Many non-U.S investment advisers, fund managers and funds, and certain others, may be Foreign Financial Institutions for U.S. tax purposes – FATCA. FFIs and others have obligations arising under U.S. tax law to register and obtain a GIIN and take other steps to avoid 30% withholding on certain transactions. These key obligations are:

  • Registration: All FFIs need to register at the IRS to be recognized as a participating Financial Institution;
  • Identification: FATCA requires increased identification and Know Your Customer  capabilities with regard to all – new and existing – customers (natural and legal persons);
  • Reporting: Ability to report relevant accountholders and account information to tax authorities.

We can work with you to avoid withholding:

  • Register your firm with the IRS and obtain a GIIN;
  • Adopt, implement and monitor/test necessary FATCA policies and procedures;
  • Identify changes to your KYC and AML procedures;
  • Train your staff;
  • Help you navigate forms and documentation requirements.