Financial Account refers to any depository and custodial account maintained by financial institutions or a non-publicly traded debt or equity interest in a financial institution.
A US Account is a financial account that is held by one or more specified US persons or US-owned foreign entities.
A Specified US Person is an individual who is a US citizen and/or resident, a privately owned domestic corporation, a domestic partnership, and/or a domestic trust.
A US-Owned Foreign Entity is a foreign entity that has one or more substantial US owners. A substantial US owner means, in the case of a corporation, any specified US person that owns, directly or indirectly, more than 10% of the stock of such corporation by vote or value. Comparable rules are provided for ownership in partnerships and trusts. FATCA will have an impact on individuals who earn US source income, are US citizens or US residents.