The FATCA services we provide include advice, classification, due diligence, compliance and reporting, helping you to stay on top of your obligations.
FOREIGN ACCOUNT TAX COMPLIANCE ACT ("FATCA") CONSULTANCY SERVICE
We offer a full FATCA Consultancy and Reporting Service to High Net Worth client families and financial services firms including banks, investment managers, trustees and other fiduciaries.
The Foreign Account Tax Compliance Act (FATCA) began as an effort by the US to combat tax avoidance and non-reporting of certain offshore income by US persons. FATCA classifies every non-US entity as either a Foreign Financial Institution (FFI) or Non-Foreign Financial Entity (NFFE) that requires specific due diligence and reporting procedures.
FFIs often have heightened requirements for reporting and compliance. Non-US entities generally treated as FFIs are private investment companies, banks, hedge funds, private equity funds, broker-dealers, portfolio managers, investment advisors, trust companies, private trusts, and certain insurance companies.
We can assist you with the following:
Training and communication:
Compliance & Report Submission:
Define the role of the Responsible Officer and assist with their duties:
We work closely with advisors from other jurisdictions to ensure our clients’ goals are accomplished from a global perspective. Weaving a path through this complex area of law requires sophisticated planning, sensitivity to the many family and personal issues related to these matters and a practical approach to ensure the resolution of outstanding compliance issues.
The penalties for non-compliance with the FATCA rules is that all income from the US or gain on the sale of US assets will be subject to a 30% non-refundable US withholding tax.
