FATCA

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In a previous SRZ Client Alert dated Feb. 27, 2015, we described the upcoming Cayman Islands registration and reporting deadlines for investment funds under the U.S. Foreign Account Tax Compliance Act (“FATCA”).

The Cayman Islands Department for International Tax Cooperation has now opened the online Automatic Exchange of Information Portal (the “Portal”) which enables Cayman Islands financial institutions, including investment funds, to register and report under FATCA. It is expected that in the future the Portal will be used for other similar reporting obligations of Cayman Islands financial institutions, including reports to the United Kingdom in respect of “specified United Kingdom persons” and other reports under the forthcoming Common Reporting Standard of the Organisation for Economic Co-operation and Development. The User Guide, recently published by the Cayman Islands Tax Information Authority, states that the registration process will require the representative of the Cayman Islands financial institution (the “Principal Point of Contact”) to fill out certain identifying information about himself or herself and the financial institution and upload certain documentation, such as a signed consent letter, to the registration page that confirms the authority of the Principal Point of Contact to complete this registration.Continue Reading FATCA Update: The Online Portal for Registration with the Cayman Islands Government Is Now Open

The United Kingdom has signed intergovernmental agreements (‘IGAs’) with its Crown Dependencies and Overseas Territories in order to improve compliance with UK tax laws, a regime often referred to as ‘UK FATCA’. The jurisdictions that are part of the UK FATCA regime (‘UK IGA jurisdictions’) include a number of common investment fund jurisdictions, such as…

In a previous post dated 8 April 2014, we described certain registration and compliance requirements for hedge funds and hedge fund managers under the US Foreign Account Tax Compliance Act (“FATCA”).

On 22 April 2014, HM Revenue & Customs (“HMRC”), the UK tax authority, issued a supplementary update to its guidance on the position of…

The Foreign Account Tax Compliance Act (“FATCA”) generally imposes registration, due diligence, withholding and reporting obligations on certain investment funds and investment fund managers. Under the U.S. Treasury regulations, foreign financial institutions (“FFIs”), including investment funds and investment managers that are organized outside of the U.S., would be required to register and enter into an…