FATCA services
The Foreign Account Tax Compliance Act (“FATCA”) is a US law aimed at reducing tax evasion by US citizens and residents using offshore assets and accounts. With an extensive understanding of both US tax requirements and local regulations elsewhere in the world, we are perfectly placed to assist you with FATCA compliance.
Services include:
- Obtaining the Global Intermediary Identification Number (“GIIN”)
- Classifying investors tax status based on documentation provided
- Contacting investors where there is insufficient data to determine US status and where applicable request self-certifications in order to determine US status
- Performing a full review of investors on December 31st each year to identify any change of circumstances
- Reporting on accounts that are classified as ‘recalcitrant accounts’ post the due diligence reviews
- Reporting on all accounts deemed to be held by a US person or entity as per the provisions of the Intergovernmental Service Agreement to the relevant local tax authority within the specified reporting deadlines using the FATCA XML Reporting Schema
- Acting as the principal point of contact through one of our employees
- Keeping a record of the documents as per the regulatory provisions and provide report to the board of the company
CRS services
The Common Reporting Standard (“CRS”) is a set of global standards for the automatic exchange of financial account information which impacts on the information gathered from every investor and account holder. CRS is designed to support and give effect to the Automatic Exchange of Information which is a globally coordinated standard aimed at inhibiting offshore tax avoidance and evasion.
We assist in streamlining this process and will support you as you prepare to comply with CRS obligations.
Services include:
- Record one or multiple tax residencies (where applicable) in accordance with account opening procedures
- Classifying investors tax status based on documentation provided
- Contacting investors to obtain additional tax documentation (where required)
- Performing a full review of investors on December 31 each year to identify any change of circumstances
- Reporting on accounts that are classified as ‘undocumented accounts’ post the due diligence reviews
- Reporting on all accounts deemed to be held by a CRS reportable account to the relevant local tax authority within the specified reporting deadlines using the CRS XML Reporting Schema
- Acting as the principal point of contact through one of our employees
- Keeping a record of the documents as per the regulatory provisions and provide a report to the board of the company
