UK FATCA update — Bermuda
The UK government announced late last year that it would seek to make arrangements for the automatic exchange of information with its overseas territories. The UK’s legislation is modelled after and applies similar information sharing techniques to those incorporated in the US Foreign Account Tax Compliance Act (FATCA); such arrangements have come to be known as ‘UK FATCA’ or ‘son of FATCA’.
The Bermuda government announced at the end of November that it has now signed a FATCA‐type intergovernmental model 2 agreement (IGA Model 2) with the UK. Bermuda’s minister of finance, the Honourable ET (Bob) Richards, JP MP, noted that the signing of the IGA Model 2 agreement demonstrates Bermuda’s ‘commitment to tax transparency and the automatic exchange of information and ensure[s] Bermuda’s reputation as the premier international financial jurisdiction in which to do business’.
Financial institutions in Bermuda will be required, pursuant to the terms of the IGA Model 2, to automatically report to UK authorities on an annual basis information on financial accounts that are substantially owned by persons with UK tax-reporting obligations…
If you are registered and logged in to the site, click on the link below to read the rest of the Conyers Dill & Pearman briefing. If not, please register or sign in with your details below.
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 Conyers Dill & Pearman
Briefings from Conyers Dill & Pearman
Cayman has taken a creditor-friendly approach to implementation.
The Cayman Automatic Exchange of Information Portal is now open and a user guide is available to help smooth the process of making filings.