With the US Foreign Account Tax Compliance Act, FATCA, which forms part of the US HIRE Act under US law, the US legislator obligates foreign financial institutions to surrender extensive information on earnings received in foreign accounts held by US persons. This law is designed to close various loopholes that currently allow tax evasion. It focuses on individuals and companies with tax liability in the USA (referred to therein as "specified US persons") who hold assets invested outside the USA.
FATCA is an essential requirement of the market, which no financial institution, be it a bank, insurance company or investment company, etc., can effectively circumvent.
At each stage of the FATCA project, bepartners offers the following services:
- Project management
- Gap- and impact analysis
- Classification of the products taking into account the respective IGA and the guidelines of professional associations
- Review of the classification of products
- Recommendation of classification and registration
- Support regarding registration with the IRS
- Support of set up and verification of processes (internally required processes as well as processes to be set up with outsourcing partners)
- Drafting and/or review of required modifications of legal documents (including application forms)
- Advice regarding acquisition of target investments
- Advice on filling tax forms (e.g. W-8BEN-E, W-8IMY, etc.)
- Client communication
- Communication with external parties / outsourcing partners
- Client-) Seminars
- Ad hoc support and advice regarding all questions concerning FATCA
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