Any individual or legal entity wishes to conduct business with the United States may find that they need to abide by the FATCA rules. FATCA has created a whole new due diligence and reporting obligation for financial institutions and other foreign entities.
Under FATCA, foreign financial institutions and other foreign entities need to identify and declare all accounts held by U.S. persons or beneficial owners of U.S. companies. If financial institutions fail to report information and conduct due diligence, there is a potential 30% withholding tax on U.S. sourced income, profits, and gains.
In order to be compliant with FATCA, both U.S. and foreign institutions should seek legal advice on requesting proper forms, conducting due diligence, preparing reports and meeting other FATCA deadlines.
THEVOZ Attorneys advices financial institutions, private clients, and other foreign entities on FATCA related issues.
- FATCA registration and certification
- Obtaining GIIN
- Conducting FATCA due diligence
- Forms W-8 and W-9
- Sources of income