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.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Ogier
News from The Lawyer
Briefings from Ogier
Maternity leave, paternity leave and flexible working coming soon.
Independent directors are now seen as an essential part of the due diligence process for investors.