FATCA – Getting it all together

Day after day the phone rings in our offices. And it’s the same question or variations of it… again and again and again.

• “We are an investment firm … and we need help with getting FATCA on track”
• “…small investment bank … our staff are at a loss over FATCA”
• We have a small problem with FATCA … can you help us getting started?”

FATCA of course refers to the US Foreign Account Tax Compliance Act which became law in March 2010. FATCA targets tax non-compliance by US taxpayers with foreign accounts and offshore assets. To make the whole think work, foreign (to the US that is) financial institutions have to report about financial accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest. To solve the extra-territorial and confidentiality issues a whole slew of IGA (Inter Governmental Agreements) have been concluded by the US with just about every country there is.

Under FATCA all foreign financial institutions must disclose US account holders and their account activities. Failure to comply with FATCA will be costly and may subject foreign financial institutions to a 30% withholding tax on US-sourced payments.

If you are not certain or are at a loss as to what you have to do and how this has to be done, this one-day training course is for you.

This practical course will provide all participants with;

• A sound understanding of FATCA,
• How to identify a ‘US person’ (not simply a US citizen but a much wider scope),
• What ‘US indicia’ are and how they are to be applied,
• An understanding of difference between existing and new accounts at 1 July 2014,
• What the FATCA reporting requirements are (what is reported, how is it reported, when it is reported and to whom),
• An understanding of the progressive reporting requirements over the next several years,
• What due diligence is in the FATCA sense,
• How due diligence is to be performed,
• What constitutes ‘acceptable’ documentary evidence,
• What ‘self certification’ is and how it is accomplished,
• Which financial products are to be reported on,
• Which financial products and services are exempted from FATCA reporting,
• Where to obtain ongoing guidance and clarification ... and much more

In early 2015, EUREKA FINANCIAL are running this one-day training course in both London and Dubai.

For details of each event (and to Register) please click on the link specific to your desired location.

DUBAI – 24 February 2015

The Dubai course provides a standard of best practice and examines the FATCA Model 1 Intergovernmental Agreements for a range of other countries.

LONDON – 18 March 2015

The London course complies with the FATCA requirements and guidance as set out by HMRC.

Special discounts are avaialable for early registrations and for groups!
Places are limited! Register NOW!