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What does it mean for the owner(s) of the company to be a Specified US person?

A specified US person is in the scope of the Foreign Account Tax Compliance Act (FATCA) reporting and can include any US individual – e.g. US citizen, resident, green card holder, etc. FATCA legislation affects personal customers who are treated as people from the US for US tax purposes. If you or any of the shareholders, directors, owners, or controlling persons are treated as a Specified US person, certain details (such as names, addresses, and taxpayer identification numbers) will be reported.