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UK Ltd Company: Opening a US Bank Account

Your UK Limited company has ventured out to the Wild West to do business and you quickly find a US bank account is required.  The idea of opening a US account seems alluring when you think of the potential business that 400 million consumers can bring. So you jump on the band wagon and file [...]

Jersey to consider extension requests from FIs on FATCA reporting

The Treasury and Resources division of the Channel Island of Jersey has recently issued a notice to registered financial institutions offering a consideration of leniency on the approaching FATCA account reporting deadline: “… as this is the first reporting period for the Jersey-US FATCA Agreement, it is appreciated that a Reporting Financial Institution may have been [...]

A small reprieve from FATCA

The IRS has given foreign financial institutions (FFIs), such as banks, additional time to update their reporting systems through an amendment to the temporary FATCA regulations.  The Department of Treasury and the Internal Revenue Service have stated, in IRS Notice 2014-59 that withholding agents and payers have an extended time of implementing their new entity account procedures from July 1, [...]

FATCA: Foreign Funds Lending into the US and Investing in US Indebtedness Should Take Heed

The recent enactment of the Foreign Account Tax Compliance Act (“FATCA”) has greatly expanded the tax reporting obligations of foreign persons investing in the US. Ostensibly targeted by the drafters of this legislation, private equity funds and hedge funds investing in the US (through either debt or equity investments) should be particularly concerned with the [...]

Find out who has registered for FATCA thus far

As we have discussed in many of our previous blogs, the FATCA train is gathering pace! To recap – the Foreign Account Tax Compliance Act (FATCA) was brought into law as part an incentive to identify tax non-compliance by US taxpayers with non-US bank accounts by getting the foreign financial institutions (FFI’s) to report their [...]

Existing W-8 form OK to use for 2014, says IRS Official

Earlier this year, the Internal Revenue Service (IRS) released new versions of Forms W-8 to reflect the  changes made by Foreign Account Tax Compliance Act (FATCA). The W-8BEN-E is required by entities and the W-8BEN is for individuals.  Furthermore, there is a new Form W8-IMY which is used by foreign intermediaries or foreign flow-through entities. As the [...]

“It’s not a matter of ‘if,’ it’s a matter of ‘when.”

The US Department of Justice (DoJ) have announced that asset management firm, Investment Network AG, and three of its wholly-owned subsidiaries (based in Zurich, the Cayman Islands and Liechtenstein), known collectively as The Swisspartners Group, have entered into an NPA – a non-prosecution agreement – with the US Attorney’s office. The NPA states the Swisspartners [...]

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