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FATCA


Expertise > Global Expertise > Tax and Regulatory > FATCA
Our FATCA practice group provides practical and legal advice on the implications of FATCA and similar forms of automatic exchange of tax information.

Overview

We assist clients in the BVI, Cayman and Cyprus to determine the applicability of FATCA to their business and we also help clients meet their obligations under the law.

Our specialist group of lawyers and compliance experts is focussed on helping clients find appropriate solutions to ensure compliance with US FATCA, UK FATCA and similar legal regimes. We are commonly asked to assist clients with:
  • Navigating the complex regulations of FATCA and other automatic exchange regimes to determine applicability and entity classification, which is critical to compliance;
  • Registration and self-certification processing for FFIs and NFFEs;
  • Assisting in the correct classification of accounts or investors and establishment of procedures to ensure that any new investors are appropriately categorised;
  • Preparing customised FATCA compliance manuals and procedures as well as reviewing existing on-boarding documentation such as subscription agreements and offering memorandums;
  • Annual reporting of certain information of US reportable accounts, non-participating FFIs and/or recalcitrant account holders;
  • Conducting regular FATCA compliance reviews.
For many of our clients FATCA and related initiatives present a significant challenge, initially in determining the actual impact of these laws on their operations and then ensuring appropriate compliance measures have been taken.  We are able to help ease this burden by providing our clients with clear legal advice and practical assistance meeting their obligations.

Harneys has been closely monitoring the development of FATCA over the past several years and we continue to remain alert to developments in this quickly evolving area of law, expertise which we are able to leverage for our clients. Our recent experience includes advising the BVI Government on its Intergovernmental Agreement with the US in relation to FATCA, and we also sit on the private sector committee in the Cayman Islands which consults with the Cayman Government on matters related to FATCA.
 

External Resources

In addition to the client bulletins and articles by Harneys available on the Publications tab above, below is a list of external FATCA resources which may of assistance to our clients:
 
Source Title / Link
BVI Government Draft Guidance Notes on US and UK FATCA
Updated Guidance Notes (March 2015)
IGA with the United Kingdom
IGA with the United States
Ministry of Finance FATCA page
Cayman Islands Government FATCA Guidance Notes Issued 15 December 2014
US IRS Notice 2014-33 (Transitional Relief)
Form W-8BEN-E
Form W-8BEN-E Instructions
US Treasury Department List of IGA jurisdictions
Cyprus Government IGA with the United States

 

Contacts

Ross Munro
Ross Munro

Partner
London
Kate Taft
Kate Taft

Consultant
Cayman Islands
Aki Corsoni-Husain
Aki Corsoni-Husain

Partner
Cyprus
Philip Graham
Philip Graham

Partner
British Virgin Islands
Lisa Pearce
Lisa Pearce

Partner
Singapore
Matt Taber
Matt Taber

Partner
Cayman Islands
Emily Yiolitis
Emily Yiolitis

Partner
Cyprus
Ayana Hull
Ayana Hull

Counsel
British Virgin Islands
Mirza Manraj
Mirza Manraj

Senior Associate
Hong Kong
Publications

Articles & Updates

Launching an ICO through Cyprus 
Cayman Islands AEOI – reporting deadline extended to 31 August 2017 
Cayman Islands AEOI – notification deadline extended to 31 July 2017 and further updates 
Cayman Islands automatic exchange of information – further update for Cayman Islands investment funds 
British Virgin Islands: CRS notification and reporting deadlines extended 
A comparative study on CRS and FATCA: British Virgin Islands 

Guides

Introduction to automatic exchange of information for Cayman Islands investment funds 
Record Keeping Obligations for BVI Companies, Partnerships, Trusts and Other Organisations 
The Impact of FATCA on BVI Funds