Wealth management firms are making final preparations for the introduction of US tax regime FATCA as the 5 May registration deadline approaches.
The Foreign Account Tax Compliance Act (FATCA) requires financial institutions outside the US to report details about their US clients to the Internal Revenue Service, in a move to prevent US taxpayers concealing assets and avoiding tax. In order to continue to serve American clients, firms must obtain a Global Intermediary Identification Number (GIIN) which will ensure they are on the IRS’ list of financial institutions, the first of which will be published on 2 June. The final FATCA rules come into force on 1 July, following several deadline extensions after groups complained about ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes