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TREATIES AND OTHER INTERNATIONAL ACTS SERIES 18-305
 

TAXATION 

Foreign Account Tax Compliance 

Agreement Between the 

UNITED STATES OF AMERICA 

and BAHRAIN 

Signed at Manama January 18, 2017 

with 

Annexes 
 

 

 

NOTE BY THE DEPARTMENT OF STATE 

Pursuant to Public Law 89—497, approved July 8, 1966 

(80 Stat. 271; 1 U.S.C. 113)— 

“. . .the Treaties and Other International Acts Series issued 

under the authority of the Secretary of State shall be competent 

evidence . . . of the treaties, international agreements other than 

treaties, and proclamations by the President of such treaties and 

international agreements other than treaties, as the case may be, 

therein contained, in all the courts of law and equity and of maritime 

jurisdiction, and in all the tribunals and public offices of the 

United States, and of the several States, without any further proof 

or authentication thereof.” 
 

 

 

 

 

 

 

BAHRAIN 

Taxation: Foreign Account Tax Compliance 

Agreement signed at Manama January 18, 2017;
 

Entered into force March 5, 2018.
 

With annexes.
 
Agreement between the Government of the United States,ofAmerica and the 

Government of the Kingdom of Bahrain to Improve International tax Compliance and 

to Implement FATCA 

Whereas, the Government ofthe United States ofAmerica and the Government ofthe' 

Kingdom ofBahrain (each, a "Party," and together, the "Parties") desire to conclude an 

agreement to improve international tax compliance; 

Whereas, the United States ofAmerica enacted provisions commonly known as the Foreign 

Account Tax Compliance Act ("FATCA"), which introduce a ~eporting regime for financial 

institutions with respect to certain accounts; 

Whereas, the Government ofthe Kingdom ofBalrrain is supportive ofthe underlying policy 

goal ofFATCA to improve tax compliance; · 

Whereas, FATCA has raised a·number ofissues, including that Bahrain financial institutfons 

may not be able to comply with certain aspects ofFATCA due to domestic legal impediments; 

Whereas, an intergovernmental approach to FATCA implementation would address legal 

impediments and reduce burdens for Bahrain financial institutions; 

Whereas, the Parties desire to conclude an agreement to improve international tax compliance 

and provide for the implementation ofFATCA based on domestic reporting and automatic 

exchange, subject to the confidentiality and other protections provided for herein, including 

the provisions limiting the use ofthe information exchanged; 

Now, therefore, the Parties have agreed as follows: 

Article 1 


Definitions 


1. For purposes ofthis agreement and any annexes thereto ("Agreement"), the following 

terms shall have the meanings set forth below: 

a) 	 The term "United States" means the United States ofAmerica, including the 

States thereof, but does not include the U.S. Territories. Any reference to a 

"State" ofthe United States includes the District ofColumbia. 

b) 	 The term "U.S. Territory" means American Samoa, the Commonwealth of 

the Northern Mariana Islands, Guam, the Commonwealth ofPμerto Rico, or 

the U.S. Virgin 1slands. 

c) 	 The term "IRS" means the U.S. Internal Revenue Service. 

d) 	 The term "Bahrain" means the Kingdom ofBamain. 

e) 	 The term "Partner Jurisdiction" means a jurisdiction that has in effect an 

agreement with the United States to facilitate the implementation ofFATCA. 

The IRS shall publish a list identifying all Partner Jurisdictions .. 

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f) 	 The tenn "Competent Authority" means: 

(1) 	 in the case ofthe United States, the Secretary of the Treasury or his 

delegate; and 

(2) 	 in the case ofI~ahrain, the Central Bank ofBahrain (CBB). 

g) 	 The tenn "Financial Institntion" means a Custodial Institution, a Depository 

institution, an Investment Entity, or a Specified Insurance Company. 

h) 	 The term "Custodial Institution" means any Entity that holds, as a 

substantial portion of its business, financial assets for the account of others. 

An entity holds financial assets for the account ofothers as a substantial 

portion of its business ifthe entity's gross income attributable_ to the holding of 

financial assets and related financial services equals or exceeds 20 percent of 

the entity's gross income during the shorter of: (i) the three-year period that 

ends on December 31 (or the final day of a non-calendar year accounting 

period) prior to the year· in which the detennination is being made; or (ii) the 

period during which the entity has been in existence. 

i) 	 The tenn "Depository Institution" means any Entity that accepts deposits in 

the ordinary course ofa banking or similar business. 

j) 	 The term "Investment Entity" means any Entity .that conducts as a business 

(or is managed by an entity that conducts as a business) one or more of the 

following activities or op.erations for or on behalf of a customer: 

(I) 	 trading in money market instruments (cheques, bills, certificates of 

deposit, d!:rivatives; etc.); foreign exchange; exchange, interest rate 

and index instruments; transferable securities; or com.modity futures 

trading; 

(2) 	 individual and collective portfolio management; or 

(3) 	 otherwise investing, administering, or managipg funds or money on 

behalf of other persons. 

This subparagraph 1 Q) shall be interpreted in a manner consistent with similar 

language set forth in the definition of''financial institution" in the Financial 

Action Task Force Recommendations. 

k) 	 The tenn "Specified Insurance Company" means any Entity that is an 

insurance company (or the holding company ofan insurance company) that 

issues, or is obligated to make payments with respect to, a Cash Value 

Insurance Contract or an Annuity Contract. 

l) 	 The tenn "Bahrain Financial Institution" means (i) any Financial Institution 

resident in or organized under the laws ofBahrain, but excluding any branch 

of such Financial Institution that is located outside Bahraii;i, ,and (ii) any 

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branch of a Financial Institution not resident in or organized under the laws of 

Bahrain, ifsuch branch is located in Bahrain. 

m) 	 The term "Partner Jurisdiction Financial Institution" means (i) any 

Financial Institution established in a Partner Jurisdiction, but excluding any 

branch ofsuch Financial Institution that is located outside the Partner 

Jurisdiction, and (ii) any branch of a Financial Institution not established in the 

Partner Jurisdiction, ifsuch branch is located in the Partner Jurisdiction. 

n) 	 The term "Reporting Bahrain Financial Institution" means any Bahrain 

Financial Institution that is not a Non-Reporting Bahrain Financial Institution. 

o) 	 The terin "Non-Reporting Bahrain Financial Institution" means any 

Bahrain Financial Institution, or other Entity resident in Bahrain, that is 

described in Annex II as a Non-Reporting Bahrain Financial Institution or that 

otherwise qualifies as a deemed-compliant FFI or an exempt beneficial owner 

under relevant U.S. Treasury Regulations in effect on the date ofsignature of 

this Agreement. 

p) 	 The term "Nonparticipating Financial Institution" means a nonparticipating 

FFI, as that term is defined in relevant U.S. Treasury Regulations, but does not 

include a Bahrain Financial Institution or other Partner Jurisdiction Financial 

Institution other than a Finan".ial Institution treated as a Nonparticipating· 

Financial Institution pursuant to subparagraph 3(b) ofArticle 5 ofthis 

Agreement or the corresponding provision in an agreement between the 

United States and a Partner Jurisdiction. 

q) 	 The term "Financial Account" means an account maintained by a Financial 

Institution, and includes: 

(I) 	 in the case of an Entity that is a Financial Institution solely because it 

is an Investment Entity, any equity or debt interest (other than interests 

that are regularly traded on an established securities market) in the 

Financial Institution; 

(2) 	 in the case ofa Financial Institution not described in subparagraph 

l(q)(l) ofthis Article, any equity 9r debt interest in the Financial 

Institution (other than interests that are regularly traded on an 

established securities market), if(i) the value ofthe debt or equity.­

interest is determined, directly or indirectly, primarily by reference.to 

assets that give rise to U.S. Source Withholdable Payments, and (ii) the 

class ofinterests was established with a purpose ofavoiding reporting 

in accordance with this Agreement;· and 

(3) 	 any Cash Value Insurance Contract and.any Annuity Contract issued or 

maintained by a.Financial1nstitution, other than a nbninvestmentlinked, nontransferable immediate life annuity that is issued to an 

individual and monetizes a pension or disability benefit provided under 

an account that is excluded from the definition ofFinancial Account in 

Annex II. 

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Notwithstanding the foregoing, the term "Financial Account" does not include 

any account that is excluded from.the definition of Financial Account in 

Annex IL For purposes ofthis Agreement, interests are "regularly traded" if 

there is a meaningful volume of trading with respect to the interests on an 

ongoing basis, and an "established securities market" means an exchange that 

is officially recognized and supervised by a governinental authority in which 

the market is located and that has a meaningful annual value ofshares traded 

on the exchange. For purposes ofthis subparagraph l(q), an interest in a 

Financial Institution is pot "regularly traded" and shall be treated as a 

Financial Account ifthe holder ofthe interest (other than a Financial 

Institution acting as an intermediary) is registered on the books ofsuch 

Financial Institution. The preceding sentence will not apply to interests first 

registered on the books ofsuch Financial Institution prior to July l, 2014, and 

with respect to interests first registered on the books ofsuch Financial 

Institution on or after July l, 2014, a Financial Institution is not required to 

apply the preceding sentence prior to January 1, 2016. 

r) 	 The term "Depository Account" includes any commercial, checking, savings, 

time, or thrift account, or an account that is evidenced by a certificate of 

deposit, thrift certificate, investment certificate, certificate of indebtedness, or 

other similar instrument maintained by a Financial Institution in'the ordinary 

course of a banking or similar business. A Depository Accoun! also includes 

an amount held by an insurance company pursuant to a guaranteed investment 

contract or similar agreement to pay or credit interest thereon. 

s) 	 The term "Custodial Account" means an account (other than an Insurance 

Contract or Annuity Contract) for the benefit ofanother person that holds any 

financial instrumen\ or con~act held for investrnen((including, but not limited 

to, a share or stock in a corporation, a note, bond, debenture, or other. evidence 

ofindebtedness, a currency or. commodity transaction, a «redit defiiulf ~w<i;p, a 

swap based upon a nonfinancial index, a notional. principal contract, an 

Insurance Contract or Annuity Contract, and any option or other derivative 

instrument). 

t) 	 The term "Equity Interest" means, in the case Of a partnership that is a 

Financial Institution, either a capital or profits interest in the partnership. In 

the case ofa trust that is a Financial Institution, an Equity Interest is · 

considered to be held by any person treated as a settlor or beneficiary ofall or 

a portion ofthe trust, or any other natural person exercising ultimate effective 

control over the. trust.. A Specified U.S. Person shall be treated as being a 

beneficiary ofa foreign trust ifsuch Specified U.S. Person has the right to . 

receive directly or indirectly (for example, through a nominee) a mandatory 

distribution or may receive, directly or indirectly, a discretionary distribution 

from the trust. 

u) 	 The term "Insurance Contract" means a contract (other than an Annuity 

Contract) under which the issuer agrees to pay an amount upon th!; occurrence 

of a specified contingency involving mortality, morbidity, accident, liability, or 

property risk. · 

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v) 	 The tenn "Annuity Contract" means a contract under which the issuer agrees 

to make payments for a period oftime detennined in whole or in part by 

reference to the life expectancy of one or more individuals. The tenn also 

includes a contract that is considered to be an Annuity Contract iri accordance 

with the law, regulation, or practice ofthe jurisdiction in which the contract 

was issued, and under which the issuer agrees to make payments for a tenn of 

years. 

w) 	 The tenn "Cash Value Insurance Contract" means an Insurance Contract 

(other than an indemnity reinsurance contract·between two insurance 

companies) that has a Cash Value greater than $50,000. 

x) 	 The term "Cash Value" means the greater of.(i) the amount that the 

policyholder is entitled to receive upon surrender or termination ofthe 

contract (determined without reduction for any surrender charge or policy 

loan), and (ii) the amount the policyholder can borrow under or with regard to 

the contract. Notwithstanding the foregoing, the term "Cash Value" does not 

include an amount payable under an Insurance Contract as: 

(1) 	 a personal injury or sickness benefit or.other benefit providing 

indemnification of an economic loss incurred upon the occurrence of 

the event insured against; ­

(2) 	 a refund to the policyholder of a previously paid premium under an 

Insurance Contract (other than under a life insurance contract) due to 

policy cancellation or tennination, decrease in risk exposure during'the 

effective period of the Insurance Contract, or arising from a 

redetermination ofthe premium due to correction ofposting or other 

similar error; or · 

(3) 	 a policyholder dividend based upon the underwriting experi!)nce ofthe 

contract or group involved. 

y) 	 The term "U.S. Reportable Account" means a Financial Account maintained 

by a Reporting Bahrain Financial' Institution and held by one or more 

Specified U.S. Persons or by a Non-U.S. Entity with one or more Controlling 

Persons that is a Specified _U.S. Person. Notwithstanding the foregoing, an 

account shall not be treated ·as·a U.S. Reportable Account ifsuch account is 

not identified as a U.S. Reportable Account after application ofthe due 

diligence procedures in Annex L 

z) 	 The term "Account Holder" means the person listed or identified as the 

holder of a Financial Account by the Financial Institution that maintains the 

account. A person, other than a Financial Institution, holding a Financial 

Account for the benefit or account ofanother person as agent, custodian, 

nominee, signatory, investment advisor, or intermediary, is not treated as 

holding the account for purposes ofthis Agreement, and such other person is 

treated as holding the account. For purposes ofthe immediately preceding 

sentence, the term "Financial Institution" does not include a Financial 

5 

aa) 

bb) 

Institution organized or incorporated in a U.S. Territory. In the case ofa Cash 

Value Insurance Coqtract or an Annuity Contract, the Account Holder is any 

person entitled to access the Cash Value or change the beneficiary ofthe 

contract. Ifno person can access the Cash Value or change the beneficiary, the 

Account Holder is any person named as the. owner in the contract and any 

person with a vested entitlement to payment under the terms ofthe contract. 

Upon the maturity ofa Cash Value Insurance Contract or an Annuity Contract, 

each person entitled to receive a payment under the contract is treated as an 

Account Holder. · 

' The term "U.S. Person" means a U.S. citizen or resident individual, a 

partnership or corporation organized in the United States or under the law.s of 

the United States or any State thereof, a trust if (i) a court within the United 

States would have authority under applicable law to render orders or . 

. . judgments concerning substantially all issues regarding administration ofthe 

trust, and (ii) one or more U.S. persons have the authority to control all 

substantial decisions ofthe trust, or an estate of a decedent that is a citizen or 

resident ofthe United States. This subparagraph' !(aa) shall be interpreted in 

accordance with the u:s. Internal Revenue Code. 

The term "Specified U.S. Person" means a U.S. Person, other than: (i) a 

corporation the stock ofwhich is regularly traded on one or more established 

securities markets; (ii) any corporation that is a member ofthe same expanded 

affiliate.d group, as defined in section 147l(e)(2) ofthe U.S. Internal Ryvenμe 

Code, as a corporation described in clause (i); (iii) the United States or any 

wholly owned agency or instrumentality thereof; (iv) any State ofthe United 

States, ariy U.S·. Territory, any political subdivision of any ofthe foregoing, or 

any wholly owned agency or instrumentality ofany one or more ofthe 

foregoing; (v) any organization exempt from taxation under section 50l(a) of 

the U.S. Internal Revenue Code or an individual retirement plan as defined in 

section 770l(a)(37) ofthe U.S. Internal Revenue Code; (vi) any bank as 

defined in section 581 ofthe U.S. Internal Revenue Code; (vii) any real estate 

investment trust as defined in section 856 ofthe U.S. Internal Revenue Code; 

(viii) any regulated investment qompany as defined in section 851 ofthe U.S. 

Internal Revenue Code or any entity registered with the U.S. Securities and 

Exchange Commission under the Investment Company Act of 1940 (15 U.S.C. 

80a-64); (ix) any common trust fund as defined in section 584(a) ofthe U.S. 

Internal Revenue Code; (x) any trustthat is exempt from tax under section 

664(c) ofthe U.S. Internal Revenue Code or that is described in section 

4947(a)(l) ofthe U.S. Internal Revem1e Code; (xi) a dealer in securities, 

commodities, or derivative financial instruments (including notional principal 

contracts, futures, forwards, and options) that is registered as such under the 

laws ofthe United States or any State; (xii) a broker as defined in section 

6045(c) ofthe U.S. Internal Revenue Code; or (xiii) any tax-exempt trust 

under a plan that is described in section 403(b) or section 457(g) ofthe U.S. 

Internal Revenue Code. 

The term "Entity" means a legal person or a legal arrangement such as a trust. 

The term "Non-U.S. Entity" means an Entity that is not a U.S. Person. 

cc) 

dd) 

6 

ee) 	 The term "U.S. Source Withholdable Payment" means any payment of 

interest (including any original issue discount), dividends, rents, salaries, 

wages, premiums, annuities, compensations, remunerations, emoluments, and 

other fixed or determinable annual or periodical gains, profits, and income, if 

such payment is from sources within the United States. Notwithstanding the 

foregoing, a U.S. Source Withholdable Payment does not include anY payment 

that is not treated as a withholdable payment in relevant U.S: Treasury 

Regulations. 

ff) 	 An Entity is a "Related Entity" of another Entity if either Entity controls the 

other Entity, or the two Entities are under common control. For this purpose 

control includes direct or indirect ownership of more than 50 percent of the 

vote or value in an Entity. Notwithstanding the foregoing, Bahrain may treat 

an Entity as not a Related Entity of another Entity if the two Entities are not 

members of the same expanded affiliated group as defined in section 

1471(e)(2) ofthe U.S. Internal Revenue Code. 

gg) 	 The term "U.S. TIN" means a U.S. federal taxpayer identifying number. 

hh) 	 The term "Controlling Persons" means the natural persons who exercise 

control over an Entity. In the case ofa trust, such term means the settlor, the 

trustees, the protector (if any), the beneficiaries or class ofbeneficiaries, and 

any other natural person exercising ultimate effective control over the trust, 

and in the case ofa legal arrangement other than atrust, such term means 

persons in equivalent or similar positions. The term "Controlling Persons" 

shall be interpreted in a manner consistent with the Financial Action Task 

Force Recommendations. 

2. Any term not otherwise defined in this Agreement shall, unless the context otherwise 

requires or the Competent Authorities agree to a common meaning (as permitted by domestic 

law), have the meaning that it has at that time under the law ofthe Party applying this 

Agreement, any meaning under the applicable tax laws ofthat Party prevailing over a 

meaning given to the term under other laws ofthat Party. 

Article 2 


Obligations to Obtain and Exchange Information with Respect to U.S. Reportable 


Accounts 


I. Subject to the provisions ofArticle 3 ofthis Agreement, Bahrain shall obtain the 

information specified in paragraph 2 of this Article with respect to all U.S. Reportable 

Accounts and shall annually exchange this information with the United States on an 

automatic basis. 

2. The information to be obtained and exchanged with respect to each U.S. Reportable 

Account ofeach Reporting Bahrain Financial Institution is: 

a) 	 the name, address, and U.S. TIN of each Specified U.S. Person that is an 

Account Holder of such account and, in the case of a Non-U.S. Entity that, 

after application ofthe due diligence procedures set forth in Annex I, is 

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identified as having one or more Controlling Persons that is a Specified U.S. 

Person, the name, address, and U.S. TIN (if any) of such entity and each such 

Specified U.S. Person; · 

b) 	 the account number (or functional equivalent in the absence of an account 

number); 

c) 	 the name and identifying number ofthe Reporting Bahrain Financial 

Institution; 

d) 	 the account balance or value (including, in the case of a Cash Value Insurance 

Contract or Annuity Contract, the Cash Value or surrender value) as ofthe end 

ofthe relevant calendar year or other appropriate reporting period or, ifthe 

account was closed during such year, immediately before closure; 

e) 	 in the case of any Custodial Account: 

(1) 	 the total gross amount ofinterest, the total gross amount ofdividends, 

and the total gross amount ofother income generated with respect to 

the assets held in the account, in each case paid or credited to the 

account (or with respect to the account) during the calendar year or 

other appropriate reporting period; and 

(2) 	 the total gross proceeds from the sale or redemption of property paid or 

credited to the account during the calendar year or other appropriate 

reporting period with respect to which the Reporting Bahrain Financial 

Institution acted as a custodian, broker, noJTiinee, or otherwise as an 

agent for the Account Holder; 

f) 	 in the case ofany Depository Account, the total gross amount of interest paid 

or credited to the account during the calendar xear or other appropriate 

reporting period; and 

g) 	 in the case ofany account not described in subparagraph 2(e) or 2(f) ofthis 

Article, the total gross amount paid or credited to the Account Holder with 

respect to the account during the calendar year or other appropriate report!ng 

period with respect to .which the Reporting Bahrain Financial Institution is the 

obligor or debtor, including the aggregate amount of any redemption payments· 

made to the Account Holder during the calendar year or other appropriate 

reporting period. · 

Article 3 


Time and Manner of Exchange of Information 


1. · F~r purposes ofthe exchange obligation in Article 2 ofthis Agreement, the amount 

and characterization of payments made with respect to a U.S. Reportable Account may be' 

determined in accordance with the principles ofthe tax laws of B_ahrain. 

2. For purposes ofthe exchange obligation in Article 2 ofthis Agreeμient, the 

information exchanged shall identify the currency in which each relevant amount is 

8 

denominated. 

3. With respect to paragraph 2 ofArticle 2 ofthis Agreement, information is to be 

obtained and exchanged with respect to 2014 and all subsequent years, except that: 

a) 	 the information to be obtained and exchanged with respect to 2014 is only the 

information described in subparagraphs 2(a) through 2(d) ofArticle 2 ofthis 

Agreement; 

b) 	 the information to be obtained. and exchanged with respect to 2015 is the 

information described in subparagraphs 2(a) through 2(g) ofArticle 2 ofthis 

Agreement, except for gross proceeds described in subparagraph 2( e )(2) of 

Article 2 ofthis Agreement; and 

c) 	 the information to be obtained and exchanged with respect to 2016 and 

subsequent years is the information described in subparagraphs 2(a) through 

2(g) ofArticle 2 ofthis Agreement; 

4. Notwithstanding paragraph 3 ofthis Article, with respect to each U.S. Reportable 

Account maintained by a Reporting Bahrain Financial Institution as ofJune 30, 2014, and 

subject to paragraph 2 ofArticle 6 ofthis Agreement, Bahrain is not required to obtain and 

include in the exchanged information the U.S. TIN ofany relevant person if such U.S. TIN is 

not in the records ofthe Reporting Bahrain Financial Institution. In such a case, Bahrain 

shall obtain and include in the exc\langed information the date of birth of the relevant person, 

ifthe Reporting Bahrain Financial Institution has such date ofbirth in its records. 

5. Subject to paragraphs 3 and 4ofthis Article, the information described in Article 2 of 

this Agreement shall be exchanged by the later ofnine months after the end ofthe calendar 

year to which the information·relates or the next September 30th after the Agreement enters 

into force. · 

-. 6. The Competent Authorities ofBahrain and the United States shall enter into an 

agreement or arrangement under the mutual agreement procedure provided for in Article 8 of 

this Agreement, which shall: 

a) 	 establish the procedures for the automatic exchange obligations .described in 

Article 2 ofthis Agreement; 

b) 	 prescribe rules and procedures as may be necessary to implement Article 5 of 

this Agreement; and 

c) 	 establish as necessary procedures for the exchange ofthe information reported 

under subparagraph 1 (b) ofArticle 4 ofthis Agreement 

7. All information exchanged shall be subject to the confidentiality and other proteptions· 

provided for in Article 9 ofthis Agreement, including the provisions limiting th~ use ofthe 

information exchanged. " 

9 

Article 4 . 

Application of FATCA to Bahrain Financial Institutions 

I. Treatment of Reporting Bahrain Financial Institutions. Each Reporting Bahrain 

Financial Institution shall be treated as complying with, and not subject to withholding under, 

section 1471 ofthe U.S. Internal Revenue Code ifBahrain complies with its obligations 

under Articles 2 and 3 ofthis Agreement with respect to such Reporting Bahrain Financial 

Institution, and the Reporting Bahrain Financial Institution: 

a) 	 identifies U.S. Reportable Accounts and reports annually to the Bahrain 

Competent Authority the information required to be reported in paragraph 2 of 

Article 2 ofthis Agreement in the time and manner described in Article 3 of 

this Agreement; 

b) 	 for each of2015 and 2016, reports annually to the Bahrain Competent 

Authority the name ofeach Nonparticipating Finanyial Institution to which it 

has made payments and the aggregate amount of such payments; 

c) 	 complies with the applicable registration requirements on the IRS FATCA 

registration wel:isite; · · .. 

d) 	 to the extent that a Reporting Bahrain Financial Institution is (i) acting as a 

qualified intermediary (for purposes of section !Ml ofthe U.S. Irttemal 

Revenue Code) that.has elected to assume primary withholding responsibility 

under chapter 3 of subtitle A ofthe U.S. Internal Revenue Code, (ii) a foreign 

partnership that has elected to act as a withholding foreign partnership (for 

purposes of both sections 1441 and 1471 ofthe U.S. Internal Revenue Code)', 

or (iii) a foreign trust that has elected to act as a withholding foreign trust (fo~ 

purposes ofboth sections 1441and1471 ofthe U:S. Internal Revenue Code), 

withholds 30 percent ofany U.S. Source Withholdable Payment to any 

Nonparticipating Financial Institution; and 

e) 	 in the ease ofa Reporting Bahrain Financial Institution that is not described fn 

subparagraph l(d) ofthis Article and that makes a payment of, or acts as an 

intermediary with respect to, a U.S. Source Withholdable Payment to any 

Nonparticipating Financial Institution, tlie Reporting Bahrain Financial 

Institution provides to any immediate payor of such U.S. Source Withholdable 

Payment the information required for withholding and reporting to occur with 

respect to such payment. 

Notwithstanding the foregoing, a Reporting Bahrain Financial Institution with respect to 

which the conditions ofthis paragraph I are not satisfied shall not be subject to withholding 

under section 1471 of the U.S. Internal Revenue Code unless such Reporting Bahrain 

Financial Institution is treated by the IRS as a Nonparticipating Financial Institution pursuant 

to subparagraph 3(b) ofArticle 5 of this Agreement. 

2.. Suspension of Rules Relating to Recalcitrant Accounts. The United States shall 

not require a Reporting Bahrain Financial Institution to withhold tax under section 1471 or 

1472 ofthe U.S. Internal Revenue Code with respect to an account held by a recalcitrant 

account holder (as defined in section 147l(d)(6) ofthe U.S. Internal Revenue Code), or to 

10 

close such account, ifthe U.S. Competent Authority receives the information set forth in 

paragraph 2 ofArticle 2 ofthis Agreeme°'t, subject to the provisions ofArticle 3 ofthis 

Agreement, with respect to such account. 

3. Specific Treatment of Bahrain Retirement Plans. The United States shall treat as 

deemed-compliant FFis or exempt beneficial owners, as appropriate, for purposes ofsections 

1471and1472 ofthe U.S. Internal Revenue Code, Bahrain retirement plans described in 

Annex II. For this purpose, a Bahrain retirement plan includes an Entity established or 

located in, and regulated by, Ba,hrain, or a predetermined contractual or legal arrangement, 

operated to provide pension or retirement benefits or earn income for providing such benefits 

under the laws of Bahrain and regulated with respect to contributions, distributions, reporting, 

sponsorship, and taxation, 

4. Identification and Treatment of Other Deemed-Compliant FFls and Exempt 

Beneficial Owners. The United States shall treat each Non-Reporting Bahrain Financial 

Institution as a deemed-compliant FFI or as an exempt beneficial owner, as appropriate, for 

purposes ofsection 1471 of the U.S. Internal Revenue Code. 

5. Special Rules Regarding Related Entities and Branches That Are 

Nonparticipating Financial Institutions•.Ifa Bahrain Financial Institution, that otherwise 

meets the requirements described in paragraph Lofthis Article or is described in' paragraph 3 

or 4 of this Article, has a Related Entity or branch that operates in a jurisdiction that prevents 

such Related Entity or branch from fulfilling the requirements of a participating FFI or 

deemed-compliant FFI for purposes ofsection 1471 ofthe U.S. Internal Revenue Code or has 

a Related Entity or branch that is treated as a Nonparticipating Financial Institution solely due 

to the expiration ofthe transitional rule for limited FFis and limited branches under relevant 

U.S. Treasury Regulations, such Bahrain Financial Institution shall continue to be in 

compliance with the terms ofthis Agreement and shall continue to be treated ·as a deemedcompliant FFI or exempt beneficial owner, as appropriate,'for purposes ofsection 1471 ofthe 

U.S. Internal Revenue Code, provided that: · 

a) 	 the Bahrain Financial Institution treats' each such_ Related Entity or branch as a. 

separate Nonparticipating Financial Institution fi;ir purposes ofall the reporting 

and withholding requirements of this Agreement and each such Related Entity 

or branch identifies itself to withholding agents as a Nonparticipating 

Financial Institution; ' 

b) 	 each such Related Entity or branch identifies its U.S". accounts and reports the 

information with respect to those accounts asTequired under section 1471 of 

the U.S. Internal Revenue Code to the extent permitted under the relevant Jaws 

pertaining to the Related Entity or branch; and 

c) 	 such Related Entity or branch does not specifically solicit U.S. accounts-held 

by persons that are-not resident in the jurisdiction where such Related Entity 

or branch is located or accounts held by Nonparticipating Financial 

Institutions that are not established in the jurisdiction where such Related 

Entity or branch is located, and such Related Entity or branch is n&t used by 

the Bahrain Financial Institution or any other Related Entity to circumvent the 

obligations under this Agreement or under section 1471 ofthe U.S. Internal 

Revenue Code, as appropriate. 

11 

6. Coordination of Timing. Notwithstanding paragraphs 3 and 5 ofArticle 3 ofthis 

Agreement: 

a) 	 Bahrain shall not be obligated to obtain and exchange information with respect 

to a calendar year that is prior to the calendar year with respect to which 

similar information is required to be rep011:ed to the IRS by participating FFis 

pursuant to relevant U.S. Treasury Regulations; and 

b) 	 Bahrain shall not be obligated to begin exchanging information prior to the 

date by which participating FFis are required to rep9rt similar information to 

the IRS under relevant U.S. Treasury Regulations. 

7. Coordination of Definitions with U.S. Treasury Regulations. Notwithstanding 

Article l ofthis Agreement and the definitions provided in the Annexes to this Agreement, in 

implementing this Agreement, Bahrllin may use, and may permit Bahrain Financial 

Institutions to use, a definition in relevant U.S. Treasury Regulations in lieu of a 

corresponding definition in this Agreement, provided that such application would not 

frustrate the purposes ofthis Agreement. . 

Article 5 


Collaboration on Compliance and Enforcement 


l. General Inquiries. Subject to any further terms set forth in a competent authority 

agreement concluded pursuant to paragraph 6 ofArticle 3 ofthis Agreement, the U.S. 

Competent Authority may make follow-up requests to the Bahrain Competent Authority, 

pursuant to which the Bahrain Competent Authority shall obtain and provide additional 

information with respect to a U.S. Reportable Account, including the account statenients 

prepared in the ordinary course ofa Reporting Bahrain Financial Institution's business ;hat 

summarize the activity (including withdrawals, transfers, and closures) of the U.S. Reportable 

Account.· 

2. Minor and Administrative Errors. The U.S. Competent Authority shall notify \he, 

Bahrain Competent Authority when the U.S. Competent Authority has reason to believe that 

administrative errors or other minor errors may have led to incorrect or incomplete 

information reporting or resulted in other infringements of this Agreement. The Bahrain 

Competent Authority shall apply its domestic law (including applicable penalties) to 

obtain corrected and/or complete information or to resolve other infringements ofthis 

Agreement. 

3. 	 Significant Non-Compliance. 

a) 	 The U.S. Competent Authority shall notify the Bahrain Competent Authority 

when the U.S. Competent Authority has determined that there is significant 

non-compliance with the obligations under this Agreement with respect to a 

Reporting Bahrain Financial Institution. The Bahrain Competent Authority 

shall apply its domestic law (including applicable penalties) to address the 

significant non-compliance described in the notice. 

b) 	 Ifsuch enforcement actions do not resolve the non-compliance within a period 

12 

of 18 months after notification ofsignificant non-compliance is first provided 

by the U.S. Competent Authority, the United States shall treat the Reporting 

Bahrain Financial Institution as a Nonparticipating Financial Institution 

pursuant to this subpar~aph 3 (b ). ' 

4. Reliance on Third Partv Service Providers. Bahrain may allow Reporting Bahrain 

Financial Institutions to use third party' service providers to fulfill the obligations imposed on 

such Reporting Bahrain Financial Institutions by Bahrain, as contemplated in this Agreement, 

but these obligations shall remain the responsibility ofthe Reporting Bahrain Financial 

Institutions. 

5. Prevention ofAvoidance. Bahrain shall implement as necessary requirements to 

prevent Financial Institutions from adopting practices intended to circumvent the reporting 

required under this Agreement. ' 

Article 6 


Mutual Commitment to Continue to Enhance the Effectiveness of Information. 


Exchange and Transparency 


I. Treatment of Passthrn Payments and Gross Proceeds. ·The Parties are committed 

to work together, along with Partner Jurisdictions, to develop·a practical and effective 

alternative approach to achieve the policy objectives offoreign passthru payment a_n.d gross 

proceeds withholding that minimizes burden. 

2. Documentation ofAccounts Maintained as ofJune 30. 2014. With respect to U.S. 

Reportable Accounts maintained by a Reporting Bahrain Financial Institution as ofJune 30: 

2014, Bahrain commits to establish, by January l, 2017, for reporting with.respect to 2017 

and subsequent years, rules requiring Reporting Bahrain Financi:tl Institutions to' obtain the 

U.S. TIN ofeach Specified U.S. Person as required pursuant to subparagraph 2(a) ofArticle 2 

ofthis ,Agreement. 

· Article 7 

Consistency in the Application ofFATCA to Partner Jurisdictions, 

I. Bahrain shall be granted the benefit of any more favorable terms under Article 4.or 

Annex I ofthis Agreement relating to the appli,cation ofFATCA to Bahrain Financial 

Institutions afforded to another Partner Jurisdiction under a signed bilateral agreement 

pursuant to which the other Partner Jurisdiction commits to undertake the same obligations as 

Bahrain described in Articles 2 and 3 ofthis Agreement, and subject to the same terms and 

conditions as described therein-and in Articles 5, 6, 7, JO and 11 ofthis Agreement. 

2. The United States shall notify Bahrain of any such more favorable terms, and such 

more favorable terms shall apply automatically under this Agreement as if such terms were 

specified in this Agreement and effective as of the date of signing ofthe agreement 

incorporating the more favorable terms, unless Bahrain declines in writing the application 

thereof. 

13 

Article 8 


Mutual Agreement Procedure 


I. Where difficulties or qoubts arise between the Parties regarding the impJementatiop, 

application, or interpretation ofthis Agreement, the Competent Authorities shall ende;avor to 

resolve the matter by mutual agreement. 

2. The Competent Authorities may adopt and implement procedures to facilitate the 

implementation ofthis Agreement. 

3. The Competent Authorities may communicate with eac)l other directly for purposes of 

reaching a mutual agreement under this Article. 

Article 9 


Confidentiality 


1. The Bahrain Competent Authority shall treat any information received from the 

United States pursuant to Article 5 ofthis Agreement as confidential and shall only disclose 

such information as may be necessary to carry out its obligations under this Agreement. Such 

information may be disclosed in connection with court proceedings related to the 

performance ofthe obligations ofBahrain under this Agreement. 

2. Information provided to the U.S. Competent Authority pursuant Articles 2 and 5 of 

this Agreement shall be·treated as confidential and may be disclosed only to persons or 

authorities (including courts and administrative bodies) ofthe Government ofthe United 

States concerned with the assessment, c_ollection, or administration of, the enforcement or 

prosecution in respect of, or the determination ofappeals in relation to, U.S. federal taxes, or 

the oversight ofsuch functions. Such persons or authorities shall use such information only 

for such purposes. Such persons may disclose the information in public court proceedings or 

in judicial decisions. The information may not be disclosed to any other person, entity, 

authority, orjurisdiction. Notwithstanding the foregoing, where Bahrain provides prior, 

written consent, the information may be used for purposes permitted under the provisions of a 

mutual legal assistance treaty in force between the Parties that allows for the exc~ange oftax 

information. 

Article 10 


Consultations and Amendments 


1. In case any difficulties in the implementation ofthis Agreement arise, either Party 

may, independently ofthe-mutual agreement procedure described in paragraph 1 ofArticle 8 

ofthis Agreement, request consultations to develop appropriate mea~ures to ensure the 

fulfillment ofthis Agreement. 

2. This· Agreement may be amended by written mutual agreement ofthe Parties. Unless 

otherwise agreed upon, such an amendment shall enter into force through the same 

procedures as set forth in paragraph 1 of Article 12 ofthis Agreement. 

14 

Article 11 


Annexes 


The Annexes form an integral part ofthis Agreement. 

Article 12 


Term ofAgreem,ent 


I. This Agreement shall enter into force on the date of Bahrain's written notification to 

the United ·States that Bahrain has completed its necessary internal procedures for entry into 

force ofthis Agreement. 

2. Either Party may terminate this Agreement by giving notice oftermination in writing 

to the other Party. Such termination shall become effective on the first day ofthe month 

following the expiration of a period of 12 months after the date ofthe notice oftermination. 

3. The Parties shall, prior to December 31, 2018, consult.in-good faith to amend this 

Agreement as necessary to reflect progress on the commitments set forth in Article 6 ofthis 

Agreement. 

4. Ifthis Agreement is terminated, both Parties shall remain bound by the provisions of 

Article 9 ofthis Agreement with respect to any information obtained under this Agreement. . . 

In witness whereof, the undersigned, being duly authorized thereto by their respective 

Governments, have signed this Agreement. 

Done at fl1aoc.M c. ·,·in duplicate, in the English and Arabic languages, both texts being 

equally authentic, this Jf.'day ofL.."1ry , 20Q. 

FOR THE GOVERNMENT OF . FOR THE GOVERNMENT OF THE 

THE UNITED STATES OF AMERICA: KINGDOM OF BAHRAIN: 

William V."Roebuck Ahmed bin Mohammed AI Khalifa 

•Ambassador of the United States of 

Amefj~lal~ Mm~.r~

• 

15 

ANNEX I 


DUE DILIGENCE OBLIGATIONS FOR IDENTIFYING AND REPORTING ON U.S. 


REPORTABLE ACCOUNTS AND ON PAYMENTS TO CERTAIN 


NONPARTICIPATING FINANCIAL INSTITUTIONS 


I. General. 

A. Bahrain shall require that Reporting Bahrain Financial Institutions apply the 

due diligence procedures contained in this Annex I to identify U.S. Reportable 

Accounts and accounts held by Nonparticipating Financial Institutions. 

B. For purposes ofthe Agreement, 

I. All dollar amounts are in U.S. tlollars and shall be read to include the 

equivalent in other currencies. 

2. Except as otherwise provided herein, the balance or value ofan 

account shall be determined as ofthe last day ofthe calendar year or other 

appropriate reporting period. 

3. Where a balance or value threshold is to be determined as ofJune 30, 

2014 under this Annex I, the relevant balance or value shall be determined as 

ofthat day or the last day ofthe reporting period ending immediately before 

June 30, 2014, and where a balance or value threshold is to be determined as 

ofthe last day of a calendar year under this Annex I, the relevant balance or 

value shall be determined as oftlie last day 9fthe calendar year or other 

appropriate reporting period. 

4. Subject to subparagraph E(l) of section II ofthis Annex I, an account 

shall be treated as a U.S. Reportable Accoμnt beginning as ofthe date it is 

identified as such pursuant to the due diligence procedures in this Annex I. 

5. Unless otherwise provided, information with respect to ·a U.S. 

Reportable Account shall be reported annually in the calendar year following 

the year to which the information relates. 

C. As an alternative to the procedures described in each section ofthis Annex I, 

Bahrain may permit Reporting Bahrain Financial Institutions to rely on the procedures 

described in relevant U.S. Treasury Regulations to establish whether an account is a 

U.S. Reportable Account or an account held by a Nonparticipating Financial 

Institution. Bahrain may permit Reporting Bahrain Financial Institutions to make such 

election separately for each section ofthis Annex I either with respect to ill! relevant 

Financial Accounts or, separately, with respect to any clearly identified group of such 

accounts (such as by line ofbusiness or the location ofwhere the account is 

maintained). 

II. Preexisting Individual Accounts. The following rules and procedures apply 

for purposes of identifying U.S. Reportable Accounts among Preexisting Accounts 

held by individuals ("Preexisting Individual Accounts"). 

Annex I- I 
A. 	 Accounts Not Required to Be Reviewed, Identified, or Reported. Unless 

the Reporting Bahrain Financial Institution elects otherwise, either with 

respect to ·an Preexisting Individual Accounts or, separately, with respect to 

any clearly identified group of such accounts, where the implementing rules in 

Bahrain provide for such an election, the following Preexisting Individual 

Accounts are not required to be reviewed, identified, or reported as U.S. 

Reportable Accounts: 

1. Subject to subparagraph E(2) ofthis section, a Preexisting Individual 

Account with a balance or value that does not exceed $50,000 as of June 30, 

2014. 

2. Subject to subparagraph E(2) ofthis section, a Preexisting Individual 

Account that is a Cash Value Insurance Contract or an Annuity Contract with a 

balance or value of$250,000 or less as ofJune 30, 2014. 

3: A Preexisting Individual Account that is a Cash Value Insurance 

Contract or an Annuity Contract, provided the law or regulations ofBahrain or 

the United States effectively prevent the sale of such a Cash Value Insurance 

Contract or an Annuity Contract to U.S. residents (e.g., if the relevant 

Financial Institution does not have the required registration under U.S. law, 

and the"law ofBahrain requires reporting or withholding with respect to 

insurance products held by residents ofBahrain). 

4. A Depository Account with a balance of$50,000 or less. 

B. Review Procedures for Preexisting Individual Accounts With a Balance or 

Value as of June 30. 2014, that Exceeds $50,000 ($250,000 for a Cash Value 

Insurance Contract or Annuity Contract), But Does Not Exceed $1,000,000 

("Lower Value Accounts"). 

l. Electronic Record Search. The Reporting Bahrain Financial 

Institution must review electronically searchable data maintained by the 

Reporting Bahrain Financial Institution for any ofthe following U.S. indicia: 

a) Identification ofthe Account Holder as a U.S. citizen or 

resident; 

b) Unambiguous indication of a U.S. place of birth; 

c) Current U.S. mailing or residence address (including a U.S. 

post office box); 

d) Current U.S. telephone number; 

e) Standing instructions to transfer funds to an account maintained 

in the United States; 

f) Currently effective power ofattorney or signatory authority 

AnnexI-2 
granted to a person with a U.S. address; or 

g) An "in-care-of' or "hold mail" address that is the sole address 

the Reporting Bahrain Financial Institution has on file for the Account 

Holder. In the case ofa Preexisting Individual Account that is a Lower 

Value Account, an "in-care-of' address outside the United States or 

"hold mail" address shall not bi: treated as U.S. indicia. · 

2. Ifnone ofthe U.S. indicia listed in subparagraph B(l) ofthis section 

are discovered in the electronic search, then no further action is required until 

there is a change in circumstances that results in one or more U.S. indicia 

being associated with the account, or the account becomes a High Value 

Account described in paragraph D ofthis section. 

3. Ifany ofthe U.S. indicia listed in subparagraph B(l) ofthis section are 

discovered in the electronic search, or if there is a change in circumstances 

that results in one or more U.S. indicia lieing associated with the account, then 

the Reporting Bahrain Financial Institution must treat the account as a U.S. 

Reportable Account unless it elects to apply subparagraph B(4) ofthis section 

and ~me ofthe exceptions in such subparagraph applies with respect to that 

account. 

4. Notwithstanding a finding ofU.S. indicia under subparagraph B(l) of 

this section, a Reporting Bahrain Financial Institution is not required to treat 

an account as a U.S. Reportable Account if: 

a) Where the Account Holder information unambiguously 

indicates a U.S. place ofbirth, the Reporting Bahrain Financial 

Institution obtains, or has previously reviewed and maintains a record 

of: 

(I) A self-certification that the Account Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be 

on an IRS Form W-8 or other similar agreed form); 

(2) A non-U.S. passport or other government-issued 

identification evidencing the Account Holder's citizenship or 

nationality in a country other than the United States; and 

(3) A copy ofthe Account Holder's Certificate ofLoss of 

Nationalify ofthe United States or a reasonable explanation of: 

(a) The reason the Account Holder does not have 

such a certificate despite relinquishing U.S. citizenship; 

or 

(b) The reason the Account Holder did not obtain 

U.S. citizenship at birth. 

b) Wliere the Account Holder information contains a current U.S. 

· AnnexI-3 
mailing or residence address, or one or more U.S. telephone numbers 

that are the only telephone numbers associated with the account, the 

Reporting Bahrain Financial Institution obtains, or has previously 

reviewed and maintains a record of: 

(1) A'self-certification that the Acc0unt Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be 

on an IRS Form W-8 or other similar agreed form); and 

(2) Documentary evidence, as defined in paragraph D of 

section VI ofthis Annex I, establishing the Account Holder's 

non-U.S. status. 

c) Where the Account Holder information contains standing 

instructions to transfer funds to an account maintained in the United 

States, the Reporting Bahrain Financial Institution obtains, or has 

previously reviewed and maintains a record of: 

(l) A self-certification that the Account Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be 

on an IRS Form W-8 or other similar agreed form); and 

(2) Documentary evidence, as defined in paragraph D of 

section VI ofthis Annex I, establishing the Account Holder's 

non-U.S. status. 

d) Where the Account Holder information contains a cu"ently 

effective power ofattorney or signatory authority granted to a person 

with a U.S. address, has an "in-care-of' address or "hold mail" 

address that is the sole address identified for the Account Holder, or 

has one or more U.S. telephone numbers (ifa non-U.S. telephone 

number is also associated with the account), the Reporting Bahrain 

Financial Institution obtains, or has previously reviewed and maintains 

a record of: 

(l) A self-certification that the Account Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be 

on an IRS Form W-8 or other similar agreed form); or 

(2) Documentary evidence, as defined in paragraph D of 

section VI ofthis Annex I, establishing the Account Holder's 

non-U.S. status. · 

C. Additional Procedures Applicable to Preexisting Individual Accounts 

That Are Lower Value Accounts. 

l. Review ofPreexisting Individual Accounts that are Lower Value 

Accounts for U.S. indicia must be completed by June 30, 2016. 

2. Ifthere is a change ofcircumstances with respect to a Preexisting 

AnnexI-4 
Individual Account that is a Lower Value Account that results in one or more 

U.S. indicia described in subparagraph B(l) ofthis section being associated 

with the account, then the Reporting Bahrain Financial Institution must treat 

the account as a U.S. Reportable Account unless subparagraph B( 4) ofthis 

section applies. 

3. Except for Depository Accounts described in subparagraph A( 4) ofthis 

section, any Preexisting Individual Account that has been identified as a U.S. 

Reportable Account under this section shall oe treated as a U.S. Reportable 

Account in all subsequent years, unless the Account Holder ceases to be a 

Specified U.S. Person. 

D. Enhanced Review Procedures for Preexisting Individual Accounts With a 

Balance or Value That Exceeds $1,000.000 as of June 30, 2014. or December 31 of 

2015 or Any Subsequent Year ("High Value Accounts"). 

1. Electronic Record Search. The Reporting Bahrain Financial 

Institution must review electronically searchable data maintained by the 

Reporting Bahrain Financial Institution for any ofthe U.S. indicia described in 

subparagraph B(l) ofthis section. 

2. Paper Record Search. Ifthe Reporting Bahrain Financial 

Institution's electronically searchable databa5es include fields for, and capture 

l!ll ofthe information described in, subparagraph D(3) ofthis section, then no 

further paper record search is required. Ifthe electronic databases do not 

capture all ofthis information, then with respect to a High Value Account, the 

Reporting Bahrain Financial Institution must also review the current customer 

master file and, to the extent not contained in the current customer master file, 

the following documents associated with the account and obtained by the 

Reporting Bahrain Financial Institution within the last five years for any ofthe 

U.S. indicia described in subparagraph B(l) ofthis section: 

. . · a) The most recent documentary e:vidence collected with respect 

to the account; 

b) The most recent account opening contract or documentation; 

c) The most recent documentation obtained by the Reporting 

Bahrain Financial Institution pursuant to AML/KYC Procedures or for 

other regulatory purposes; 

d) Any power of attorney or signature authority forms currently in 

effect; and 

e) Any standing instructions to transfer funds currently in effect. 

3. Execution Where Databases Contain Sufficient Information. A 

Reporting Bahrain Financial Institution is not required to perform the paper 

record search described in subparagraph D(2) ofthis section ifthe Reporting 

Bahrain Financial Institution's electronically searchable information includes 

Annex l-5 
the following: 

a) The Account Holder's nationality or residence status; 

b) The Account Holder's residence address and mailing address 

currently on file with the Reporting Bahrain Financial Institution; 

c) The Account Holder's telephone number(s) currently on file, if 

any, with the Reporting Bahrain Financial Institution; 

d) Whether there are standing instructions to transfer funds in the 

account to 11nother account (including an account at another branch of 

the Reporting Bahrain Financial Institution or another Financial 

Institution); 

e) Whether there is a current "in-care-of" address or "hold mail" 

address for the Account Holder; and 

f) Whether there is any power ofattorney or signatory authority 

for the account. 

4. Relationship Manager Inquiry for Actual Knowledge. In addition 

to the electronic and paper record searches described above, the Reporting 

Bahrain Financial Institution must treat as a U.S. Reportable Account any 

High Value Account assigned to a relationship manager (including any 

Financial Accounts aggregated with such High Value Account) ifthe 

relationship manager has actual knowledge that the Account Holder is a 

Specified U.S. Person. 

5. Effect of Finding U.S. lndicia. 

a) Ifnone ofthe U.S. indicia listed in subparagraph B(I) ofthis 

section are discovered in the enhanced review ofHigh Value Accounts 

described above, and the account is not identified as held by a 

Specified U.S. Person in subparagraph D(4) of this section, then no 

further action is required until there is a change in circumstances that 

results in one or more U.S. indicia being associated with the account. 

b) Ifany ofthe U.S. indicia listed in subparagraph B(l) ofthis 

section are discovered in the enhanced review ofHigh Value Accounts 

described above, or ifthere is a subsequent change in cir9umstances 

that results in one or more U.S. indicia being associated with the 

account, then the Reporting Bahrain Financial Institution must treat the 

account as a U.S. Reportable Account unless it elects to apply 

subparagraph B(4) of this section and one ofthe exceptions in such 

subparagraph applies with respect to that account. 

c) Except for Depository Accounts described in subparagraph 

A(4) ofthis section, any Preexisting Individual Account that has been 

identified as a U.S. Reportable Account under this section shall be ­

AnnexI-6 
treated as a U.S. Reportable Account in all subsequent years, unless the 

Account Holder ceases to be a Specified U.S. Person. 

E. Additional Procedures Applicable to High Value Accounts. 

I. Ifa Preexisting Individual Account is a High Value Account as ofJune 

30, 2014, the Reporting Bahrain Financial Institution must complete the 

enhanced review procedures described in paragraph D ofthis section with 

respect to such account by June 30, 2015. Ifbased on this review such account 

is identified as a U.S. Reportable Account on or before December 31, 2014, 

the Reporting Bahrain Financial Institution must report the required 

information about such account with respect to 2014 in the first report on the 

account and on an annual basis thereafter. In the case ofan account identified 

as a U.S. Reportable Account after December 31, 2014 and on or before June 

30, 2015, the Reporting Bahrain Financial Institution is not required to report 

information about such account with respect to 2014, but must report 

information about the account on an annual basis thereafter. 

2. Ifa Preexisting Individual Account is not a High Value Account as of 

June 30, 2014, but becomes a High Value Account as ofthe last day of2015 or 

any subsequent calendar year, the Reporting Bahrain Financial Institution 

must complete the enhanced review procedures described in paragraph D of 

this section with respect to such account within six months after the last day of 

the calendar year in which the account becomes a High Value Account. If 

based on this review such account is identified as a U.S. Reportable Account, 

the Reporting Bahrain Financial Institution must report the required 

information about such account with respect to the year in which it is 

identified as a U.S. Reportable Account and subsequent years on an annual 

basis, unless the Account Holder ceases -to be a Specified U.S. Person. 

3. Once a Reporting Bahrain Financial Institiition applies the enhanced 

review procedures described in paragraph D ofthis section to a High Value 

Account, the Reporting Bahrain Financial Institution is not required to reapply such procedures, other than the relationship manager inquiry described 

in subparagraph D( 4) ofthis section, to the same High Value Account in any 

subsequent year. · 

4. Ifthere is a change of circumstances with respect to a High Value 

Account that results in one or.more U.S. indicia described in subparagraph 

B(l) ofthis section being associated with the account, then the Reporting 

Bahrain Financial Institution must treat the account as a U.S. Reportable 

Account unless it elects to apply subparagraph B(4) ofthis section and one of 

the exceptions in such subparagraph applies with respect to that account. 

5. A Reporting Bahrain Financial Institution must implement procedures 

to ensure that a relationship manager identifies any change in circumstances of 

an account. For example, if a relationship manager is notified that the 

Account Holder has a new mailing address in the United States, the Reporting 

Bahrain Financial Institution is required to treat the new address as a change in 

circumstances and, ifit elects to apply subparagraph B(4) ofthis section, is 

Annexl-7 
required tu obtain the appropriate documentation from the Account Holder. 

F. Preexisting lndividnal Accounts That Have Been Documented for Certain 

Other Purposes. A Reporting Bahrain Financial Institution that has previously 

obtained documentation from an Account Holder to establish the Account Holder's 

status as neither a U.S. citizen nor a U.S. resident in order to meet its obligations 

under a qualified intermediary, withholding foreign partnership, or withholding 

foreign trust agreement with the IRS, or to fulfill its obligations under chapter 61 of 

Title 26 of the United States Code, is not required to perform the procedures described 

in subparagraph B(l) ofthis section with respect to Lower Value Accounts or 

subparagraphs D(l) through D(3) ofthis section with respect to High Value Accounts. 

III. New Individual Accounts. The following rules and procedures apply for 

purposes of identifying U.S. Reportable Accounts among Financial Accounts held by 

individuals and opened on or after July l, 2014 ("New Individual Accounts"). 

A. Accounts Not Required to Be Reviewed, Identified, or Reported. Unless 

the Reporting Bahrain Financial Institution elects otherwise, either with respect to all 

New Individual Accounts or, separately, with respect to any clearly identified group of 

such accounts, where the implementing rules in Bahrain provide for such an election, 

the following New Individual Accounts are not required to be reviewed, identified, or 

reported as U.S. Reportable Accounts: 

I. A Depository Account unless the account balance exceeds $50,000 at 

the end ofany calendar year or other appropriate reporting period. 

2. A Cash Value Insurance Contract unless the Cash Value exceeds 

$50,000 at the end of any calendar year or other appropriate reporting period. 

B. Other New Individual Accounts. With respect to New Individual Accounts 

not described in paragraph A ofthis section, upon account opening (or within 90 days 

after the end ofthe calendar year in which the account ceases to be described in 

paragraph A ofthis section), the Reporting Bahrain Financial Institution must obtain a 

self-certification, which may be part ofthe account opening documentation, that 

allows the Reporting Bahrain Financial Institution to determine whether the Account 

Holder is resident in the United States for tax purposes (for this purpose, a U.S. 

citizen is considered to be resident in the United States for tax purposes, even ifthe 

. Account Holder is also a tax resident of another jurisdiction) and confirm the 

reasonableness ofsuch self-certification based on the information obtained by the 

Reporting Bahrain Financial Institution in connection with the opening ofthe account, 

including any documentation collected pursuant to AML/KYC Procedures. 

I. Ifthe self-certification establishes that the Account Holder is resident 

in the United States for tax purposes, the Reporting Bahrain Financial 

Institution must treat the account as a U.S. Reportable Account and obtain a 

self-certification that includes the Account Holder's U.S. TIN (which may be 

11n IRS Form W-9 or other similar agreed form). 

2. Ifthere is a change ofcircumstances with respect to a New Inc\.ividual 

Account that causei the Reporting Bahrain Financial Institution to know, or 

AnnexI-8 
have reason to know, that the original self-certification is incorrect or 

unreliable, the Reporting Bahrain Financial Institution cannot rely on the 

original self-certification and must obtain a valid self-certification that 

establishes whether the Account Holder is a U.S. citizen or resident for U.S. 

tax purposes. Ifthe Reporting Bahrain Financial Institution is unable to obtain 

a valid self-certification, the Reporting Bahrain Financial Institution must treat 

the account as a U.S. Reportable Account. 

IV. Preexisting Entity Accounts. The following rules and procedures apply for 

purposes of identifying U.S. Reportable Accounts and accounts held by 

Nonparticipating Financial Institutions among Preexisting Accounts held by Entities 

("Preexisting Entity Accounts"). 

A. Entity Accounts Not Required to Be Reviewed, Identified or Reported. 

Unless the Reporting Bahrain Financial Institution elects otherwise, either with 

respect to all Preexisting Entity Accounts or, separately, with respect to any clearly 

identified group of such accounts, where the implementing rules in Bahrain provide 

for such an election, a Preexisting Entity Account with an account balance or value 

that does not exceed $250,000 as ofJune 30, 2014, is not required to be reviewed, 

identified, or reported as a U.S. Reportable Account until the account balance or value 

exceeds $1,000,000. 

B. Entity Accounts Subject to Review. A Preexisting Entity Account that has 

an account balance or value that exceeds $250,000 as ofJune 30, 2014, and a 

Preexisting Entity Account that does not exceed $250,000 as of June 30, 2014 but the 

account balance or value ofwhich exceeds $1,000,000 as ofthe last day of2015 or 

any subsequent calendar year, must be reviewed in accordance with the procedures set 

forth in paragraph D ofthis section. 

C. Entity Accounts With Respect to Which Reporting Is Required. With 

respect to Preexisting Entity Accounts described in paragraph B ofthis section, only 

accounts that are held by one or more Entities that are Specified U.S. Persons, or by 

Passive NFFEs with one or more Controlling Persons who are U.S. citizens or 

residents, shall be treated as U.S. Reportable Accounts. In addition, accounts held by 

Nonparticipating Financial Institutions shall be treated as accounts for which 

aggregate payments as described in subparagraph I (b) ofArtfole 4 ofthe Agreement 

are reported to the Ba~ain Competent Authority. 

D. Review Procedures for Identifying Entity Accounts With Respect to 

Which Reporting Is Required. ·For Preexisting Entity Accounts described in 

paragraphB ofthis section, the Reporting Bahrain Financial Institution must apply 

the following review procedures to determine whether the account is held by one or 

more Specified U.S. Persons, by Passive NFFEs with one or more Controlling 

Persons who are U.S. citizens or residents, or by Nonparticipating Financial 

Institutions: 

l. Determine Whether the Entity Is a Specified U.S. Person. 

a) Review information maintained for regulatory or customer 

relationship purposes (including information collected pursuant to 

Annexl-9 
AMUKYC Procedures) to detennine whether the infonnation 

indipates that the Account Holder is a U.S. Person. For this purpose, 

infonnation indicating that the Account Holder is a U.S. Person 

includes a U.S. place of incorporation or organization, or a U.S. 

address. 

b) Ifthe infonnation indicates that the Account Holder is a U.S. 

Person, the Reporting Bahrain Financial Institution must treat the 

account as a U.S. Reportable Account unless it obtains a selfcertification from the Account Holder (which may be on an IRS Fonn 

W-8 or W-9, or a similar agreed fonn), or reasonably detennines based 

on information in its possession or that is publicly available, that the 

Account Holder is not a Specified U.S. Person. 

2. Determine Whether a Non-U.S. Entity Is a Financial Institution. 

a) Review infonnation maintained for regulatory or customer 

relationship purposes (including infonnation collected pursuant to 

AML/KYC Procedures) to detennine whether the infonnation 

indicates that the Account Holder is a Financial Institution. 

b) Ifthe infonnation indicates that the Account Holder is a 

Financial Institution, or the Reporting Bahrain Financial Institution 

verifies the Account Holder's Global Intennediary Identification 

Number on the published IRS FFI list, then the account is not a U.S. 

Reportable Account. 

3. Determine Whether a Financial Institution Is a Nonparticipating 

Financial Institution Payments to Which Are Subject to Aggregate 

Reporting Under Subparagraph l(b) ofArticle 4 of the Agreement. 

a) Subject to subparagraph D(3)(b) of this section, a Reporting 

Bahrain Financial Institution may detennine that the Account Holder is 

a Bahrain Financial Institution or other Partner Jurisdiction Financial 

Institution ifthe Reporting Bahrain Financial Institution reasonably 

detennines that the Account Holder has such status on the basis ofthe 

Account Holder's Global Intennediary Identification Number on the 

published IRS FFI list or other infonnation that is publicly available or 

in the possession ofthe Reporting Bahrain Financial Institution, as 

applicable. In such case, no further review, identification, or reporting 

is required with respect to the account 

b) Ifthe Account Holder is a Bahrain Financial Institution or other 

Partner Jurisdiction Financial Institution treated by the IRS as a 

Nonparticipating Financial Institution, then the account is not a U.S. 

Reportable Account, but payments to the Account Holder must be 

reported as contemplated in subparagraph I (b) ofArticle 4 ofthe 

Agreement. 

c) Ifthe Account Holder is not a Bahrain Financial Institution or 

· AnnexI-10 
other Partner Jurisdiction Financial Institution, then the Reporting 

Bahrain Financial Institution must treat the Account Holder as a 

Nonparticipating Financial Institution payments to which are 

reportable under subparagraph I (b) ofArticle 4 ofthe Agreement, 

unless the Reporting Bahrain Financial Institution: 

(!) Obtains a self-certhication (which may be on an IRS 

Form W-8 or similar agreed form) from the Account Holder 

that it is a certified deemed-compliant FFI, or an exempt 

beneficial owner, as those terms are defined in relevant U.S. 

Treasury Regulations; or 

(2) In the case ofa participating FFI or registered deemedcompliant FFI, verifies the Account Holder's Global 

Intermediary Identification Number on the published IRS FFI 

-list. 

4. Determine Whether an Account Held by an NFFE Is a U.S. 

Reportable Account. With respect to an Account Holder of a Preexisting 

Entity Account that is not identified as either a U.S. Person or a Financial 

Institution, the Reporting Bahrain Financial Institution must identify (i) 

whether the Account Holder has Controlling Persons, (ii) whether the Account 

Holder is a Passive NFFE, and (iii) whether any ofthe Controlling Persons of 

the Account Holder is a U.S. citizen or resident. In making these 

determinations the Reporting Bahrain Financial Institution must follow the 

guidance in subparagraphs D(4)(a) through D(4)(d) ofthis section in the order 

most appropriate under the circumstances. 

a) For purposes of determining the Controlling Persons of an 

Account Holder, a Reporting Bahrain Financial Institution may rely on 

information collected and maintained pursuant to AML/KYC 

Procedures. 

b) For purposes ofdetermining whether the Account Holder is a 

Passive NFFE, the Reporting Bahrain Financial Institution must obtain 

a self-certification (which may be on an IRS Form W-8 or W-9, or on a 

similar agreed form) from the Account Holder to establish its status, 

unless it has information in its possession or that is publicly available, 

based on which it can reasonably determine that the Account Holder }s 

an Active NFFE. 

c) For purposes ofdetermining whether a Controlling Person ofa 

Passive NFFE is a U.S. citizen or resident for tax purposes, a 

Reporting Bahrain Financial Institution may rely on: 

(!) Information collected and maintained pursuant to 

AMLIKYC Procedures in the case of a Preexisting Entity 

Account held by one or more NFFEs with an account balance 

or value that does not exceed $1,000,000; or 

Annex I-11 
(2) A self-certification (which may be on an IRS Form W-8 

or W-9, or on a similar agreed form) from the Account Holder 

or such Controlling Person in the case of a Preexisting Entity 

Account held by one or more NFFEs with an account balance 

or value that exceeds $1,000,000. 

d) Ifany Controlling Person of a Passive NFFE is a U.S. citizen or 

resident, the account shall be treated as a U.S. Reportable Account. 

E. Timing of Review and Additional Procedures Applicable to Preexisting 

Entity Accounts. 

!. Review ofPreexisting Entity Accounts with an account balance or 

value that exceeds $250,000 as ofJune 30, 2014 must be completed by June 

30, 2016. 

2. . Review ofPreexisting Entity Accounts with an account balance or 

value tha(does not exceed $250,000 as of June 30, 2014, but exceeds 

$1,000,000 as ofDecember 31 of2015 or any subsequent year, must be 

completed within six months after the last day ofthe calendar year in which 

the account balance or value exceeds $1,000,000. · 

3. Ifthere is a change ofcircumstances with respect to a Preexisting 

Entity Account that causes the Reporting Bahrain Financial Institution to 

know, or have reason to know, that the self-certification or other 

documentation associated with an account is incorrect or unreliable, the 

Reporting Bahrain Financial Institution must redetermine the status ofthe 

account in accordance with the procedures set forth in paragraph D ofthis 

section. 

V. New Entitv Accounts. The following rules and procedures apply for 

purposes of identifying U.S. Reportable Accounts and accounts held by 

Nonparticipating Financial Institutions among Financial Accounts held by Entities 

and opened on or after July 1, 2014 ("New Entity Accounts"). 

A. Entity Accounts Not Required to Be Reviewed. Identified or Reported. 

Unless the Reporting Bahrain Financial Institution elects otherwise, either with 

respect to all New Entity Accounts or, separately, with respect to any clearly identified 

group ofsuch accounts, where the implementing rules in Bahrain provide for such 

election, a credit card account or a revolving credit facility treated as a New Entity 

Account is not required to be reviewed, identified, or reported, provided that the 

Reporting Bahrain Financial Institution maintaining such account implements policies 

and procedures to prevent an account balance owed to the Account Holder that 

exceeds $50,000. 

B. Other New Entity Accounts. With respect to New Entity Accounts not 

described in paragraph A of this section, the Reporting Bahrain Financial Institution 

must determine whether the Account Holder is: (i) a Specified U.S. Person; (ii) a 

Bahrain Financial Institution or other Partner Jurisdiction Financial Institution; (iii) a 

participating FFI, a deemed-compliant FFI, or an exempt beneficial owner, as those 

Annex I-12 
terms are defined in relevant U.S. Treasury Regulations; or (iv) an Active NFFE or 

Passive NFFE. 

I. Subject to subparagraph B(2) ofthis section, a Reporting Bahrain 

Financial Institution may determine that the Account Holder is an Acth.'.e 

NFFE, a Bahrain Financial Institution, or other Partner Jurisdiction Financial 

Institution if the Reporting Bahrain Financial Institution reasonably 

determines that the Account Holder has such status on the basis ofthe Account 

Holder's Global Intermediary Identification Number or other information that 

is publicly.available or in the possession ofthe Reporting Bahrain Financial 

Institution, as applicable. 

2. Ifthe Account Holder is a Bahrain Financial Institution or other 

Partner Jurisdiction Financial Institution treated by the IRS as a 

Nonparticipating Financial Institution, then the account is not a U.S. 

Reportable Account, but payments to the Account Holder must be reported as 

contemplated in subparagraph I (b) ofArticle 4 ofthe Agreement. 

3. In all other cases, a Reporting Bahrain Financial Institution must 

obtain a self-certification from the Account Holder to establish the Account 

Holder's status. Based on the self-certification, the following rules apply: 

a) Ifthe Account Holder is a Specijled U.S. Person, the Reporting 

Bahrain Financial Institution must treat the account as a U.S. 

Reportable Account. 

b) Ifthe Account Holder is a Passive NFFE, the Reporting 

Bahrain 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 selfcertification from the Account Holder or such person. Ifany such 

person is a U.S. citizen or resident, the Reporting Bahrain Financial 

Institution must treat the account as a U.S. Reportable Account. 

c) Ifthe Account Holder is: (i) a U.S. Person that is not a 

Specified U.S. Person; (ii) subject to subparagraph B(3)(d) ofthis 

section, a Bahrain 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; (iv) an Active NFFE; or (v) a Passive 

NFFE none ofthe Controlling Persons ofwhich is a U.S. citizen or 

resident, then the account is not a U.S. Reportable Account, and no 

reporting is required with respect to the account. 

d) Ifthe Account Holder is a Nonparticipating Financial 

Institution (including a Bahrain Financial Institution or other Partner 

Jurisdiction Financial Institution treated by the IRS as a 

Nonparticipating Financial Institution), then the account is not a U.S. 

Reportable Account, but payments to the Account Holder must be 

reported _as contemplated in subparagraph I (b) of~rticle 4 of the 

Annex I- 13 
Agreement. 

VI. Special Rules and Definitions. The following additional rules and definitions apply 

in implementing the due diligence procedures described above: 

A. Reliance on Self-Certifications and Documentary Evidence. A Reporting 

Bahrain Financial Institution may not rely on a self-certification or document,ary 

evidence ifthe Reporting Bahrain Financial Institution knows or has reason to know 

that the self-certification or documentary evidence is incorrect or unreliable. 

B. Definitions. The following definitions apply for purposes ofthis Annex I. 

I.· 	AML/KYC Procedures. "AML/KYC Procedures" means the customer due 

diligence procecjures ofa Rt;porting Bahrain Financial Institution pursuant to the antimoney laundering or similar requirements ofBahrain to which such Reporting 

Bahrain Financial Institutio_n is subject. 

2. 	 NFFE. An "NFRE" means any Non-U.S. Entity that is not an FFI as defined in 

relevant U.S. Treasury Regulations or is an Entity described in subparagraph B(4)0) 

ofthis section, and also includes any Non-U.S. Entity that is established in Bahrain or 

another Partner Jurisdiction and that is not a Financial Institution. 

3. 	 Passive NFFE. A "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. 

4. 	 Active NFFE. An "Active NFFE" means any NFFE that meets any ofthe following 

criteria: 

a) 	 Less than 50 percent ofthe NFFE's gross income for the preceding calendar 

year or other appropriate reporting period is passive income and less than 50 

percent ofthe assets held by the NFFE during the preceding calendar year or 

other appropriate reporting period are assets that produce or are held for the 

production ofpassive income; 

b) 	 The stock ofthe NFFE is regularly traded on an established securities market 

or the NFFE is a Related Entity ofan Entity the stock ofwhich is regularly 

traded on an established securities market; 

c) 	 The NFFE is organized in a U.S. Territory and all of the owners ofthe payee 

are bona fide residents ofthat U.S. Territory; 

d) 	 The NFFE is a government (other than the U.S. government), a political 

subdivision of such government (which, for the avoidance of doubt, includes a 

state, province, county, or municipality), or a public body performing a 

function of such government or a political subdivision thereof, a government 

ofa U.S. Territory, an international organization, a non-U.S. centt;al bank of 

issue, or an Entity wholly owned by one or more ofthe foregoing; 

Annex I-14 
e) 	 Substantially all of the activities of the NFFE consist ofholding (in whole or 

in part) the outstand.ing stock of, or providing financing and services to, one or 

more subsidiaries that engage in trades or businesses other than the business of 

a Financial Institution, except that an entity shall not qualify for NFFE status if 

the entity functions (or holds itself out) as an investment fund, such as a 

private equity fund, venture capital fund, leveraged buyout fund, or any 

investment vehicle whose purpose is to acquire or fund companies and then 

hold interests in those companies as capital assets for investment purposes; 

t) 	 The NFFE is not yet operating a business and has no prior operating history, 

but is investing capital into assets with the intent to operate a business other 

than that ofa Financial Institution, provided that the NFFE shall not qualify 

for this exception after the date that is 24 months after the date ofthe initial 

organization ofthe NFFE; 

g) 	 The NFFE was not a Financial Institution in the past five years, and is in the 

process ofliquidating its assets or is reorganizing with the intent to continue or 

recommence operations in a business other than that ofa Financial Institution; 

h) 	 The NFFE primar'ily engages in financing and hedging transactions with, or 

for, Related Entities that are not Financial Institutions, and does not provide 

financing or hedging services to any Entity that is not a Related Entity, 

provided that the group of any such Related Entities is primarily engaged in a 

business other than that ofa Financial Institution; 

i) 	 The NFFE is an "excepted NFFE" as described in relevant U.S. Treasury 

Regulations; or 

j) 	 The NFFE meets all ofthe following requirements: 

i. 	 It is established and operated in its jurisdiction ofresidence exclusively 

for religious, charitable, scientific, artistic, cultural, athletic, or 

educational purposes; or it is established and operated in its jurisdiction 

of residence and it is a professional organization, business league, 

chamber ofcommerce, labor organization, agricultural or·horticultural 

organization, civic league or an organization operated exclusively for 

the promotion ofsocial welfare; 

ii. 	 It is exempt from income tax in its jurisdiction ofresidence; 

iii. 	 It has no shareholders or members who have a proprietary or beneficial 

interest in its income or assets; 

iv. 	 The applicable laws ofthe NFFE's jurisdiction ofresidence or the; 

NFFE's formation documents do not permit any income or assets of 

the NFFE to be distributed to, or applied for the benefit of, a private 

person or non-charitable Entity other than pursuant to the conduct of 

the NFFE's charitable activities, or as payment ofreasonable 

compensation for services rendered, or as payment representing the fair 

market value of property which the NFFE has purchased; and 

AnnexI-15 
v. 	 The applicable laws ofthe NFFE'sjurisdiction ofresidence or the 

NFFE's fonnation documents require that, upon the NFFE's 

liquidation or dissolution, all ofits assets be distributed to a 

governmental entity or other non-profit organization, or escheat to the 

government ofthe NFFE's jurisdiction ofresidence or any political 

subdivision thereof. 

5. 	 Preexisting Account. A "Preexisting Account" means a Financial Account 

maintained by a Reporting Bahrain Financial Institution as ofJune 30, 2014. 

C. Account Balance Aggregation and Currency Translation Rules. 

!. Aggregation ofIndividual Accounts. For purposes of detennining 

the aggregate balance or value of Financial Accounts held by an individual, a 

Reporting Bahrain Financial Institution is required to aggregate all Financial 

Accounts maintained by the Reporting Bahrain Financial Institution, or by a 

Related Entity, but only to the extent that the Reporting Bahrain Financial 

Institution's computerized systems link the Financial Accounts by reference to 

a data element such as client number or taxpayer identification number, and 

allow account balances or values to be aggregated. Each holder ofa jointly 

held Financial Account shall be attributed the entire balance or value ofthe 

jointly held Financial Account for purposes of applying the aggregation 

requirements described in this paragraph !. 

2. Aggregation of Entity Accounts. For purposes ofdetennining the 

aggregate balance or value ofFinancial Accounts held by an Entity, a 

Reporting Bahrain Financial Institution is required to take into account all 

Financial Accounts that are maintained by the Reporting Bahrain Financial 

Institution, or by a Related Entity, but only to the extent that the Reporting 

Bahrain Financial Institution's computerized systems link the Financial 

Accounts by reference to a data element such as client number or taxpayer 

identification number, and allow account balances or values to be aggregated. 

3. Special Aggregation Role Applicable to Relationship Managers. 

For purposes of determining the aggregate balance or value of Financial 

Accounts held by a person to detennine whether a Financial Account is a High 

Value Account, a Reporting Bahrain Financial Institution is also required, in 

the case ofany Financial Accounts that a relationship manager knows, or has 

reason to know, are directly or indirectly owned, controlled, or established 

(other than in a fiduciary capacity) by the same person, to aggregate all such 

accounts. 

4. Currency Translation Rule. For purposes of detennining the balance 

or value ofFinancial Accounts denominated in a currency other than the U.S. 

dollar, a Reporting Bahrain Financial Institution must convert the U.S. dollar 

threshold amounts described in this Annex I into such currency using a 

published spot rate detennined as ofthe last day of the calendar year 

preceding the year in which the Reporting Bahrain Financial Institution is 

detennining the balance or value. 

Annex I-16 
D. Documentary Evidence. For.purposes ofthis Annex I, acceptable 


documentary evidence includes any ofthe following: 


I. A certificate ofresidence issued by an authorized government body 

(for example, a government or agency thereof, or a municipality) ofthe 

jurisdiction in which the payee claims to be a resident. · 

2. With respect to an individual, any valid identification issued by an 

authorized government body (for example, a government or agency thereof, or 

a municipality), that includes the individual's name and is typically used for 

identification purposes. 

3. With respect to an Entity, any official documentation issued by an 

authorized government body (for example, a government or agency thereof, or 

a municipality) that includes the name of the Entity and either the address of 

its principal office in the jurisdiction (or U.S. Territory) in which it claims to 

. be a resident or the jurisdiction (or U.S. Territory) in which the Entity was 

incorporated'or organized. 

4. · With respect to a Financial Account maintained in a jurisdiction with 

anti-money laundering rules that have been approved by the IRS in connection 

with a QI agreement (as described in relevant U.S. Treasury Regulations), any 

ofthe documents, other than a Form W-8 or W-9, referenced in the 

jurisdiction's attachment to the QI agreement for identifying individuals or 

· Entities. 

5. · Any financial statement, third-party credit report, bankruptcy filing, or 

U.S. Securities and Exchange Commission report. 

E. Alternative Procedures for Financial Accounts Held by Individual 

Beneficiaries of a Cash Value Insurance Contract. A Reporting Bahrain Financial 

Institution may presume that an individual beneficiary (other than the owner) ofa 

Cash Value Insurance Contract receiving a death benefit is not a Specified U.S.· 

Person and may treat such Financial Account as other than a U.S. Reportable Account 

unless the Reporting Bahrain Financial Institution has actual knowledge, or reason to 

know, that the beneficiary is a Specified U.S. Person. A Reporting Bahrain Financial 

Institution has reason to know that a beneficiary ofa Cash Value Insurance Contract 

is a Specified U.S. Person ifthe information collected by the Reporting Bahrain 

Financial Institution and associated with the beneficiary contains U.S. indicia as 

described in subparagraph (B)(l) ofsection II of this Annex I. Ifa Reporting Bahrain 

Financial Institution has actual knowledge, or reason to know, that the beneficiary is a 

Specified U.S. Person, the Reporting Bahrain Financial Institution must follow the 

procedures in subparagraph B(3) ofsection II ofthis Annex I. · 

F. Reliance on Third Parties. Regardless ofwhether an election is made under 

paragraph C ofsection I ofthis Annex I, Bahrain may permit Reporting Bahrain 

Financial Institutions to rely on due diligence procedures performed by third parties, 

to the extent provided in relevant U.S. Treasury Regulations. 

G. Alternative Procedures for New Accounts Opened Prior to Entry Into 

Force of this Agreement. 

AnnexI-17 
1. Applicability. IfBahrain has provided a written notice to the United 

States prior to entry into force ofthis Agreement that, as ofJuly l, 2014, 

Bahrain lacked the legal authority to require Reporting Bahrain Financial 

Institutions either: (i) to require Account Holders ofNew Individual Accounts 

to provide the self-certification specified in section III ofthis Annex I, or (ii) 

to perform all the due diligence procedures related to New Entity Accounts 

specified in section V ofthis Annex I, then Reporting Bahrain Financial 

Institutions may apply the alternative procedures described in subparagraph 

G(2) ofthis section, as applicable, to such New Accounts, in lieu ofthe 

procedures otherwise required under this Annex I. The alternative procedures 

described in subparagraph G(2) ofthis section shall be available only for those 

New Individual Accounts or New Entity Accounts, as applicable, opened prior 

to the earlier of: (i) the date Bahrain has the ability to compel Reporting 

Bahrain Financial Institutions to comply with the due diligence procedures 

described in section III or section V ofthis Annex I, as applicable, which date 

Bahrain shall inform the United States of in writing by the date ofentry into 

force ofthis Agreement, or (ii) the date ofentry into force ofthis Agreement. 

Ifthe alternative procedures for New Entity Accounts opened on or after July 

1, 2014, and be(ore January 1, 2015, described in paragraph H of this section 

are applied with respect to all New Entity Accounts or a clearly identified 

group of such accounts, the alternative procedures described in this paragraph 

G may not be applied with respect to such New Entity Accounts. For all other 

New Accounts, Reporting Bahrain Financial Institutions must apply the due 

diligence procedures described in section III or section V ofthis Annex I, as 

applicable, to determine ifthe account is a U.S. Reportable Account or an 

account held by a Nonparticipating Financial Institution. 

' 2. Alternative Procedures. 

a) Within ont< year after the date ofentry into force ofthis 

Agreement, Reporting Bahrain Financial Institutions must: (i) with 

respect to a New Individual Account described in subparagraph G(l) 

ofthis section, request the self-certification specified in section III of 

this Annex I and confirm the reasonableness of such self-certification 

consistent with the procedures described in section III ofthis Annex I, 

and (ii) with respect to a New Entity Account described in 

subparagraph G(l) ofthis section, perform the due diligence 

procedures specified in section V ofthis Annex I and request 

information as necessary to document the account, including any selfcertification, required by section V ofthis Annex I. 

b) Bahrain must report on any New Account that is identified 

pursuant to subparagraph G(2)(a) ofthis section as a U.S. Reportable 

Account or as an account held by a Nonparticipating Financial 

Institution, as applicable, by the date that is the later of: (i) September 

30 next following the date that the account is identified as a U.S. 

Reportable Account or as an account held by a Nonparticipating 

Financial Institution, as applicable, or (ii) 90 days after the account is 

identified as a U.S. Reportable Account or as an account held by a 

Annex I-18 
Nonparticipating Financial Institution, as applicable. The information 

required to be reported with respect to· such a New Account is any 

information that would have been reportable under this Agreement if 

the New Account had been identified as a U.S. Reportable Account or 

as an account held by a Nonparticipating Financial Institution, as 

applicable, as ofthe date the account was opened. 

c) By the date that is one year after the date ofentry into force of 

this Agreement, Reporting Bahrain Financial Institutions must close 

any New Account described in subparagraph G(l) ofthis section for 

which it was unable to collect the required self-certification or other 

documentation pursuant to the procedures described in subparagraph 

G(2)(a) ofthis section. In addition, by the date that is one year after 

the date ofentry into force ofthis Agreement, Reporting Bahrain 

Financial Institutions must: (i) with respect to such closed accounts 

that prior to such closure were New Individual Accounts (without 

regard to whether such accounts were High Value Accounts), perform 

the due diligence procedures specified in paragraph D ofsection II of 

this Annex I, or (ii) with respect to such closed accounts that prior to 

such closure were New Entity Accounts, perform the due diligence 

procedures specified in section IV of this Annex I. 

d) Bahrain must report on any closed account that is identified 

pursuant to subparagraph G(2)(c) ofthis section as a U.S. Reportable 

Account or as an account held by a Nonparticipating Financial 

Institution, as applicable, by the date that is the later of: (i) September 

30 next following the date that the account is identified as a U.S. 

Reportable Account or a~ an account held by a Nonparticipating 

Financial Institution, as applicable, or (ii) 90 days after the account is 

identified as a U.S. Reportable Account or as an account held by a 

Nonparticipating Financial Institution, as applicable. The information 

required to be reported for such a closed account is any information 

that would have been reportable under this Agreement ifthe account 

had been identified as aU.S. Reportable Account or as an aceount held 

by a Nonparticipating Financial Institution, as applicable, as ofthe date 

the account was opened. 

H. Alternative Procedures for New Entity Accounts Opened on or after July 

1. 2014, and before Januarv l, 2015. For New Entity Accounts opened on or after 

July 1, 2014, and before January 1, 2015, either with respect to all New Entity 

Accounts or, separately, with respect to any clearly identified group ofsuch accounts, 

·Bahrain may permit Reporting Bahrain Financial Institutions to treat such accounts as 

Preexisting Entity Accounts and apply the due diligence procedures related to 

Preexisting Entity Accounts specified in section IV ofthis Annex I in lieu ofthe due 

diligence procedures specified in section V ofthis Annex I. In this case, the due 

diligence procedures ofsection IV ofthis Annex I mus\ be applied without regard to 

the account balance or value threshold specified in paragraph A ofsection IV ofthis 

Annex I. 

Annex I-19 
ANNEX II 


The following Entities shall be treated as exempt beneficial owners or deemed-compliant FFis, 

as the case.may be, and the following accounts are excluded from the definition ofFinancial · 

Accounts. 

This Annex II may be modified by a mutual written decision entered into between the Competent 

Authorities ofBahrain and the United States: (!)to include additional Entities and accounts that 

present a low risk ofbeing used by U.S. Persons to evade U.S. tax and that have similar 

characteristics to the Entities and accounts described in this Annex II as of the date of signature 

of the Agreement; or (2) to remove Entities and accounts that, due to changes in circumstances, 

no longer present a low risk of being used by U.S. Persons to evade U.S. tax. Any such addition 

or removal shall be effective on the date of signature ofthe mutual decision, unless otherwise 

provided therein. Procedures for reaching such a mutual decision may be included in the mutual 

agreement or arrangement described in paragraph 6 ofArticle 3 ofthe Agreement. 

I. 	 Exempt Beneficial Owners other than Funds. The following Entities shall be treated as 

Non-Reporting Bahrain Financial Institutions and as exempt beneficial owners for purposes 

ofsections 1471and1472 ofthe U.S. Internal Revenue Code, other than with respect to a 

payment that is derived from an obligation held in connection with a commercial financial 

activity of a type engaged in by a Specified Insurance Company, Custodial Institution, or 

Depository Institution. 

A. 	Governmental Entity. The government ofBahrain, any political subdivision ofBahrain 

(which, for the avoidance of doubt, includes a state, province, county, or municipality), or 

any wholly owned agency or instrumentality ofBahrain or any one or more ofthe 

foregoing (each, a "Bahrain Governmental Entity"). This category is comprised ofthe 

integral parts, controlled entities, and political subdivisions ofBahrain. 

1. 	 An integral part of Bahrain means any person, organization, agency, bureau, fund, 

instrumentality, or other body, however designated, that constitutes a governing 

authority of Bahrain. The net earnings ofthe governing authority must be credited to 

its own account or to other accounts of Bahrain, with no portion inuring to the benefit 

of any private person. An integral part does not include any individual who is a 

sovereign, official, or administrator acting in a private or personal capacity. 

2. 	 A controlled entity means an Entity that is separate in form from Bahrain or that 

otherwise constitutes a separate juridical entity, provided that: 

.a) 	 The Entity is wholly pwned and controlled by one or more Bahrain Governmental 

Entities directly or through one or more controlled entities; 

b) 	 The Entity's net earnings are credited to its own account or to the accounts of one 

or more Bahrain Governmental Entities, with no portion ofits income inuring to 

the.benefit of any private person;·and 

Annex II-1 
c) 	 The Entity's assets vest in one or more Bahrain Governmental Entities upon 

dissolution. 

3. 	 Income does not inure to the benefit of private persons if such persons are the 

intended beneficiaries of a governmental program, and the program activities are 

performed for the general public with respect to the common welfare or relate to the 

administration of some phase of government. Notwithstanding the foregoing, 

however, income is considered to inure to the benefit of private persons ifthe income 

is derived from the use of a governmental entity to conduct a commercial business, 

such as a commercial banking business, that provides financial services to private 

persons. 

B. 	 International Organization. Any international organization or wholly owned agency or 

instrumentality thereof. This category includes any intergovernmental organization 

(including a supranational organization) (1) that is comprised primarily ofnon-U.S. 

governments; (2) that has in effect a headquarters agreement with Bahrain; and (3) the 

income ofwhich does not inure to the benefit ofprivate persons. 

C. 	 Central Bank. An institution that is by law or government sanction the principal 

authority, other than the government ofBahrain itself, issuing instruments intended to 

circulate as currency. Such an institution may include an instrumentality that is separate 

from the government of Bahrain, whether or not owned in whole or in part by Bahrain. 

IL 	 Funds that Qualify as Exempt Beneficial Owners. The following Entities shall be treated 

as Non-Reporting· Bahrain Financial Institutions and as exempt beneficial owners for 

purpos~s of sections 1471 and 1472 of the U.S. Internal Revenue Code. 

A. 	Broad Participation Retirement Fund. A fund established in Bahrain to provide 

retirement, disability, or death benefits, or any combination thereof, to beneficiaries that 

are current or former employees (or persons designated by such employees) ofone or 

more employers in consideration for services rendered, provided that the fund: 

I. 	Does not have a single beneficiary with a right to more than five percent ofthe fund's 

assets; 

2. 	 Is subject to government regulation and provides annual information reporting about 

·its beneficiaries "to the relevant tax authorities in Bahrain; and . 	 . 

3. 	 Satisfies at least one ofthe following requirements: 

a) 	 The fund is generally exempt from tax in Bahrain on investment income under the 

laws ofBahrain due to its status as aretirement or pension plan; 

b) 	 The fund receives at least 50 percent of its total contributions (other than transfers 

of assets from other plans described in paragraphs A through C ofthis section or 

Annex II-2 
from retirement and pension accounts described in subparagraph A(l) of section 

V ofthis Annex II) from the sponsoring employers; 

c) 	 Disμ-ibutions or withdrawals from the fund are allowed only upon the occurrence 

ofspecified events related to retirement, disability, or death (except rollover 

distributions to other retirement funds described in paragraphs A through C ofthis 

section or retirement and pension accounts described in subparagraph A(l) of 

section V ofthis Annex II), or penalties apply to distributions or withdrawals 

made before such specified events; or 

d) 	 Contributions (other than certain permitted make-up contributions) by employees 

to the fund are limited by reference to earned income ofthe employee or may not 

exceed $50,000 annually, applying the rules set forth in Annex I for account 

aggregation and currency translation. 

B.. Narrow Participation Retirement Fund. A fund established in Bahrain to provide 

retirement, disability, or death benefits to beneficiaries that are current or former 

employees (or persons designated by such empl'oyees) of one or more employers in 

consideration for services renuered, provided that: 

1. 	 The fund has fewer than 50 participants; 

2. 	 The fund is sponsored by one or more employers that are not Investment Entities or 

Passive NFFEs; 

3. 	 The employee and employer contributions to the fund (other than transfers of assets 

from retirement and pension accounts described in subparagraph A(l) of section V of 

this Annex II) are limited by reference to earned income and compensation ofthe 

employee, respectively; 

' 

4. 	 Participants that are not residents ofBahrain are not entitled to more than 20 percent 

ofthe fund's assets; and 

5. 	 The fund is subject to government regulation and provides annual information 


reporting about. its beneficiaries to the relevant tax authorities in Bahrain. 


C. 	 Pension Fund of an Exempt Beneficial Owner. A fund established in Bahrain by an 

exempt beneficial owner ta provide retirement, disability, or death benefits to 

beneficiaries or participants that are current or former employees ofthe exempt beneficial 

owner (or persons designated by such employees), or that are not current or forμier 

employees, ifthe benefits provided to such beneficiaries or participants are in 

consideration of personal services performed for the exempt beneficial owner. 

D. 	Investment Entity Wholly Owned by Exempt Beneficial Owners. An Entity that is a 

Bahrain Financial Institution solely because it is an Investment Entity, provided that each 

direct holder of an Equity Interest in the Entity is an exempt beneficial owner, and each 

Annex II-3 
direct holder of a debt interest in such Entity is either a Depository Institution (with 

respect to a loan made to such Entity) or an exempt beneficial owner. 

III. 	 Small or Limited Scope Financial Institutions that Qualify as Deemed-Compliant FFis. 

The following Financial Institutions are Non-Reporting Bahrain Financial Institutions that 

shall be treated as deemed-compliant FFls for purposes of section 1471 ofthe U.S. Internal 

Revenue Code. 

A. 	Financial Institution with a Local Client Base. A Financial Institution satisfying the 

following requirements: 

l. 	 The Financial Institution must be licensed and regulated as a financial institution 

under the laws ofBahrain; 

2. 	 The Financial Institution must have no fixed place of business outside ofBahrain. For 

this purpose, a fixed place of business does not include a location that is not 

advertised to the public and from which the Financial Institution performs solely 

administrative support functions; 

3. 	 The Financial Institution must not solicit customers or Account Holders outside 

Bahrain. For this purpose, a Financial Institution shall not be considered to have 

solicited customers or Account Holders outside Bahrain merely because the Financial 

Institution (a) operates a website, provided that the website does not specifically 

indicate that the Financial Institution provides Financial Accounts or services to 

nonresidents, and does not otherwise target or solicit U.S. customers or Account 

Holders, or (b) advertises in print media or on a radio or television station that is 

distributed or aired primarily within Bahrain but is also incidentally distributed or 

aired in other countries, provided that the advertisement does not specifically indicate 

that the Financial Institution provides Financial Accounts or services to nonresidents, 

and does not otherwise target or solicit U.S. customers or Account Holders; 

4. 	 The Financial Institution must be required under the laws ofBahrain to identify 

resident Account Holders for purposes of either information reporting or withholding 

oftax with respect to Financial Accounts held by residents or for purposes of 

satisfying Bahrain's AML due diligence requirements; 

5. 	 At least 98 percent ofthe Financial Accounts by value maintained by the Financial 

Institution must be held by residents (including residents that are Entities) of Bahrain; 

6. 	 By the later ofJuly 1, 2014, or the date that the Financial Institution claims treatment 

as a deemed-compliant FFI pursuant to this paragraph A, the Financial Institution 

must have policies and procedures, consistent with those set forth in Armex I, to 

prevent the Financial Institution from providing a Financial Account to any 

Nonparticipating Financial Institution and to monitor whether the Financial 

Institution opens or maintains a Financial Account for any Specified U.S. Person who 

is not a resident ofBahrain (including a U.S. Person that was a resident of Bahrain 

when the "Financial Account was opened bursubsequently ceases to be a resident of 

Annexll-4 
Bahrain or any Passive NFFE with Controlling Persons who are U.S. residents or 

U.S. citizens who are not residents ofBahrain; 

7. 	 Such policies and procedures must provide that if any Financial Account held by a 

Specified U.S. Person who is hot a resident ofBahrain or by a Passive NFFE with 

Controlling Persons who are U.S. residents or U.S. citizens who are not residents of 

Bahrain is identified, the Financial Institution must report such Financial Account as 

would be required ifthe Financial Institution were a Reporting Bahrain Financial 

Institution (including by following the applicable registration requirements on the IRS 

F ATCA registration website) or close such Financial Account; 

8. 	 With respect to a Preexisting Account held by an individual who is not a resident of 

Bahrain pr by an Entity, the Financial Institution must review those Preexisting 

Accounts in accordance with the procedures set forth in Annex I applicable to 

Preexisting Accounts'to identify any-U.S. Reportable Account or Financial Account 

held by a Nonparticipating Financial Institution, and must report such Financial 

Account as would be required ifthe Financial Institution were a Reporting Bahrain 

Financial Institution (including by following the applicable registration requirements 

·on the IRS F ATCA registration website) or close such Financial Account; 

9. 	 Each Related Entity ofthe Financial Institution that is a Financial Institution must be 

incorporated or organized in Bahrain and, with the exception of any Related Entity 

that is a retirement fund described in paragraphs A through C of section II ofthis 

Annex II, satisfy the requirements set forth in this paragraph A; and 

10. 	The Financial Institution must not have policies or practices that discriminate against 

opening or maintaining Financial Accounts for individuals who are Specified U.S. 

Persons and residents ofBahrain. 

B. 	 Local Bank. A Financial Institution satisfying the following requirements: 

1. 	 The Financial Institution operates solely as (and is licensed and regulated under the 

laws ofBahrain as) (a) a bank or (b) a credit union or similar cooperative credit 

organization that is operated without profit; 

2. 	 The Financial Institution's business consists primarily ofreceiving deposits from and 

making loans to, with respect to a bank, unrelated retail customers and, with respect 

to a credit union or similar cooperative credit organization, members, provided that 

no member has a greater than five percent interest in such credit union or cooperative 

credit organization; 

3. 	 The Financial Institution satisfies the requirements set forth in subparagraphs A(2) 

and A(3) ofthis section, provided that, in addition to the limitations on the website 

described in subparagraph A(3) ofthis section, the website does not permit the 

opening of a Financial Account; 

Annex 11-5 
4. 	 The Financial Institution does notbave more than $175 million in assets on its 

balance sheet, and the Financial Institution and any Related Entities, taken together, 

do not have more than $500 million in total assets on their consolidated or combined 

balance sheets; and 

5. 	 Any Related Entity must be incorporated or organized in Bahrain, and any Related 

Entity that is a Financial Institution, with the exception of any Related Entity that is 

a retirement fund described in paragraphs A through C ofsection II ofthis Annex II 

or a Financial Institution with only low-value accounts described in paragraph C of 

this section, must satisfy the requirements set forth in this paragraph B. 

C. 	 Financial Institution with Only Low-Value Accounts .. A Bahrain Financial Institution 

satisfying the following requirements: 

1. 	 The Financial Institution is not an Investment Entity; 

2. 	 No Financial Account maintained by the Financial Institution or any Related Entity 

has a balance or value in excess of $50,000, applying the rules set forth in Annex I 

for account aggregation and currency translation; and 

3. 	 The Financial Institution does not have more than $50 million in assets on its 

balance sheet, and the Financial Institution and any Related Entities, taken together, 

do not have more than $50 million in total assets on their consolidated or combined 

balance sheets. 

D. 	 Qualified Credit Card Issuer: A Bahrain Financial Institution satisfying the following 

requirements: 

1. 	 The Financial Institution is a Financial Institution solely because it is an issuer of 

credit cards that accepts deposits only when a customer makes a payment in excess of 

a balance due with respect to the card and the overpayment is not immediately 

returned to the customer; 'and 

2. 	 By the later ofJuly 1, 2014, or the date that the Financial Institution claims treatment 

as a deemed-compliant FFI pursuant to this paragraph D, the Financial Institution 

implements policies and procedures to either prevent a customer deposit in excess of 

$50,000, or to ensure that any customer deposit in excess of $50,000, in each case 

applying the rules set forth in Annex I for account aggregation and currency 

translation, is refunded to the customer within 60 days. For this purpose, a customer 

deposit does not refer to credit balances to the extent ofdisputed charges but does 

include credit balances resulting from merchandise returns. 

IV. 	 Investment Entities that Qualify as Deemed-Compliant FFis and Other Special Rules. 

The Financial Institutions described in paragraphs A through E ofthis section are NonReporting Bahrain Financial Institutions that shall be treated as deemed-compliant FFis for 

AnnexII-6 
purposes of section 1471.ofthe U.S. Internal Revenue Code. In addition, paragraph F ofthis 

section provides special rules applicable to an Investment Entity. 

A. 	Trustee-Documented Trust. A trust established under the laws of Bahrain to the extent 

that the trustee ofthe trust is a Reporting U.S. Financial Institution, Reporting Model 1 

FFI, or Participating FFI and reports all information required to be reported pursuant to 

the Agreement with respect to all U.S. Reportable Accounts ofthe trust. 

B. 	 Sponsored Investment Entity and Controlled Foreign Corporation. A Financial 


Institution described in' subparagraph B(l) or B(2) ofthis section having a sponsoring 


entity that complies with the requirements ofsubparagraph B(3) ofthis section. 


1. 	 A Financial Institution is a sponsored investment entity if (a) it is an Investment 

Entity established in Bahrain that is not a qualified intermediary, withholding foreign 

partnership, or withholding foreign trust pursuant to relevant U.S. Treasury 

Regulations; and (b) an Entity has agreed with the Financial Institution to act as a 

sponsoring entity for the Financial Institution. 

2. 	 A Financial Institution is a spon~ored controlled foreign corporation if (a) the 

Financial Institution is a controlled foreign corporation 1 organized under the laws of 

Bahrain that is not a qualified intermediary, withholding foreign partnership, or 

withholding foreign trust pursuant to relevant U.S. Treasury Regulations; (b) the 

Financial Institution is wholly owned, directly or-indirectly, by a Reporting U.S. 

Financial Institution that agrees to act, or requires an affiliate ofthe Financial 

Institution to act, as a sponsoring entity for the Financial Institution; and ( c) the 

Financial Institution shares a common electronic account system with the sponsoring 

entity that enables the sponsoring entity to identify all Account Holders and payees of 

the Financial Institution and to access all account and customer information 

maintained by the Financial Institution including, but not limited to, customer 

identification information, customer documentation, account balance, and all 

payments made to the Account Holder or payee. 

3. 	 The sponsoring entity complies with the following requirements: 

1 A "controlled foreign corporation" means any foreign corporation if more than 50 percent of the total combined 

voting power of all classes of stock of such corporation entitled to vote, or the total value of the stock of such 

corporation, is owned, or is considered as owned, by "United States sharehqlders" on any day during the taxable year 

of such foreign corporation. The term a ''United States shareholder'' means, with respect to any foreign corporation, 

a United States person who owns, ,or is considered as owning, I 0 percent or more ofthe total combined voting power 

of all classes ofstock entitled to vote ofsuch foreign corporation. 

Annexll-7 
a) 	 The sponsoring entity is authorized to act on beh~lf ofthe Financial Institution 

(such as a fund manager, trustee, corporate director, or managing partner) to 

fulfill applicable registration requirements on the IRS FATCA registration 

website; · 

b) 	 The sponsoring entity has registered as a sponsoring entity with the IRS on the 

IRS FATCA registration website; 

c) 	 Ifthe sponsoring entity identifies any U.S. Reportable Accounts with respect to 

the Financial Institution, the sponsoring entity registers the Financial Institution 

pursuant to applicable registration requirements on the IRS FATCA registration 

website on or before the later ofDecember 31, 2016 and the date that is 90 days 

after such a U.S. Reportable Account is first identified; 

d) 	 The sponsoring entity agrees to perform, on behalf ofthe Financial Institution, all 

du~ diligence, withholding, reporting, and other requirements that the Financial 

Institution would have been required to perform if it were a Reporting Bahrain 

Financial Institution; 

e) 	 The sponsoring entity identifies the Financial Institution and includes the 

identifying number ofthe Financial Institution (obtained by following applicable 

registration requirements on the IRS FATCA registration website) in all reporting 

completed on the Financial Institution's behalf; and 

f) 	 The sponsoring entity has not had its status as a sponsor revoked. 

C. 	 Sponsored, Closely Held Investment Vehicle. A Bahrain Financial Institution 

satisfying the following requirements: 

1. 	 The Financial Institution is a Financial Institution solely because it is an Investment 

Entity and is not a qualified intermediary, withholding foreign partnership, or 

withholding foreign trust pursuant to relevant U.S. Treasury Regulations; 

2. 	 The sponsoring entity is a Reporting U.S. Financial Institution, Reporting Model I 

FFI, or Participating FFI, is authorized to act on behalf ofthe Financial Institution 

(such as a professional manager, trustee, or managing partner), and agrees to perform, 

on behalf ofthe Financial Institution, all due diligence, withholding, reporting, and 

other requirements that the Financial. Institution would have been required to perform 

ifit were a Reporting Bahrain Financial Institution; . 

3. 	 The Financial 'Institution does not hold itself out as an investment vehicle for 


unrelated parties; 


4. 	 Twenty or fewer individuals own all ofthe debt interests and Equity Interests in the 

Financial Institution (disregarding debt interests owned by Participating FFis and 

deemed-compliant FFis and Equity Interests owned by an Entity ifthat Entity owns 

Annex II-8 
100 percent ofthe Equity Interests in the Financial Institution and is itself a sponsored 

Financial Institution described in this paragraph C); and 

5. 	 The sponsoring entity complies with the following requirements: 

a) 	 The sponsoring entity has registered as a sponsoring entity with the IRS on the 

IRS FATCA registration website; 

b) 	 The sponsoring entity agrees to perform, on b·ehalfof the Financial Institution, all 

due diligence, withholding, reporting, and other requirements that the Financial 

Institution would have been required to perform if it were a Reporting Bahrain 

Financial Institution and retains documentation collected with respect to the 

Financial Institution for a period ofsix years; 

c) 	 The sponsoring entity identifies the Financial Institution in all reporting 

completed on the Financial Institution's behalf; and 

d) 	 The sponsoring entity has not had its status as a sponsor revoked. 

D. 	 Investment Advisors and Investment Managers. An Investment Entity established in 

Bahrain that is a Financial Institution solely because it (1) renders investment advice to, 

and acts on behalf of, or (2) manages portfolios for, and acts on behalf ot; a customer for 

the purposes of investing, managing, or administering funds deposited in the name ofthe 

customer with a Financial-Institution other than a Nonparticipating Financial Institution. 

E. 	 Collective Investment Vehicle. An Investment Entity established in Bahrain that is 

regulated as a collective investment vehicle, provided that all ofthe interests in the 

coilective investment vehicle (including debt interests in excess of $50,000) are held by 

or through one or more exempt beneficial owners, Active NFFEs described in 

subparagraph B(4) ofsection VI ofAnnex_I, U.S. Persons that are not Specified U.S. 

Persons, or Financial Institutions that are not Nonparticipating Financial Institutions. 

F. 	 Special Rules. The following rules apply to an Investment Entity: 

1. 	 With respect to interests in an Investment Entity that is a collective investment 

vehicle described in paragraph E ofthis section, the reporting obligations of any 

Investment Entity (other than a Financial Institution through which interests in the 

collective investment vehicle are held) shall be deemed fulfilled. 

2. 	 With respect to interests in: 

a) 	 An Investment Entity established in a Partner Jurisdiction that is regulated as a 

collective investment vehicle, all ofthe interests in which (including debt interests 

in excess of $50,000) are held by or through one or more exempt beneficial 

owners, Active NFFEs described in subparagraph B(4) of section VI ofAnnex I, 

AnnexII-9 
U.S. Persons that are not Specified U.S. Persons, or Financial Institutions that are 

not Nonparticipating Financial Institutions; or 

b) 	 An Investment Entity that is a qualified collective investment vehicle under 

relevant U.S. T~easury Regulations; 

the reporting obligations of any Investment Entity that is a Bahrain Financial 

Institution (other than a Financial Institution through which interests in the collective 

investment vehicle are held) shall be deemed fulfilled. 

3. 	 With respect to interests in an Investment Entity established in Bahrain that is not 

described in paragraph E or subparagraph F(2) ofthis section, consistent with 

paragraph 4 ofArticle 5 ofthe Agreement, the reporting obligations of all other 

Investment Entities with respect to such interests shall be deemed fulfilled if the 

information required to be reported by the first-mentioned Investment Entity pursuant 

to the Agreement with respect to such interests is reported by such Investment Entity 

or another person. 

4. 	 Investment Entity established in Bahrain that is regulated as a collective 

investment vehicle shall not fail to qualify under paragraph E or subparagraph F(2) of 

this section, or otherwise as a deemed-compliant FFI, solely because the collective 

investment vehicle has issued physical shares in bearer form, provided that: 

a) 	 The collective investment vehicle has not issued, and does not issue, any physical 

shares in bearer form after December 31, 2012; 

b) 	 The collective investment vehicle retires all such shares upon surrender; 

c) 	 The collective investment vehicle (or a Reporting Bahrain Financial Institution) 

performs the due diligence procedures set forth in Annex I and reports any 

information required to be reported with respect to any such shares when such 

shares are presented for redemption or other payment; and 

d) 	 The collective investment vehicle has in place policies and procedures to ensure 

that such shares are redeemed or immobilized as soon as possible, and in any 

event prior to January 1, 2017. 

V. 	 Accounts Excluded from Financial Accounts. The following accounts are excluded from 

the definition ofFinancial Accounts and therefore shall not be treated as U.S. Reportable 

Accounts. 

A. 	Certain Savings Accounts. 

1. 	 Retirement and Pension Account. A retirement or pension account maintained in 

Bahrain that satisfies the following requirements under the laws ofBahrain. 

Annex II-10 
a) 	 The account is subject to regulation as a personal retirement account or is part of a 

registered or regulated retirement or pension plan for the provision of retirement 

or pension benefits (including disability or death benefits); 

b) 	 The account is tax-favored (i.e., contributions to the account that would otherwise 

be subject to tax under the laws of Bahrain are deductible or excluded from the 

gross -il).come ofthe account holder or taxed at a reduced rate, or taxation of 

investment income from the account is deferred or taxed at a reduced rate); 

c) 	 AnnuaJ.infonhation reporting is required to the tax authorities in Bahrain with 

respect to the account; 

d) 	 Withdraw~s are conditioned on reaching a specified retirement age, disability, or 

death, or penalties apply to withdrawals made before such specified events; and 

e) 	 Either (i) annual contributions are limited to $50,000 or less, or (ii) there is a 

maximum lifetime contribution limit to the account of$1,000,000 or less, in each 

case applying the rules set forth in Annex I for account aggregation and currency 

translation. 

2. 	 Non-Retirement Savings Accounts. An account maintained in Bahrain (other }han an 

insurance or Annuity Contract) that satisfies the following requirements under the 

laws of Bahrain. 

a) 	 The account is subject to regulation as a savings vehicle for purposes other than 

for retirement; 

b) 	 The account is tax-favored (i.e., contributions to the account that would otherwise 

be subject to tax under the laws ofBahrain are deductible or excluded from the 

gross income ofthe account holder or taxed at a reduced rate, or taxation of 

investment income from the account is deferred or taxed at a reduced rate); 

c) 	 Withdrawals are conditioned on meeting specific criteria related to the purpose of 

the savings account (for example, the provision of educational or medical 

benefits), or penalties apply to withdrawals made before such criteria are met; and 

d) 	 Annual contributions are limited to $50,000 or less, applying the rules set forth in 

Annex I for account aggregation and currency translation. 

B. 	 Certain Term Life Insurance Contracts. A life insurance contract maintained in 

Bahrain with a coverage period that will end before the insured individual attains age 90, 

provided that the contract satisfies the following requirements: 

1. 	 Periodic premiums, which do not decrease over time, are payable at least annually 

during the period the contract is in existence or until the insured attains age 90, 

whichever is shorter; 

Annexll-11 
2. 	 The contract has no contract value that any person can access (by withdrawal, loan, or 

otherwise) without terminating the contract; 

3. 	 The amount (other than a death benefit) payable upon cancellation or termination of 

the contract cannot exceed the aggregate premiums paid for the contract, less the sum 

of mortality, morbidity, and expense charges (whether or not actually imposed) for 

the period or periods of the contract's existence and any amounts paid prior to the 

cancellation or termination of the contract; and 

4. 	 The contract is not held by a transferee for value. 

C. 	 Account Helci By an Estate. An account maintained in Bahrain that is held solely by an 

estate ifthe documentation for such account includes a copy ofthe deceased's will or 

death certificate. 

D. 	Escrow Accounts. An account maintained in Bahrain established in connection with any 

ofthe following: 

1. 	 A court order or judgment. 

2. 	 A sale, exchange, or lease of real or personal property, provided that the account 

satisfies the following requirements: 

a) 	 The account is funded solely with a down payment, earnest money, deposit in an 

amount appropriate to secure an obligation directly related to the transaction, or a 

similar payment, or is funded with a financial asset that is deposited in the 

account in connection with the sale, exchange, or lease ofthe property; 

b) 	 The account is established and used solely to secure the obligation ofthe 

purchaser to pay the purchase price for the property, the seller to pay any 

contingent liability, or the lessor or lessee to pay for any damages relating to the 

· leased property as agreed under the lease; 

c) 	 The assets ofthe account, including the income earned thereon, will be paid or 

otherwise distributed for the benefit of the purchaser, seller, lessor, or lessee 

(including to satisfy such person's obligation) when the property is sold, 

exchanged, or surrendered, or the lease terminates; 

d) 	 The account is not a margin or similar account established in connection with a 

sale or exchange of a financial asset; and 

e) 	 The account is not associated with a credit card account. 

Annex II-12 
3. 	 An obligation ofa Financial Institution servicing a loan secured by real properly to 

set aside a portion of a payment solely to facilitate the payment oftaxes or insurance 

related to the real property at a later time. 

4. 	 An obligation of a Financial Institution solely to facilitate the payment oftaxes at a 

later time. 

E. 	 Partner Jurisdiction Accounts. An account maintained in Bahrain and excluded from 

the definition ofFinancial Account under an agreement between the United States and 

another Partner Jurisdiction to facilitate the implementation ofF ATCA, provided that 

such account is subject to the same requirements and oversight under the laws ofsuch 

other Partner Jurisdiction as ifsuch account were established in that Partner Jurisdiction 

and maintained by a Partner Jurisdiction Finan\:ial Institution in that Partner Jurisdiction. 

VI. Definitions. The following additional definitions shall apply to the descriptions above: 

A. 	Reporting Model 1 FFI. The term Reporting Model 1 FFI means a Financial Institution 

with respect to which a non-U.S. government or agency thereof agrees to obtain and 

exchange information pursuant to a Model 1 IGA, other than a Financial Institution 

treated as a Nonparticipating Financial Institution under the Model I IGA. For purposes 

ofthis definition, the term Model 1 IGA means an arrangement between the United 

States or the Treasury Department and a non-U.S. government or one or more agencies 

thereof to implement F ATCA through reporting by Financial Institutions to such nonU.S. government or agency thereof, followed by automatic exchange ofsuch reported 

information with the IRS. 

B. 	 Participating FFI. The term Participating FFI means a Finrutcial Institution that has 

agreed to comply with the requirements of an FFI Agreement, including a Financial 

Institution described in a Model 2 IGA that has agreed to comply with the requirements 

of an FFI Agreement. The term Participating FFI also includes a qualified intermediary 

branch of a Reporting U.S. financial Institution, unless such branch is a Reporting Model 

1 FFI. For purposes ofthis definition, the term FFI Agreement means an agreement that 

-sets forth the ;equirements for a Financial Institution to be treated as complying with the 

requirements ofsection 1471(b) ofthe U.S. Internal Revenue Code. In addition, for 

purposes ofthis definition, the term Model 2 IGA means an arrangement between the 

United States or the Treasury Department and a non-U.S. government or one or more 

agencies thereof to facilitate the implementation ofFATCA through reporting by 

Financial Institutions directly to the IRS in accordance with the requirements of an FFI 

Agreement, supplemented by the exchange of information between such non-U.S. 

government or agency thereof and the IRS. 

Annex II-13 
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