They must complete:
- The accountholder name and number
- Part 1 and tick 1.2 to indicate that they are a Passive NFFE.
- Part 2 to confirm where the entity is resident for tax purposes. If they are tax resident in more than one country for tax purposes all should be included. The tax reference number(s) must also be included.
- Part 3A does not require completing.
- Part 3B Controlling Persons must be completed to identify all controlling persons.
For companies this includes shareholders who own or control more than 25% of the shares or voting rights or anyone who otherwise exercises control over the company.
For trusts, this includes settlors, trustees, protectors, and any beneficiary with an absolute entitlement under the trust and any named beneficiary, including any named beneficiary of a Discretionary Trust or Interest In Possession trust.
- Part 4 Declaration and Certification must be completed.