UK FATCA: reporting requirements for Bermuda trusts

By Stacy-Ann Maharaj

Financial institutions in Bermuda, such as banks and trust companies, will soon be obliged to provide information to foreign tax authorities relating to the financial affairs of US and UK resident clients.

The Foreign Account Tax Compliance Act 2009 (FATCA) is a US law designed to prevent tax evasion by US taxpayers.

On 19 December 2013, Bermuda entered into an intergovernmental agreement with the US that requires financial institutions in Bermuda to identify and annually report key information about US persons directly to the US tax authorities…

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