ARTICLE
30 December 2013

Welcome To FATCA

CC
Collas Crill

Contributor

Collas Crill is an offshore law firm with offices in BVI, Cayman, Guernsey, Jersey and London.

We deliver a comprehensive range of legal services to clients locally and globally in four broad practice areas: Financial Services and Regulatory; Insolvency and Corporate Disputes; Private Client and Trusts; and Real Estate.

Clients include some of the world’s leading financial institutions, international businesses, trusts and funds, as well as high-net-worth individuals and families across the globe. We continue to build a network of independent and trusted partners around the world including the Caribbean, the Channel Islands, the UK, Europe, the US, the Middle East, South Africa and Asia.

Today representatives from the governments of Guernsey, Jersey and the Isle of Man signed inter-governmental agreements with the United States in respect of the Foreign Account Tax Compliance Act.
Guernsey Tax

Today representatives from the governments of Guernsey, Jersey and the Isle of Man signed inter-governmental agreements with the United States in respect of the Foreign Account Tax Compliance Act.

Hot on the heels of signing IGAs with the United Kingdom less than 2 months ago, the newly signed IGAs with the US will further enhance the exchange of tax information between the Channel Islands, Isle of Man and the US while furthering the Channel Island's commitment to tax transparency, combating tax evasion and meeting international standards.

While the IGAs with the UK and US have come in quick succession,there is currently little guidance on how precisely the disclosure and reporting requirements under the FATCA regime will operate. This guidance is eagerly awaited by industry and expected soon.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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