The Cayman Islands and the US sign FATCA agreement
On 29 November 2013 in London, the Cayman Islands and US governments entered into an agreement paving the way for the automatic exchange of tax information under the US Foreign Account Tax Compliance Act (FATCA).
In addition to signing the agreement, the two governments also signed a new tax exchange agreement (TIEA) that replaces the original TIEA signed in 2001. The new TIEA provides the mechanisms by which tax information will be automatically exchanged between the two countries.
FATCA imposes due diligence, information reporting and control burdens on a range of non-US financial intermediaries and investment entities (foreign financial institutions or FFIs), including banks and other financial institutions, investment funds and other collective investment vehicles, as well as certain insurance companies…
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Briefings from Conyers Dill & Pearman
This article provides a reminder of the impending deadlines and action that is required for those BVI entities that are classified as ‘foreign financial institutions’ for the purposes of FATCA.
Cayman has taken a creditor-friendly approach to implementation.