eToro is required to report information on financial accounts held directly or indirectly by US persons once a year.
Therefore, if we have reason to believe you are a US person for FATCA purposes, we may need to contact you to request further information and documentation.
Also, it is important to stress that FATCA is an ongoing process. If your account information changes, we may be required to contact you to obtain additional information or documentation so that we can update your account classification under FATCA. In addition, if there is a change in your circumstances affecting your FATCA status, you must notify us by opening a ticket with the eToro Customer Service Center within 30 days of the change.
eToro may also need to report information about customers who do not provide the required documentation to us.
In certain circumstances and where customers fail to provide the appropriate documentation or when doing business with non-compliant entities, we may be required to apply a 24% US withholding tax on certain types of US income paid to such customers (‘Backup withholding’).
In addition, failure to provide appropriate documentation within the time frame specified by eToro may cause your account to be limited or closed.