FATCA Services

THEVOZ Attorneys helps foreign financial institutions set up a robust FATCA compliance and reporting system.

The foreign account tax and compliance act, or FATCA, placed a sizable reporting burden on foreign financial institutions (FFIs) that have account holders connected to the United States. These account holders may have an obligation to pay US taxes or report the money in FFI accounts. FATCA requires FFIs to search their accounts for any indicia or evidence of a connection to the US, and report certain account information to either the taxing authority for the foreign government or directly to the US Treasury Department.

THEVOZ Attorneys works with FFIs to set up a compliant FATCA reporting program that meets all US Department of the Treasury FATCA reporting standards. We will provide a complete road map for FATCA including internal structures and personnel required, due diligence procedures and requirements for maintaining FATCA classification relevant to a specific taxing authority’s Inter Governmental Agreement with the United States.

We will advise your institution on FATCA record-keeping requirements and client due diligence procedures. For example, FATCA compliance requires that the FFI maintains a list of financial institutions with which they will invest, manage or deposit client funds, and any new institution added to that list must provide proof of FATCA compliance. The foreign financial institution will annually review the compliance status of every institution on the list.

FATCA training and reporting

THEVOZ Attorneys will also advise on possible sanctions for noncompliance with FATCA regulations, as well as a framework for training employees about FATCA. THEVOZ Attorneys will also provide guidance on reporting FATCA information internally and to the relevant authorities according to the agreement between the local taxing authority and the US Department of the Treasury.

The FATCA roadmap will be in the form of a detailed document which can be integrated to company’s internal rules and regulations. If followed, it will provide the client with the assurance they are following FATCA regulations correctly and give them a platform for developing comprehensive training for employees, providing everyone with a thorough explanation of the expectations for FATCA compliance.

If your company signs up for our FATCA service, THEVOZ Attorneys will available to answer any questions you may have about FATCA compliance. We will also keep your company apprised of any regulatory changes or modifications that may impact your company going forward.

 

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