Tax havens sign up to FATCA

clock

Offshore tax havens Guernsey, Jersey and the Isle of Man are working towards an agreement with the US government on FATCA, the incoming regime to prevent tax evasion.

In a move which will improve the transparency of tax activities on the islands, the three governments said they will negotiate partnership agreements with the US, similar to the one agreed between the US and UK last month. An intergovernmental agreement is expected to be signed soon, following official discussions which have already taken place. This will then have to be ratified by the parliaments of each island before it becomes part of domestic legislation. FATCA, the Foreign Account Tax Compliance Act, is designed to force US citizens living overseas to declare their assets in acc...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

Trustpilot