INSURANCE . RETIREMENT . INVESTMENTS
The Foreign Account Tax Compliance Act (FATCA) was enacted by US Congress on 18th March 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act. It is therefore US Law. This means that under FATCA, US financial institutions must withhold a portion of payments made to Foreign Financial Institutions (FFIs) that do not agree to identify and report information on US Persons who are account holders. FFIs have the option of entering into agreements directly with the US Inland revenue Service (IRS), or through one of the two alternative Model Intergovernmental Agreements (IGAs) signed by their home jurisdiction.
Guardian Asset Management Ltd. encourages you to seek advice from an independent tax advisor should you need assistance in understanding the scope of these new reporting requirements, and the consequences on non-compliance.
For more information on FATCA please read this Advisory.