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FATCA Update for Cayman Financial Institutions

March 2014 Craig T. Fulton

The Foreign Account Tax Compliance Act (“FATCA”), which was enacted by the United States in 2010 and comes into force on 1 July 2014, imposes due diligence, information reporting and control burdens on a range of non-US financial intermediaries and investment entities (foreign financial institutions or “FFIs”), including banks, other financial institutions, certain insurance companies, as well as investment funds and other collective investment vehicles.

FFIs will be required to register with the Internal Revenue Service (“IRS”) and disclose accountholder information for certain US persons that have investments in or are managed by FFIs.


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FATCA Update for Cayman Financial Institutions


Craig T. Fulton

Cayman Islands   +1 345 814 7372


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