs.

4. When will FFIs have to start reporting information?

The reporting standards in relation to FFIs have been implemented gradually since 2015. To date, all accounts of American persons and a pool of American returns held by non-American residents are reported, for the latter, the owner is not identified if is that it has verified its FATCA status with the corresponding W8BEN.

5. What is a US substantial owner? /real owner?

A beneficial owner in the United States refers to any US person who owns, directly or indirectly, more than 25% of the shares of an entity (by vote or value).

6. What are US accounts?

It is any financial account held by at least one person in the United States, even if the remaining account holders are non-U.S. persons.

7. What is an American person?

The concept of ONE American person includes; US citizens, including those with dual nationality and holders of a US passport, even if they reside outside the US. A person born in the USA, unless he or she renounced American nationality. Permanent residents in the USA (Including green card holders), or with any significant presence (having been in the USA at least 183 days during the last 3 years, based on a specific calculation method); entities constituted under American law. Therefore, the concept of a US person under FATCA is much more applicable than that used under other regimes, such as that provided for in US law that prohibits foreign entities from selling securities to US persons. Under this regime, only residents of the United States will be considered US persons. Furthermore, also foreign entities that have US partners, which have, directly or indirectly, more than 25% will be treated as US accounts.

8. If a joint account is held by a US person and a non-US person, will it be considered 50% US or 100% US?

A joint account that has a U.S. owner is treated as a U.S. account and the entire account is subject to reporting as a U.S. person, regardless of whether the other account holders are non-U.S. persons.

9. If a joint account is held by a US person and a non-US person, will it be considered 50% US or 100% US? A joint account that has a U.S. owner is treated as a U.S. account and the entire account is subject to reporting as a U.S. person, regardless of whether the other account holders are non-U.S. persons.

Foreign Financial Institutions will report worldwide income and profits received by specific US persons.

10. What does this mean to you?

If our records indicate that you are an individual specified as being from the United States, we will need to provide information about you and your account to the Portuguese tax authorities. We will then pass this information to the Internal Revenue Service (IRS) in the US and we will report this information to the Portuguese Tax Administration.

Account number
NIF (tax identification number)
Account balance

11. How can I certify my FATCA status?

To certify that you are not a U.S. person for tax purposes, you must sign a valid W8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)) form if you are an individual client.

If you are a legal entity, you must sign the W8BEN-E form where, if you are classified as a passive company according to the FATCA criteria, you must identify any final beneficiary that has a participation greater than 10%.

American persons must sign the W9 form. Note that as Saks Global is not registered to offer financial services within the United States and in compliance with the US securities law – ‘Securities Exchange Act Of 1934’, Saks Global does not accept clients tax residents in the US.

12. What are the consequences of not criticizing the FATCA status or granting an incorrect or negligent TIN (Tax Identification Number).

In the event that Saks Global cannot classify your account due to lack of information and there are indications of American residence, it may apply a withholding tax withholding backup of 30% preventively and report the account holder as recalcitrant.

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commercial, financial, investment, hedging, legal, regulatory, tax or accounting advice, or
a trading recommendation or idea, or
any other type of incitement to act, invest or disinvest in any way.
(collectively, “Recommendations”).

Saks Global will not be responsible for losses arising from investments based on Recommendations received from it.


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The accuracy of market quotes,
any delay, inaccuracy, error, interruption or omission in providing market quotes, and
interruptions in market prices.
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If a Publication becomes out of date, Saks Global will not be obligated to:

Update the Post,
inform recipients of the Publication, or
perform any other action.
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Risks of operating on the internet

There are risks associated with using an internet-based trading execution system, including failures in hardware, software, and internet connection. Since Saks Global does not control the signal, reception or routing over the Internet, the configuration of your equipment or reliability of the connection, it is not responsible for any communication failures, distortions or delays when operating by this means. Saks Global uses backup systems and contingency plans to minimize the likelihood of system failure, and makes telephone trading available.

Use of the website

Use of the Saks Global websites will be subject to its “Terms of Use”, as amended from time to time, and the “Copyright” provisions, as amended from time to time, which shall be construed as an integral part of these terms.

Saks Global will not be liable for any damages or injuries caused by any person or entity’s access to, or inability to access, the Saks Global website. This limitation includes, but is not limited to, damage to equipment and operating systems caused by viruses, malware and any other malicious software.

Consultation of the Saks Global website does not constitute a customer relationship, and Saks Global shall not be obligated or incur any liability to any person or entity as a result of such person or entity’s consultation of the Saks Global website. .

Legal Notice: The information contained on this site, as well as the services offered by Saks Global Agente de Valores S. A., are not available to residents in the territory of the Eastern Republic of Uruguay. If you have any questions, please contact us at [email protected]

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