UK FATCA update
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 Cayman Islands government has announced that it has now signed a FATCA-type intergovernmental agreement (IGA) with the UK. Cayman’s premier, the Hon Alden McLaughlin, noted that the agreement ‘strongly indicates our mutual support for a single, global standard for the automatic exchange of information’.
The UK and Cayman Islands governments intend to monitor the effects of the IGA to ensure it creates an appropriate balance — not creating undue hardship on financial institutions while constituting an effective tool in the ongoing global efforts to fight tax evasion…
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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.