The Foreign Account Tax Compliance Act (FATCA) is a 2010 United States federal law requiring all non-U.S. foreign financial institutions (FFIs) to search their records for customers with indications of a connection to the U.S., including indications in records of birth or prior residency in the U.S., and to report the assets and identities of such persons to the U.S. Department of the Treasury. FATCA also requires such persons to report their non-U.S. financial assets annually to the Internal Revenue Service (IRS) on form 8938. Like U.S. income tax law, FATCA applies to U.S. residents and also to U.S. citizens and green card holders residing in other countries.
The US and Cyprus, signed an Intergovernmental Agreement (IGA) on December 2014 for the automatic exchange of the information with the IRS.
Under the MODEL 1 IGA Cyprus Financial Institutions that fall within the scope of FATCA, have to register with the IRS and become FATCA compliant
- All non-U.S. foreign financial institutions (FFIs).
- Customers with indicia of a connection to the U.S., including indications in records of birth or prior residency in the U.S.
- U.S. residents and also to U.S. citizens and green card holders residing in other countries.
We can assist you with:
- Registration with IRS.
- Obtaining GIIN (Global Intermediary Identification Number).
- FATCA Reporting.
- FATCA Consultation.
- Record Keeping/Data Storage.
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