FATCA – Which Financial Institutions Are Caught?

The FATCA regime entered into force from 1st July 2014. As of that date, all financial institutions must have identified whether they have any “US account holders”; financial institutions will have to start recording and disclosing details of any payments that they make to any new US account holders, or to account holders who are “non-compliant”; and payments of US source income (and in future years capital gains) to non-compliant account holders will be subject to 30% US withholding tax. In this briefing note, we look at some of the more common entity types and their FATCA classification and reporting obligations. Read on to find out more about FATCA – Which Financial Institutions Are Caught?

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