Registering as a financial institution via IRS FATCA portal and the role of the responsible officer

The Foreign Account Tax Compliance Act (FATCA) regulations remain on track to become effective from 1 July 2014. To assist in your preparations, Ogier has compiled the most frequently asked question received in recent weeks.

‘When do I have to register?’ In a jurisdiction that has signed a Model 1 intergovernmental agreement (IGA) with the US, such as Cayman, any entity that has classified itself as a financial institution (FI) has until 31 December 2014 to register through the Internal Revenue Service (IRS) FATCA portal. If your Cayman company, partnership or trust is not classified as an FI, then you do not need to register at all. In fact, there are some classes of FI that do not need to register and it is recommended that you take specific advice to determine the appropriate classification for your entity.

‘Where do I go to/how do I register?’ Registration is ideally an online process and should be performed through the IRS FATCA portal. You will find the portal at the following internet address…

Click on the link below to read the rest of the Ogier briefing.


6th Floor
11 Old Jewry

Qualified lawyers: 172
Partners: 42