It’s complicated – and getting more so…
Initiated by the IRS in an attempt to capture information about overseas accounts held by its residents – this has quickly become a global initiative. Funds and their structures have to ensure compliance with the new regimes is implemented in their territories whether or not they actually have US investors or US source income.
FATCA and its successor legislation affect financial institutions globally, imposing compliance and reporting requirements either directly with the IRS or through local laws driven by Inter Governmental Agreements (IGAs) requiring reporting in over 60 countries.
FATCA doesn’t just affect Funds with known US investors – it affects everyone.
How can we help?
- Assist with the review of fund structures to determine “Financial Institutions”
- Provide Responsible Officer or Point of Contact for the registration process
- Assist with the implementation of procedures
- Establish the FATCA status of each new account holder, collating and storing documentation to support or refute any indicia of residence or citizenship
- Provide reporting and audit trails
- Provide due diligence assistance and support