FATCA: Are you affected?

Were you born in the United States? Possess a Green Card? Or perhaps just have an address in the US but you are a Cayman Islands resident?  If any of these criteria apply to you, FATCA, the Foreign Account Tax Compliance Act, may well have an impact on your life.

FATCA has the potential to affect thousands of Cayman Islands residents. Popular misconception may have led individuals to ignore FATCA believing it to be new legislation affecting financial institutions only, but this is not the case, so getting fully up-to-speed is extremely important for anyone with ties to America, in particular, US persons as defined by the IRS, living or working in the Cayman Islands. Due to the way taxes are levied in the US, all Caymanians born in the US (even if they never lived there or have never possessed a US passport) are liable to pay taxes and file tax returns yearly. FATCA will expose those persons who have not been complying with the US tax law, including any Caymanians.

Cayman Finance has therefore joined forces with the Cayman Islands Government’s Ministry for Financial Services to produce the second seminar in a series aimed at updating people on the latest developments within this far-reaching legislation. The seminar will be held at the Westin Casuarina Resort on Thursday 3rd October and everyone who believes that FATCA may impact them should attend.

The Seminar is sponsored by Dillon Eustace and KPMG.  Confirmed speakers include Councillor Roy McTaggart with the Ministry for Financial Services; Steven L. Cantor, Cantor & Webb P.A.; and Doug Harrell of KPMG.

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